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AEP CEO: Treatment Under PJM Capacity Market is "Socialism" PJM's capacity market is a "version of socialism," American Electric Power CEO Nicholas Akins said during an earnings call yesterday.
"AEP has issues with this regulatory construct we sometimes call a capacity market in PJM," Akins said. "This version of socialism that equates DSM [demand-side management] and non-firm transmission with reliable, capital-intensive steel in the ground is really just capitalism in a sandbox, where the rules seem to penalize long-term investors."
"This has to change or we'll eventually have a doughnut, with PJM being the empty middle, and reliability will suffer," Akins said. "PJM is fully aware of our concerns and, hopefully, will react accordingly because change is desperately needed."
If competitive generation ownership remains as volatile as it is, and, "if we don't get this capacity construct working to where it should, where it respects the long-term investments made by steel-in-the-ground investors in the territory, then that's not something we're very interested in," Akins said.
Absent markets changes, competitive generation ownership, "doesn't fit what we believe our investors are looking for, and we'll need to make adjustments," Akins said.
AEP also reported that as of June 2013, 56% of total Ohio Power load has switched
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July 26, 2013
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Reporting by Paul Ring • ring@energychoicematters.com
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