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Texas Capacity Market Supporter: "Clear" That PJM Doesn't Fairly Compensate Capacity Owners for "Reliable" Generation (Again Warns of Retirements)
"It is clear that Exelon and other competitive generators are not fairly compensated for their reliable generation," in PJM, Exelon CEO Christopher Crane said during an earnings call yesterday.
Exelon had, in 2012 comments to the Public Utility Commission of Texas, said that, "PJM's capacity market is a success story in assuring reliability at efficient prices."
"We have been active in the PJM stakeholder process since the [capacity] auction results of last May to improve the rules," Crane said on yesterday's earnings call.
Crane reiterated that without changes to the PJM market, Exelon would be compelled to pursue "asset rationalization", in the form of the potential sale or retirement of unprofitable assets.
"We have talked about asset rationalization in the past, and despite our best ever year in generation, some of our nuclear units are unprofitable at this point in the current environment, due to the low prices and bad energy policy that we are living with," Crane said.
"[I]f we do not see a path to sustainable profits, we will be obligated to shut units down to avoid the long-term losses. And that decision path ... should bring us to some conclusion by year-end," Crane said.
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February 7, 2014
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Copyright 2010-13 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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