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Illinois Approves Default Service Procurement Plan
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The Illinois Commerce Commission approved, as filed, the Illinois Power Agency's 2019 electricity default service procurement
The approved 2019 plan will continue using the risk management and procurement strategy that the IPA has historically utilized: hedging load by procuring on- and off‐peak blocks of forward energy in a three‐year laddered approach.
The plan includes two block energy procurement events, one in the Spring and the second in the Fall, with similar procurement hedging levels as recent procurement plans
Under the plan, regarding the procurement of energy, at the conclusion of the Spring 2019 procurement event, the resulting cumulative hedges in each utility’s supply portfolio should be as follows:
• For the period of June through September of the prompt Delivery Year (2019‐2020), the cumulative hedges should be approximately 100% of each monthly average peak and off‐peak load, except for July and August peak, which should be 106%. For the period of October through May of the prompt Delivery Year, the cumulative hedges in the portfolio should be approximately 75% of each monthly peak and off peak average load.
• For the second Delivery Year (2020‐2021) the cumulative hedges in the portfolio should be approximately 37.5% of each monthly peak and off peak average load.
• For the third Delivery Year (2021‐2022) the targeted cumulative hedges in the portfolio should be approximately 12.5% of each monthly peak and off peak average load.
At the conclusion of the Fall procurement event, the resulting cumulative hedges in each utility’s supply portfolio should be as follows:
• For the prompt Delivery Year (2019‐2020) the cumulative hedges in the portfolio should be approximately 100% of the average monthly peak and off‐peak load, except for July and August peak, which should have been hedged at 106% in the Spring procurement.
• For the second Delivery Year (2020‐2021) the cumulative hedges in the portfolio should be approximately 50% of the average monthly peak and off‐peak load.
• For the third Delivery Year (2021‐2022) the cumulative hedges in the portfolio should be approximately 25% of the average monthly peak and off‐peak load.
The energy procurement covers ComEd and Ameren, and a portion of MidAmerican Energy's requirements
Regarding capacity, for ComEd, consistent with the strategy that has been adopted in prior plans, forecasted capacity requirements will be secured by ComEd through the PJM Reliability Pricing Model process.
For Ameren Illinois, for the 2020‐2021 Delivery Year, the IPA will continue the strategy of procuring 50% of Ameren's forecasted capacity requirements in bilateral transactions and the remaining balance through the MISO Planning Resource Auction (PRA). For the 2021‐2022 Delivery Year, the IPA will procure 25% of Ameren's forecasted capacity requirements in bilateral transactions in 2019, with the balance of forecast capacity requirement to be determined in the 2020 Electricity Procurement Plan.
Consistent with the approach taken in the 2018 Plan, MidAmerican’s forecasted capacity deficit will be secured by MidAmerican through the annual MISO PRA.
Docket 18-1564
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November 28, 2018
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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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