June 19, 2013
ERCOT Submits Macroeconomic Value of Lost Load Report
ERCOT has filed with the Public Utility Commission of Texas a Value of Lost Load (VOLL) study prepared by London Economics International LLC.
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June 18, 2013
Texas Wants to Copy This? FERC to Hold Technical Conference on Capacity Markets
Listening to capacity market advocates in Texas, you'd expect that the centralized capacity markets in the eastern RTOs are "settled" market designs, which can easily be taken "off the shelf" and quickly applied to ERCOT, with little controversy or administrative bureaucracy.
June 13, 2013
Crux of NRG Op-Ed: Investors Lost Their Shirt on Last Generation Build-Out, So Now They Need Subsidies (NRG Wants Free Bet at the Table)
Because investors "lost big" on the last competitive generation build-out, Texas ratepayers must now subsidize generation in order for it to get built -- that's the essence of what John Ragan, President of NRG Energy's Gulf Coast Region, said in a June 11 op-ed in favor of a Texas capacity market…
June 12, 2013
Exelon Cancels Capacity Additions in PJM Market
Exelon Corporation has decided, based on market conditions, to cancel the previously deferred extended power uprate projects at the LaSalle and Limerick nuclear stations, it said in an 8-K.
June 7, 2013
Briefly
Retail Energy Supply Association Announces New Member
June 7, 2013
ERCOT to Hold Info Session on Collecting Load Response Data from Retail Electric Providers
ERCOT has scheduled an information session regarding its request for data from retail electric providers regarding their dynamic pricing and demand response-related products.
June 6, 2013
FERC Denies FirstEnergy Solutions Complaint to Shift FTR Underfunding to All Transmission Customers on Pro Rata Basis
FERC dismissed a complaint from FirstEnergy Solutions Corp. which had sought to modify provisions of PJM's tariff related to the funding of Financial Transmission Rights (FTRs).
June 3, 2013
FERC Reduces Number of Local Capacity Zones in ISO New England Capacity Market
FERC has approved ISO New England's filing to model four zones in the Forward Capacity Auction for the 2017-18 delivery year, rather than the eight zones previously ordered, due to transmission upgrades alleviating constraints.
May 31, 2013
Unbelievable: Desperate Texas Capacity Market Supporters Claim Rational Investors Won't Build on Potential Future Energy Market Revenues; But Apparently Are Investing Based on Speculation, Hope of "Reform"
Desperate to maintain their narrative of a Texas capacity crisis, supporters of a mandatory capacity market in Texas have said that new generation being built in ERCOT, which has resulted in a 2014 reserve margin above the target, should be ignored, but if not, such investment should be seen as…
May 29, 2013
FERC Sets Technical Conference for Its Intrusion into California Resource Adequacy Policy
FERC has scheduled a technical conference regarding its intrusion into California's resource adequacy policy debate
May 29, 2013
Calif. Draft Would Impose Flexible Capacity Requirement on Retail Suppliers, But Not for 2014
A proposed decision from a California ALJ would impose a flexible capacity requirement on load serving entities, including retail suppliers, as part of the current bilateral resource adequacy (RA) framework, but would not institute the requirement for the 2014 RA year.
May 28, 2013
Working? Capacity Market Prices for New Jersey (PS) Spike Above $200, Attracts Little New Entry; PJM Sees *Decrease* in Available Capacity
PJM's Reliability Pricing Model Base Residual Auction for the 2016/17 delivery year saw prices for the PS Locational Deliverability Area (PSE&G) spike above $200, yet the zone attracted little new entry. Prices for other constrained zones (MAAC, ATSI) remain in triple digits.
May 24, 2013
FERC Grants Inclusion of AEP Ohio Capacity Mechanism in Federal Tariff
FERC has granted AEP Ohio's request to accept an Appendix to the PJM Reliability Assurance Agreement (RAA) to reflect the Public Utilities Commission of Ohio's adoption of a state compensation mechanism for capacity provided by AEP Ohio under the Fixed Resource Requirement plan.
May 21, 2013
FERC Adopts Changes to ISO New England Credit Policy Opposed by Retail Supplier
FERC approved as filed ISO New England's proposed revisions to align the timing for suspending market participants that fail to cure a financial assurance default, with recently-accepted timing changes to the Day-Ahead Energy Market schedule, including the proposed revisions to impose additional…
May 21, 2013
Retail Supplier Protests Asymmetric Treatment of Imports, Exports in New New York Local Capacity Zone, Which Will Raise Capacity Prices
ConEdison Solutions has protested the New York ISO's filing to implement a new, local capacity zone in the ICAP market due to the asymmetric treatment of capacity imports and exports in the zone, which will lead to increased capacity prices for ESCOs.
May 20, 2013
ERCOT Provides Cost Estimate for Implementing B+ Operating Reserve Demand Curve Proposal
ERCOT has filed with the Public Utility Commission of Texas an estimated cost to implement the "B+" solution to improve real-time scarcity pricing through implementation of an Operating Reserve Demand Curve (ORDC).
May 9, 2013
No Surprise: Texas and Its Energy-Only Market Lead Two Business Attractiveness Rankings, Capacity Market States Largely Absent
Texas, with its energy-only market serving the vast majority of the state, continues to be named the most attractive state for businesses by numerous metrics, while capacity market states are largely absent from the same rankings.
May 7, 2013
PJM Files to Reflect Permanent Termination of Member
PJM Interconnection, L.L.C. has filed at FERC to reflect the permanent termination of Blast Electric, L.L.C. as a PJM Member in accordance with Sections 15.1.6(c) and 4.1(c) of the Operating Agreement.
May 6, 2013
Operating Reserves Solution in Texas Could Add $70/MWh to Prices, Contribute Incremental $400,000 to Peaker Net Margin
ERCOT has filed a supplement to backcast pricing impacts from implementing an operating reserves demand curve under the B+ Solution, now using 2,300 MW as the minimum contingency level, which indicates energy market price increases of up to $70/MWh.
May 3, 2013
FERC Maintains Unit Specific Review in PJM Capacity Market Buyer-Side Mitigation
FERC largely accepted revisions to PJM's minimum offer price rule (MOPR), or buyer-side mitigation policies, for the centralized capacity market, but ordered PJM to retain a unit-specific review and exemption process.
May 2, 2013
ERCOT Forecasts 2014 Reserve Margin Above Target, More Evidence of Working Energy-Only Market
ERCOT's May 2013 Capacity, Demand and Reserves (CDR) report shows an increase in the forecast reserve margin in 2014 to above-target levels as the delivery period approaches, which is the market behavior that is expected in an energy-only market.
May 1, 2013
New York ISO Files to Create New Capacity Zone, Would Double Capacity Prices for ESCOs
The New York ISO has filed at FERC to implement a new capacity zone under its capacity market, which would require load serving entities such as ESCOs to meet capacity obligations for such new zone.
April 30, 2013
AEP's Akins: No Long-Term Pricing Structure Supports New Capacity in PJM
During Friday's earnings call, Nicholas Akins, CEO of American Electric Power, highlighted the still-challenged investment prospects for new build in PJM, despite the presence of a forward, centralized capacity market
April 30, 2013
Shock: UBS Sees New England, New York Susceptible to "Re-regulation" of Generation
New England and New York could follow California in essentially re-regulating new build power generation through the use of regulator-directed procurements, Julien Dumoulin-Smith said in a note to UBS Investment Research clients.
April 26, 2013
Retail Supplier Protests ISO-NE Credit Change Proposal as "Throwing Darts," Says Proposal Would "Balkanize" Credit Policy
ISO New England's proposal filed at FERC to revise its financial assurance and billing policies by changing the cure percentage for a Market Participant that receives one or more margin calls within a rolling 365-day period would, "balkanize credit policies and create an undue preference for one…