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Federal Government uses UPLAN model to examine price volatility in ERCOT

LCG, October 11, 2022--The U.S. Energy Information Administration, or EIA, released its latest supplement to the Short-Term Energy Outlook (STEO) in the Texas market, assessing various possible scenarios using LCG’s UPLAN NPM model, with a special focus on the effects on wholesale power prices and market conditions.

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Michigan Governor Supports Reopening Palisades Nuclear Facility

LCG, September 16, 2022--The Governor of Michigan last week sent a letter to the U.S. Department of Energy (DOE) in support of Holtec International’s application for a federal grant under the Civil Nuclear Credit (CNC) program to save the Palisades Nuclear Facility in Southwest Michigan. The federal grant could result in restarting the baseload, carbon-free, nuclear power plant.

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Industry News

State High Court Clears PSE&G Securitization Bonds

LCG, Dec. 7, 2000--The New Jersey Supreme Court said yesterday it has affirmed an appellate court decision upholding the New Jersey Board of Public Utilities restructuring and securitization orders for Public Service Electric & Gas Co.

The action allows PSE&G to move ahead with its sale of $2.5 billion in stranded cost bonds.

James Ferland, chairman and chief executive of parent holding company PSEG Service Enterprise Group, said "Putting the uncertainty of the judicial appeals behind us will allow us to take the necessary steps to increase our competitiveness in the US energy markets."

The company said the ruling by the high court will also enable it to put into effect an additional 2 percent rate reduction for all PSE&G electric customers, based on the savings achieved through the securitization process. This is in addition to the 5% reduction that became effective August 1, 1999.

The court action also allows the parent company to sell debt securities to finance its unregulated power generation and trading company, PSEG Power LLC.

Al Koeppe, president and chief operating officer of PSE&G, said "As a result of this decision and the restructuring that will take place at PSEG, PSE&G will now focus on what we have done well for more than 100 years, delivering gas and electricity reliably and safely to our New Jersey customers."

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