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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

Nine Mile Point Sold in Billion-dollar Deal

LCG, Dec. 12, 2000--Constellation Energy Group and Niagara Mohawk Power Corp. said separately this morning that Constellation will purchase Unit 1 and 82 percent of Unit 2 of the Nine Mile Point nuclear power plant in a deal valued at about $1.04 billion.

Niagara Mohawk said the sellers will realize $815 million in cash, $134 million in interest and $88 million in decommissioning savings.

Constellation will get 82 percent of the 1,148 megawatt Nine Mile Point Unit 2 from its owners, Niagara Mohawk, New York State Electric & Gas Co., Rochester Gas & Electric Co. and Central Hudson Gas & Electric Corp. The Long Island Power Authority, an 18 percent owner of Nine Mile 2, elected to hang onto its share of the unit.

Niagara Mohawk is the sole owner of the 609 megawatt Nine Mile Point Unit 1.

The terms of the deal include power purchase agreements under which Constellation will sell 90 percent of the output of the two reactors back to the sellers for about 10 years at an average price of around $35 per megawatt-hour.

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