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JEA Board Approves Transaction with FPL to Close 848-MW Coal Unit in Georgia

LCG, June 30, 2020--The JEA Board of Directors in a special meeting last Friday unanimously approved a transaction that will result in closing an 848-MW unit at Plant Scherer and entering into a 20-year purchase power agreement (PPA) with Florida Power & Light Company (FPL).

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Analysis of Resource Adequacy in ERCOT - July - December 2020

LCG, June 30, 2020 - LCG Consulting just released its analysis of ERCOT for the second half of 2020, July through December.

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Industry News

California Governor Seizes SoCal Edison Power Contracts

LCG, Feb. 5, 2001California Gov. Gray Davis moved quickly late Friday to seize control of Southern California Edison Co. low-cost "block forward" power contracts after a state court judge ruled that the California Power Exchange could liquidate the contracts to pay $215 million owed by the utility to independent power producers.

SoCal Edison had pledged the contracts, which give the holder rights to purchase electricity at prices far below the so-called "spot" market, as collateral against funds owned to the owners of power plants in Southern California.

In a statement issued by the governor's office, Davis said "I am using my emergency powers to seize options to buy very inexpensive power that would otherwise be lost forever. These options will provide reliable power through the end of the year. It is important to protect these contracts for the people of California."

SoCal Edison lost its attempt in court to retain control of the contracts on Friday and Pacific Gas & Electric Co. is expected to experience a similar fate in its case in a San Francisco Superior Court. The Power Exchange is currently prohibited from liquidating the PG&E contracts by a restraining order that expires today.

The power producers, who purchased generating facilities divested by the state's utilities as part of its electric restructuring scheme, are increasingly worried that they will be unable to collect the billions of dollars owed them by SoCal Edison and PG&E.

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