EIA Publishes Regional Electricity Supply and Pricing Forecasts Using UPLAN Model

LCG, August 13, 2019--The U.S. Energy Information Administration (EIA) announced that it is revising the presentation and modeling of its forecasts for electricity supply and market hub pricing to better reflect current electricity markets and system operations in the U.S. Beginning with the August 2019 Short-Term Energy Outlook (STEO), the new forecasting approach models electricity markets using the UPLAN production cost optimization software developed by LCG Consulting. EIA uses the solution results provided by this proprietary model to develop the STEO forecasts of monthly electricity generation, fuel consumption, and wholesale prices.

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Dominion Energy Virginia Pursues 500 MW of Renewable Projects

LCG, August 8, 2019--Dominion Energy Virginia announced Monday that it is seeking bids for up to 500 MW of renewable capacity in both 2021 and 2022 to increase its clean energy resources. Dominion Energy stated that it is committed to having 3,000 MW of solar and wind in operation or under development in Virginia by 2022. This near-term step is part of an ultimate company commitment to reduce carbon emissions by 80 percent by 2050 across the 18 states it serves.

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Industry News

Calpine Adds to Natural Gas Reserves

LCG, July 11, 2001Calpine Corp., which is building gas-fired power plants as fast as possible, yesterday said that it has acquired in two transactions 236 billion cubic feet equivalent of proven natural gas reserves in the U.S. Southwest.

Chris Chambers, the company's vice president for business development, said "With these properties in place, Calpine is continuing to meet our goal of owning 25 percent of our natural gas requirements."

Combined, the two deals represent an investment of $355 million plus assumption of $49.5 million in debt, Calpine said.

In a purchase from The Bayless Companies, Calpine acquired certain assets in New Mexico's San Juan Basin, including 35 wells that produce about 6 million cubic feet equivalent a day, 96 percent of which is natural gas. That transaction has closed, Calpine said.

In the second deal, Calpine acquired a majority interest in Michael Petroleum of Houston. Michael Petroleum's gas reserves, located in South Texas, include total proven reserves of 204 billion cubic feet equivalent and currently produce 43 million cubic feet equivalent a day.

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