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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

AES, Rival Both Drop out of Bidding for Chile's Edelnor

LCG, Oct. 15, 2001--AES Corp. of the united States said this morning in a terse statement that is withdrawing its tender offer to purchase the debt of Chilean power company Empresa Electrica del Norte Grande, or Edelnor.

The notice came on the heels of a similar announcement from Electroandina of Chile, which had made a rival offer for the debt.

Edelnor, one of the largest power producers in northern Chile, is controlled by U.S. energy firm Mirant Corp., and has been plagued by losses. Mirant has said it will not make any further investments in Edelnor.

Acquisition of the debt would have given either AES or Electroandina control of Edelnor, but no both companies have apparently lost interest.

"We have decided not to go ahead with the offer for Edelnor," Manlio Alessi, a senior manager of Tractebel Andino, one of the partners in Electroandina said. No similar statement was forthcoming from AES.

AES had bid $375 per $1,000 of Edelnor's debt, while Electroandina had offered $380. Neither price was high enough to attract interest from bondholders.

"There is a big difference between the price we are willing to pay and the price at which the bond holders are willing to sell," Alessi said.

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