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

First Energy Gets Final Okay for GPU Takeover

LCG, Oct. 30,2001--First Energy Corp. of Ohio said yesterday it had received approval from the Securities and Exchange Commission for its pending takeover of New Jersey-based GPU Inc., a merger that will create the nation's fourth largest investor-owned electric utility.

First Energy said it will begin combined operations of both companies on November 7.

Chief executive H. Peter Burg said the company "will be even better positioned to provide customers with reliable and affordable electricity and a variety of energy-related services."

The company also announced details for exchange of stock by GPU shareholders who will get cash, or a combination of cash and stock, or stock for their shares, depending on what they elect and on a complicated formula related to the closing price of First Energy common stock over a 20-day period.

GPU shareholders were reminded that they had only until 5 p.m., Eastern Standard Time, to make their election.

The combined companies will have annual revenues of more than $12 billion and electricity sales of about 124 billion kilowatt-hours to some 4.3 million customers in a service territory stretching from the Ohio-Indiana border to the New Jersey shore.

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