Offshore Wind Projects Receive Boost from Massachusetts and Biden Administration

LCG, March 31, 2021--The Governor of Massachusetts signed legislation last Friday that authorizes the state to direct utilities to purchase an additional 2,400 MW of offshore wind energy by 2027.

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NV Energy's Greenlink Nevada Transmission Project Approved by PUCN

LCG, March 25, 2021--The Public Utilities Commission of Nevada (PUCN) on Monday approved proceeding with NV Energy's Greenlink Nevada transmission and renewable energy initiative. NV Energy's planned investment in Greenlink is over $2.5 billion.

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Industry News

CMS Energy Corp. Admits $4.4 Billion in "Round-Trip" Trading

LCG, May 16, 2002-At the order of FERC, Wednesday CMS Energy Corporation said it inflated its trading volume by over $4.4 billion.

Based in Dearborn, CMS said that trading between May 2000 and January 2002 included so-called "round-trip" or zero-margin trades. This practice, which is not illegal, calls for traders to purchase electricity at a specific price only to resell it at exactly the same price to same party. This increases trading volume without any real trade actually occurring.

CMS asserted that it did not participate in any California electricity trading and that all of its round-trip trades were made with either Dynegy Inc. or Reliant Energy Services.

CMS has changed the value of 2001 revenues by 26 percent, down to $9.6 billion, although it is still considering whether or not it will downsize its 2000 revenues by 11 percent to $7.7 billion.

The company's shares have dropped by 20 percent over the last week.

Meanwhile, the SEC has been conducting a formal investigation of Dynegy, and last week Reliant disclosed its involvement in round-trip trading amounting to a ten percent boost in revenue between 1999 and 2001. Reliant's round-trip trades made up 20 percent of all its trading last year. Dynegy denies taking part in anything improper and has reportedly cooperated with investigators.

The admissions came after the Federal Energy Regulatory Commission ordered over a hundred energy traders to state whether or not they had participated in 12 specific strategies listed in the Enron memos released recently.

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