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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

Profits of Enron Gas Subsidiary Ordered Refunded

LCG, July 18, 2002--The Federal Energy Regulatory Commission (FERC) yesterday ordered Transwestern Pipeline Co. to refund profits made on two gas supply deals in early 2001.

The company, which is a subsidiary of Enron Corp., sold gas to Richardson Products Co. and Sempra Energy Trading Corp., after the companies were notified in advance that capacity on Transwestern pipelines would be auctioned in February and March of 2001. The companies were the only bidders for the capacity. Rather than paying regulated rates, the companies signed deals at prices many times above such rates.

The FERC found that the deals violated rules concerning arms-length transactions. In some cases, negotiated deals are allowed, but Pat Wood said of the circumstances under which the deals were made, "There was no incentive to keep prices down....They could pass it on to an energy-starved electric market." Early 2001 marked California's energy crisis, in which an apparent shortage of supply and poor market design led to ever-higher wholesale power prices.

Transwestern will be given 30 days to pay refunds to the companies. One transaction allowed Transwestern a payment of $232,200 in a day, rather than $3,800, the amount which FERC found would have been justified.
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