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

Judge Pushes Enron to Complete Reorganization Plan

LCG, Feb. 21, 2003--After Enron Corp.'s bankruptcy filing, it seemed possible that the company could be reorganized under a new name and again reflect its traditional, asset-based roots, but it now seems much more likely that its assets will be liquidated.

Judge Arthur Gonzalez yesterday granted Enron an extension until April 30 to come up with a plan for distributing the proceeds of asset sales, hinting that this third extension may be the last. Enron has turned some of its former power plants and long-term energy delivery contracts into $1.7 billion thus far, but may be able to raise a total of $12 billion to $15 billion after further sales.

The complexity of the company's structure, with intertwined interests and obligations held by dozens of business units, has made the task of sorting out creditors' claims practically impossible. In addition, Enron has been subject to numerous investigations by federal authorities. A report will be produced by an examiner appointed by the court that is to detail how investment banks and law firms interacted with Enron.

Completion of the bankruptcy proceedings may now take another 10 months, during which billing by law firms and accountants are consuming roughly $30 million monthly. It may therefore be in creditors' favor to agree to a deal, rather than prolong competition between claims.
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