Tokyo-based Electric Power Subsidiary partners with AP Solar in 400 MW Texas Solar Project

LCG, August 6, 2020—J-Power USA Development Co, a subsidiary of the Electric Power Development Co. headquartered in Tokyo, has joined a joint venture to develop a 400 MW Texas solar project.

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Texas Solar Project Sold to CIP

LCG, July 31, 2020—An affiliate of Copenhagen Infrastructure Partners has completed purchase of a 350 MW solar photovoltaic project near the Houston metro area from Solar Plus Development Inc. and Avondale Solar.

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Industry News

FERC Issues Challenge Regarding Power Market Behavior

LCG, June 25, 2003--The commissioners of the Federal Energy Regulatory Commission today issued rulings barring bankrupt Enron Corp. from trading in energy markets, and ordered 60 power companies and utilities to provide justification for profits realized from the Western energy markets during the period Jan. 1, 2000 through June 20, 2001.

Enron will not be allowed to trade in electricity or natural gas markets apart from unwinding its current positions, for as long as it is involved in bankruptcy proceedings. The penalty was based on findings that Enron subsidiaries and five additional companies had manipulated the price of natural gas at the Henry Hub, partly through EnronOnline, the Internet-based trading system. Enron was found to have earned $3.2 million because of the manipulation. Units of the company will be allowed to re-apply for permission to trade, post-bankruptcy.

A report by FERC staff released in March recommended that a "show cause" order be directed at companies that staff determined had made profits that may have resulted from illegal actions, and should have to justify the basis for their market behavior. While that report named 37 parties, today's order included 60. Proceedings will take place before an administrative law judge to determine what if any penalties should be assessed on companies that are found to have broken trading rules in the California market.

Commissioner William Massey stated, "I think this order is a major step toward addressing the manipulation that contributed to the extraordinary Western power crisis." Massey stated that he did not believe forcing companies named in the order to disgorge profits to the extent they are found to be unjust would ignore inflated profits earned by other companies that did not engage in improper behavior, and therefore would not make the market whole.
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