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EIA Publishes Regional Electricity Supply and Pricing Forecasts Using UPLAN Model

LCG, August 13, 2019--The U.S. Energy Information Administration (EIA) announced that it is revising the presentation and modeling of its forecasts for electricity supply and market hub pricing to better reflect current electricity markets and system operations in the U.S. Beginning with the August 2019 Short-Term Energy Outlook (STEO), the new forecasting approach models electricity markets using the UPLAN production cost optimization software developed by LCG Consulting. EIA uses the solution results provided by this proprietary model to develop the STEO forecasts of monthly electricity generation, fuel consumption, and wholesale prices.

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Dominion Energy Virginia Pursues 500 MW of Renewable Projects

LCG, August 8, 2019--Dominion Energy Virginia announced Monday that it is seeking bids for up to 500 MW of renewable capacity in both 2021 and 2022 to increase its clean energy resources. Dominion Energy stated that it is committed to having 3,000 MW of solar and wind in operation or under development in Virginia by 2022. This near-term step is part of an ultimate company commitment to reduce carbon emissions by 80 percent by 2050 across the 18 states it serves.

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Industry News

The California ISO Targets February 2007 for Final Integration of Market Redesign

LCG, June 29, 2004--The California ISO Board of Governors met on June 24, 2004 and approved the updated market redesign and infrastructure upgrade program, with a scheduled completion date of February 2007. The ISO plans to address reliability and market design improvements, as well as replace aging information and technology systems with new, more reliable systems through one infrastructure upgrade program.

The market redesign, commonly referred to as MD02 (Market Design 2002), will significantly change California's electricity market. The new design is similar to those developed by the ISO's operating in the Northeast and will include locational marginal prices (LMPs), an integrated forward market (IFM) and real-time market, and congestion revenue rights (CRRs).

The system upgrades will include the settlement system and scheduling infrastructure replacement, together with other systems consolidation and integration efforts. According to the ISO, the system upgrades are to replace original systems installed in 1997, and these system upgrades would be necessary regardless of the market redesign effort. The total program costs for the market redesign and technology and infrastructure upgrades, including a $12 million contingency, are estimated by the ISO to be nearly $140 million.

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