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

Another Offshore Wind Farm Proposed for New England

LCG, April 9, 2009--Bluewater Wind proposes to install a 450-MW wind farm off the New England coast in federal waters. The site is over 20 miles from Rhode Island and between Martha?s Vineyard and Block Island. The electric utilities that would likely purchase the power generated by the wind farm are Central Vermont Public Service and Green Mountain Power.

Central Vermont Public Service and Green Mountain Power will need replacement power in the event that the Vermont legislature does not renew the license for the state?s carbon-free, nuclear power station, Vermont Yankee, in 2010. The operating license currently allows for the nuclear power station to operate through 2012. The position of the Vermont Public Service Department is that the license should be extended for a 20-year period.

Another driver supporting the development of the wind project is Rhode Island's Renewable Energy Standard (RES), which was enacted in June 2004. The RES requires the state's retail electricity providers to use renewable resources, such as wind, to supply 16 percent of their retail electricity sales by the end of 2019.
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