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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

NRC to Issue License to Construct Two New Reactors iat Turkey Point in Florida

LCG, April 11, 2018--The Nuclear Regulatory Commission (NRC) recently announced that it will issue licenses allowing Florida Power and Light (FPL) to proceed with construction and operation of two AP1000 reactors at the Turkey Point nuclear generating station. The Turkey Point power generation complex is located in southern Miami-Dade and currently includes two zero-emissions nuclear generating units (Units 3 and 4) and one high-efficiency natural gas unit (Unit 5).

FPL submitted the application on June 30, 2009, and the NRC certified the 1,100-MW AP1000 design in 2011. The federal regulator granted permission for the agency's Office of New Reactors to issue the licenses after conducting a hearing in December 2017. The Commission found the staff's review of FPL's application adequate to make the necessary regulatory safety and environmental findings.

FPL has indicated that it wants to maintain the option to build new nuclear electric generating capacity; however, it has no immediate plans to proceed with construction of the new units (Unit 6 and 7).

Earlier this year in February, FPL announced plans to file with the NRC to renew and extend the operating licenses for Units 3 and 4. FPL's plan to pursue a second 20-year license renewal for each nuclear unit would be the first such application in the U.S. The license renewal would ultimately allow for an 80-year operating life for the units, which would operate until 2052 and 2053. FPL estimates that renewing the licenses would save FPL customers billions of dollars by avoiding the need for other more expensive power generation.
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