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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

Upstate New York Customers Will Pay 13% Less for Electricity

LCG, Mar. 1, 2002--A five-year rate settlement between New York state regulators and New York State Electric & Gas Corp. will bring down electric rates for 825,000 customers by 13 percent.

NYSEG is the second-largest utility in upstate New York, serving several Buffalo suburbs. The contentious path to the final rate agreement came after NYSEG suggested last March that it be allowed to freeze its rates for seven years. The proposal was offered as a contrast to volatile prices at the wholesale level in California.

The response to the plan was that NYSEG's rates were nonetheless among the highest in the country, and 23 percent above those of Rochester Gas & Electric Corp. (The Public Service Commission approved a deal in which NYSEG would acquire RG&E earlier this week.) NYSEG revised its terms to include a three percent rate cut, and a freeze for six years.

The cut agreed upon takes effect today, meaning residential customers will be charged 12.2 cents per kilowatt-hour, rather than the 14 cents they have been paying. Flexible terms are available to all customers, who can purchase electricity at market prices rather than at a fixed rate, expected to be five percent above market prices based on forecasts. They may also limit their purchases from NYSEG entirely to delivery services, and buy electricity from another company altogether.
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