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

Former Avista Trader Fined

LCG, Sep. 13, 2002--A fine of $155,000 was levied on former Avista electricity trader Robert Kristufek as part of a settlement with the Commodity Futures Trading Commission yesterday.

An investigation into market manipulation of settlement prices at Palo Verde and the California-Oregon Border led to the settlement, in which Kristufek did not indicate whether or not the charges against him were justified. The CFTC stated that Avista Energy Inc. "had entered into cash-settled over-the-counter option contracts whose value was based on the daily settlement prices of the electricity futures contracts at issue," prior to alleged wrongdoing by Kristufek. According to the agency, Kristufek "manipulated those settlement prices in order to increase Avista Energy's net gain on its option contracts."

The contracts in question traded on four days in the spring and summer of 1998, on the New York Mercantile Exchange. Related charges were settled last year against former Avista Vice President Thomas Johns and another former trader Michael Griswold. Kristufek has not been with Avista for four years, according to the company.
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