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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

Allegheny Alleges Merrill Lynch Made Wash Trades

LCG, September 26, 2002-Yesterday Allegheny Energy announced a lawsuit against Merrill Lynch, alleging the investment bank made wash trades to increase trading volume.

Allegheny bought Merrill Lynch's energy trading unit, Global Energy Markets (GEM), for $490 million. Now the energy company asserts that the investment bank participated in "wash trades," with energy companies like Enron, resulting in falsely large trading volumes and therefore a manipulated picture of how well GEM performed.

Allegheny's lawsuit was filed one day after Merrill Lynch announced that it would file suit against Allegheny for $115 million in delinquent payment for the trading unit.

Allegheny's lawsuit was filed with the Supreme Court of New York.

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