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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

Bankruptcy Court Will Hear PG&E Utility Case Nov 18

LCG, September 26, 2002-The bankruptcy court in charge of California utility Pacific Gas & Electric utility's case will begin confirmation hearings November 18.

The utility, a unit of PG&E Corporation, announced bankruptcy last year when price discrepancies between wholesale and retail electricity brought the utility into financial instability.

The California Public Utilities Commission and the utility came up with separate recovery plans for the utility, and creditors to the utility voted on which of the two plans they would support. The PUC's plan involved keeping the utility's assets under California law, whereas the utility's plan involved splitting up assets into several companies, all but one of which would fall outside of the state's control.

The outcome of creditors' voting favored the utility's plan, but because the vote was not 100 percent in favor, the bankruptcy court will hear both plans.

In court today, the PUC requested that the court postpone its confirmation hearing because of a Ninth Circuit Court of Appeals decision regarding an agreement between the PUC and another California utility, Southern California Edison. The Ninth Circuit found that the SCE and PUC settlement was unlawful; their agreement allowed billions of dollars to be recovered from ratepayers by overcollections. The Ninth Circuit's decision threw the legality of certain aspects of the PUC's plan for Pacific Gas & Electric into question.

Pacific Gas & Electric serves 24 million customers in Northern California.

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