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

New England ISO's Market Design Approved by FERC

LCG, Sep. 30, 2002--ISO New England's market design proposal, reflecting elements similar to those in the market run by PJM Interconnection, the mid-Atlantic grid operator, was largely approved by the Federal Energy Regulatory Commission last week.

The most important features of the proposal include "designated congestion areas," where known supply problems exist; a transition to locational marginal pricing within 18 months, in order to reflect the spatial variation in supply and demand; a system to auction financial transmission rights, by which owners of rights can earn revenue; and a demand management program to pay customers to reduce demand. The one area over which dissent was expressed was the level of installed capacity payments, which Commissioner Nora Brownell thought insufficient to draw long-term investment.

Although ISO New England and the New York Independent System Operator have discussed a merger between their market operations, some New England states have resisted, fearing that power supply would flow to New York. FERC commented that although upcoming market rules it will finalize in 2004 could lead to necessary changes in market rules, the current proposal "benefits customers by accepting improvements to New England's markets, including a day-ahead and real-time market, locational marginal pricing, mechanisms to mitigate market power, demand response programs, and a capacity resource mechanism."
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