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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

Talen Energy Acquires Three Combined-Cycle Plants

LCG, July 23, 2015-Talen Energy Corporation announced Monday an agreement to acquire MACH Gen, LLC, for $1.175 billion inclusive of any assumed debt, subject to customary purchase price adjustments. The transaction is expected to be completed by year-end, following regulatory review and approval.

MACH Gen, LLC, owns three combined-cycle facilities: the 1,080-MW Athens Plant in New York, the 360-MW Millennium Plant in Massachusetts, and the 1,092-MW Harquahala Plant in Arizona. Together, the facilities will add over 2,500 MWs of generating capacity to Talen Energy's fleet.

Talen Energy's President and Chief Executive Officer stated, "This negotiated deal represents a significant step in the execution of our growth strategy, and provides meaningful improvement in our cash flow profile. The transaction adds highly competitive combined cycle gas assets in NYISO and ISO-NE, two mature and liquid wholesale power markets, with the opportunity to create significant value by optimizing a very efficient gas-fired plant in Arizona."

Talen Energy is a new, independent power producer (IPP) that was created on June 1, 2015. Talen Energy is comprised of what was PPL Corporation's competitive energy business, together with the generation assets owned by Riverstone Holdings. When the PPL spinoff was completed, PPL's former power plants in Pennsylvania and Montana became part of Talen Energy, with the combined assets of the new corporation primarily located in two of the largest and more liquid, competitive electricity markets in the United States: PJM and ERCOT.

The acquisition will increase Talen Energy's total generating capacity to a total of 17,600 MW; however, Talen Energy is required to sell approximately 1,300 MWs to meet a Federal Energy Regulatory Commission (FERC) mitigation order associated with the transaction that created Talen Energy.

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