ISO/RTO market = monitors gather, share insights

From: Subject: ISO/RTO market monitors gather, share insights Date: Thu, 3 Jun 2010 15:23:19 -0400 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_0004_01CB0330.B230B080" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.5931 This is a multi-part message in MIME format. ------=_NextPart_000_0004_01CB0330.B230B080 Content-Type: text/html; charset="utf-8" Content-Transfer-Encoding: quoted-printable Content-Location: mhtml:file://C:\Documents and Settings\pwallach\Local Settings\Temporary Internet Files\Content.Outlook\RQMJDU4Q\ISO-RTO market monitors gather share insights (3).mht =EF=BB=BF ISO/RTO market = monitors gather, share insights http://www.restructuringtoday.com

ISO/RTO market monitors
gather, = share=20 insights

April 21, = 2010=20

Market=20 monitors for six out of seven US ISOs told Congressional staffers = that the=20 organized markets benefit consumers. =20 They spoke at a Capitol Hill event sponsored by the Compete = Coalition yesterday. = ISO/RTO=20 markets efficiently use the transmission and generation = infrastructure in=20 them and set up price signals to help guide efficient investments, = said=20 Potomac Economics President David Patton. Patton's firm serves = market=20 monitoring functions for ERCOT, ISO New England, the Midwest ISO = and the=20 New York ISO.

=20 Many have tabbed the movement to markets in the electric = industry=20 as "deregulation," but the markets in question are not the typical = textbook examples of lassez-faire markets, said PJM's monitor and=20 President of Monitoring Analytics Joseph Bowring. FERC has substituted = market forces=20 for regulation in some instances but the markets are still policed = and=20 mitigated when needed.

=20 "Do these markets benefit consumers? And again we think the = answer=20 is yes," said Southwest Power Pool=20 monitor=20 and Boston Pacific CEO Craig Roach.

=20 All of the markets the three monitors oversee saw prices = drop by=20 about 50% last year due to lower input costs such as for = fuel. In many markets, power = prices=20 track natural gas very closely, though in PJM and MISO, coal is on = the=20 margin far more often than the others.

=20 Benefits from the markets do spill over into the states = that=20 are=20 within=20 their footprints, said Roach whose firm also advises many state = regulatory=20 commissions.

=20 "In New Jersey, we monitor the auction where most of the = power for=20 residential and small commercial customers is actually solicited = under=20 three year contracts -- that auction would not be as competitive = if the=20 PJM market wasn't there," he added.

=20 Bidders love transparency and they like to know they can = sell off=20 any excess supply or make up for any shortfalls to meet New = Jersey's load=20 in PJM's energy markets.

=20 While the markets produce benefits in base supply auctions, = the=20 majority of the price cuts the wholesale markets seen last year = have yet=20 to filter down to most consumers.

=20 "I guess the term is regulatory lag," said Patton.

=20 What is = 'regulatory lag?'=20

=20 "You know, utilities come in and adjust their retail rates=20 periodically and when that adjustment happens, it reflects the = costs that=20 are known at that time. =20 Generally, when costs are falling, as they are now, = utilities try=20 to resist coming in. = And so=20 during that lag period when retail rates are set based on higher = costs,=20 they may arguably make higher returns."

=20 Many large customers pay wholesale LMPs and have already = benefited=20 from the dramatic price drops, Bowring = added.

=20 One of the most important aspects of market monitoring is = looking=20 for market power abuses. =20 While FERC handles the prosecution, market monitors often = refer=20 allegations to the agency.

=20 KeySpan case=20 remembered

=20 Recently the Justice Dept went against a FERC ruling on the = New=20 York City capacity market, finding that the firm KeySpan had = manipulated=20 it after the energy regulator found just the opposite (RT, Feb-24).=

=20 The case stems from when Consolidated Edison sold off its=20 generation in New York City and it had to decide how many = "buckets" to=20 sell it in, said Patton. = The=20 fewer groups of generation sold off, the higher the price would be = since=20 ConEd=20 was selling some degree of market power.

=20 In the capacity market in the city they set a ceiling for = prices=20 but it was explicitly recognized=20 that=20 the large players in the market could=20 keep=20 prices at that ceiling. = That=20 drove what KeySpan was willing to pay for the generation, giving = consumers=20 a bigger check for them.

=20 After new generation was built, KeySpan kept prices at the = cap=20 since it still had the incentive to do that. The implicit arrangement = had been=20 in place for five or six years and that was enough time, = thus=20 stronger=20 mitigation measures were put in place to lower prices, said=20 Patton.

=20 The Justice Department's main gripe with the system was = that=20 KeySpan had a swap that effectively let it control more generation = besides=20 its own and to earn even more money off the inflated prices. Thus=20 it=20 made the firm disgorge some of those = profits.

=20 KeySpan and other manipulation cases have popped up but = generally=20 they have been of a small scale. =20 The firm only had to pay $12 million to the US=20 Treasury.

=20 Could Enron = happen=20 again?

=20 In his work monitoring multiple ISOs, Patton believes the = rules of=20 the markets have had a much bigger impact on prices than any=20 wrongdoing.

=20 None=20 of=20 the three monitors believes another Enron is possible, largely = because=20 markets have changed significantly since then -- and they all have = the=20 example how not to run one in the California of 10 years=20 ago.

=20 Enron exploited weak market rules and the markets in the = Midwest=20 and Northeast and now California are all set up in ways = that=20 make=20 what the firm did impossible, said Patton.

=20 Some market participants will always try to exploit the = rules and=20 earn more profits than they should, said Bowring, but he also does = not see=20 any significant possibility for another Enron-scale=20 episode.

[Comments]

=C2=A9 2010 GHI LLC =

=C2=A9 = 2006-2010 GHI LLC. All=20 Rights Reserved. Reproduction without permission = prohibited.=20

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MARGIN-RIGHT: 0px; BORDER-RIGHT: = #003366 1px solid; PADDING-TOP: 5px } .loginpitch1 { BORDER-BOTTOM: #003366 1px solid; BORDER-LEFT: #003366 1px solid; = PADDING-BOTTOM: 5px; PADDING-LEFT: 5px; WIDTH: 350px; PADDING-RIGHT: = 5px; FONT: 11px Verdana, Arial, Helvetica, sans-serif; MARGIN-BOTTOM: = 0px; BACKGROUND: #f0f5fa; COLOR: #333333; MARGIN-LEFT: 0px; BORDER-TOP: = #003366 1px solid; MARGIN-RIGHT: 0px; BORDER-RIGHT: #003366 1px solid; = PADDING-TOP: 5px } A.rsstitle:link { FONT-FAMILY: Verdana; COLOR: #000000; FONT-SIZE: 11px; FONT-WEIGHT: = bold } A.rsstitle:active { FONT-FAMILY: Verdana; COLOR: #006699; FONT-SIZE: 11px; FONT-WEIGHT: = bold } A.rsstitle:hover { FONT-FAMILY: Verdana; COLOR: red; FONT-SIZE: 11px; FONT-WEIGHT: bold } A.rsslink:link { FONT-FAMILY: Verdana; COLOR: #006699; FONT-SIZE: 11px; FONT-WEIGHT: = bold } A.rsslink:active { FONT-FAMILY: Verdana; COLOR: red; FONT-SIZE: 11px; FONT-WEIGHT: bold } A.rsslink:visited { FONT-FAMILY: Verdana; COLOR: navy; FONT-SIZE: 11px; FONT-WEIGHT: bold } A.rsslink:hover { FONT-FAMILY: Verdana; COLOR: red; FONT-SIZE: 11px; FONT-WEIGHT: bold } .affsignup { BORDER-BOTTOM: #003366 1px solid; BORDER-LEFT: #003366 1px solid; = PADDING-BOTTOM: 5px; PADDING-LEFT: 5px; PADDING-RIGHT: 5px; FONT: 11px = Verdana, Arial, Helvetica, sans-serif; MARGIN-BOTTOM: 0px; BACKGROUND: = #336699; COLOR: #ffffff; MARGIN-LEFT: 0px; BORDER-TOP: #003366 1px = solid; MARGIN-RIGHT: 0px; BORDER-RIGHT: #003366 1px solid; PADDING-TOP: = 5px } .articletease { BORDER-BOTTOM: #333333 1px dashed; BORDER-LEFT: #333333 1px dashed; = PADDING-BOTTOM: 10px; BACKGROUND-COLOR: #eeeecc; MARGIN-TOP: 12px; = PADDING-LEFT: 10px; PADDING-RIGHT: 10px; MARGIN-BOTTOM: 12px; = BORDER-TOP: #333333 1px dashed; BORDER-RIGHT: #333333 1px dashed; = PADDING-TOP: 10px } ------=_NextPart_000_0004_01CB0330.B230B080--