Governing Policy for Power Supply Hedging Program. REQUEST: Approval of Revised Governing Policy for Power Supply Hedging Program

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1 FOR CONSIDERATION August 6, 2014 TO: FROM: SUBJECT: The Trustees John D. McMahon Governing Policy for Power Supply Hedging Program REQUEST: Approval of Revised Governing Policy for Power Supply Hedging Program Requested Action The Trustees are requested to adopt an updated Governing Policy for the Power Supply Hedging Program. Background LIPA staff recently completed a periodic review of the Governing Policy for Energy Risk Management. The proposed Governing Policy for the Power Supply Hedging Program is the successor policy document to the Governing Policy for Energy Risk Management, which was last adopted by the Board on February 28 th, The objectives of the hedging program identified in the proposed Governing Policy for Power Supply Hedging are in alignment with LIPA s mission and the interest of its customers for more stable rates on a month-to-month basis. The Policy identifies the authorities and responsibilities delegated by the Board to LIPA s Energy Risk Management Committee and recognizes PSEG Energy Resources & Trade ( PSEG-ER&T ) in its role as service provider to LIPA with respect to energy commodity risk management activities. PSEG-ER&T is an affiliate of PSEG-LI that performs hedging functions for PSEG-LI s affiliated regulated utility in New Jersey. The substantive proposed changes from the former Policy include the following: The Risk Management Objectives were retitled to the Power Supply Hedge Program Framework and have an increased focus on: o mitigating the volatility of LIPA s month-to-month Power Supply Charge o use of derivatives and physical contracts similar to what NYS regulated utilities use to restrain price volatility o recognizing guidance provided by NYS Public Service Commission to regulated utilities o Identifying specific counterparty credit criteria Additional roles and responsibilities of the ERMC were identified including: o Assuring Program activities of LIPA s service provider PSEG-ER&T are in accordance with the Policy and proscribed authorities o Reviewing and monitoring Program counterparty creditworthiness o Reviewing controls and effectiveness of the Program activities

2 Recommendation o Participating in Program audits as required o Monitoring New York State Public Service Commission s developing guidelines associated with Reforming the Energy Vision and Utility 2.0 and if necessary, revising or modifying the ERMC s Policies, Controls and Procedures Manual Based upon the foregoing, I recommend the approval of the above-requested action by adoption of the revised Governing Policy for Power Supply Hedging Program. Attachments Exhibit A Exhibit B Resolution Governing Policy for Power Supply Hedging Program 2

3 Exhibit A APPROVAL OF MODIFICATIONS TO THE LONG ISLAND POWER AUTHORITY GOVERNING POLICY FOR ENERGY RISK MANAGEMENT WHEREAS, the Long Island Power Authority ( LIPA ) adopted the Long Island Power Authority Governing Policy for Energy Risk Management (the ERM Policy ) on November 25, 2002, and amended it on January 25, 2007, October 22, 2009 and February 23, 2013, to govern LIPA s hedging transactions related to fuel and purchased power and to establish the policies, framework, and delegation of authorities necessary to govern the transactions and other activities of the LIPA relating to fuel and purchased power risk; and WHEREAS, as set forth in the accompanying memorandum, in order to recognize the changes to LIPA s fuel cost recovery under the Tariff for Electric Service Power Supply Charge approved by the Board at its October 25 th, 2012, as well as the change to LIPA s structure pursuant to the LIPA Reform Act which was signed into law on July 29 h, 2013, staff proposes to: 1) modify the current title of the ERM Policy to the Long Island Power Authority Governing Policy for Power Supply Hedging Program ( Policy ); and 2) modify the Policy to better align its objectives with the Power Supply Cost month-tomonth recovery mechanism, recognize PSEG Energy Resource and Trade in its role as service provider to LIPA with respect to commodity risk management and delegate additional responsibilities and powers to the Executive Risk Management Committee ( ERMC ) to achieve LIPA s mission in the interest of its customers; and WHEREAS, the Finance and Audit Committee of the LIPA Board of Trustees has reviewed the proposed modifications to the ERM Policy and finds the successor Policy to be in all respects reasonable, appropriate and in the best interests of LIPA s customers; NOW, THEREFORE, BE IT RESOLVED, that the Trustees hereby approve and adopt the Long Island Power Authority Governing Policy for Power Supply Hedging Program dated August 6, 2014 in the form presented at this meeting to be effective immediately.

4 Exhibit B Long Island Power Authority GOVERNING POLICY FOR POWER SUPPLY HEDGING PROGRAM LAST UPDATED BY THE BOARD OF TRUSTEES: 02/28/2013 REVISION ADOPTED BY THE BOARD OF TRUSTEES: [08/06/2014]

5 TABLE OF CONTENTS ARTICLE I. PURPOSE OF THE POWER SUPPLY HEDGING PROGRAM... 1 Section 1.01 Introduction 1 Section 1.02 Power Supply Hedging Program Policy... 1 Section 1.03 Power Supply Hedging Program Objective...1 Section 1.04 Power Supply Hedging Program Framework...2 ARTICLE II. POWER SUPPLY HEDGING PROGRAM AUTHORITY... 2 Section 2.01 Delegation of Authorities 2 (a) Board of Trustees... 2 (b) Chief Executive Officer... 3 (c) Executive Risk Management Committee... 3 ARTICLE III. EXECUTIVE RISK MANAGEMENT COMMITTEE... 3 Section 3.01 Executive Risk Management Committee Responsibilities....3 (a) Controller s Office... 4 Section 3.02 Activities.4 Section 3.03 Program Reports. 4 (a) Power Supply Hedge Program Book.4 Section 3.04 Delegated Limits 5 (a) Actionable Risk Factors... 5 (b) Permissible Instruments... 5 (c) Term Limits... 5 (d) Volume Limits... 6 i

6 Article I. PURPOSE OF THE POWER SUPPLY HEDGING PROGRAM Section 1.01 Introduction The mission of the Long Island Power Authority ( Authority ) is: to ensure the provision of reliable, economical and responsive electric service to 1.1 million customers on Long Island and in the Rockaways, meet the expectations of our bondholders and be a trusted, valued member of the community. We will oversee the performance of our Service Provider, PSEG Long Island, maintain a consistent focus on energy efficiency and renewable energy and carry out our public service, fiscal and contractual duties faithfully, transparently and professionally. 1 The Authority is exposed to volatile energy commodity prices in the normal conduct of its operations. These costs are recovered from the Authority s customers through the Power Supply Charge on customer bills, which may change on a monthly basis in response to actual and projected fuel and purchased power costs. While these costs vary with supply and demand for energy related resources (which include seasonal, weather, transportation, natural disaster, and other influences), the Authority s customers have an interest in stability and predictability of power prices on a month-to-month basis. The hedging of certain components of power supply costs reduces the volatility of energy supply prices over what the Authority s customers would experience in the absence of hedging. As such, a hedging program for power supply costs is one tool available to the Authority to provide reasonable and stable electric prices, while achieving its mission to provide responsive electric service to its customers. Section 1.02 Power Supply Hedging Program Policy This Policy deals with the objective, framework, delegation of authorities and management oversight necessary to govern the activities of the Authority related to the Power Supply Hedging Program (the Program ). The Authority will conduct Program activities, controls, and procedures in accordance with this Policy, which supersedes any previously issued policy. Section 1.03 Power Supply Hedging Program Objective The objective of the Program is to mitigate a portion of the volatility of power supply costs in a programmatic and reasonable way. The Program is executed using financial derivative instruments and physical supply contracts. Most New York State utilities enter into similar financial hedging derivative arrangements and physical supply contracts on behalf of their customers. The New York State Public Service Commission has found that mass market customers generally find beneficial the restraints on price volatility that the utilities are able 1 Approved by the LIPA Board of Trustees on February 26,

7 to achieve, notwithstanding that cost premiums might be incurred in procuring the restraints. 2 3 Section 1.04 Power Supply Hedging Program Framework a) The primary objective of the Program is to reduce customers exposure to significant Power Supply Charge volatility. In order to constrain volatility, the Authority will execute hedging instruments (derivatives) or enter into physical supply contracts for a certain percentage of the Authority s projected fuel and purchased power needs. The Authority will conduct its power supply hedging program to achieve appropriate risk mitigation and never for purposes of financial speculation. b) The Authority, including the Authority s Program service provider PSEG Energy Resources and Trade ( PSEG ER&T ), will perform Program activities in a manner that limits the Program s costs and risks relative to the degree of price stability secured, within defined limits and prudent practices. c) The Authority s Program will take into consideration guidance provided by the New York State Public Service Commission to regulated utilities. d) As outlined below, the Program will be executed in accordance with a Policies and Procedures Manual adopted by the Executive Risk Management Committee ( ERMC ) which will be responsible for maintaining the manual. e) To minimize the potential adverse financial impact to the Power Supply Charge from a defaulting counterparty, the Authority s Hedge Program will not permit transactions with counterparties that have below investment grade credit ratings from S&P, Moody s or Fitch Article II. POWER SUPPLY HEDGING PROGRAM AUTHORITY Section 2.01 Delegation of Authorities (a) Board of Trustees This Policy requires approval of the Authority s Board of Trustees (the Board ), and the Board must approve any changes to the Policy. Changes to the Policy are effective on the day of approval and shall not be applied retroactively unless explicitly so specified by the Board. 2 State of New York Public Service Commission Case 06-M-1017, Effective April 19, The Authority s Program hedges the Power Supply Charge volatility on an aggregate basis on behalf of all its customers. The Authority will look at possible future modifications to its Program to hedge only the portion of Power Supply Charge volatility associated with a defined subset of customer classes if an interest in excluding certain classes or types of customers from the Program is expressed by customers or by the Department of Public Service as a suggested or recommended policy for regulated utilities, and approved by the Authority s Board. 2

8 (b) Chief Executive Officer The Board delegates authority to the Authority s Chief Executive Officer or individual acting in such capacity to staff an Executive Risk Management Committee ( ERMC ) consisting of the Chief Financial Officer ( CFO ) who shall be the Chairperson, and at least two other members, one of which must be drawn from senior management of the Authority. The ERMC shall provide executive management oversight for the Program. (c) Executive Risk Management Committee As further described in Article III below, the Policy hereby establishes the Executive Risk Management Committee as management s controlling authority with respect to the Program. Article III. EXECUTIVE RISK MANAGEMENT COMMITTEE Section 3.01 Executive Risk Management Committee Responsibilities As delegated herein by the Board, the ERMC is charged with administration of this Policy and is granted authority and responsibilities as follows: 1. To ensure that all Program activities of the Authority and its Program service provider PSEG ER&T are in accordance with this Policy. 2. To create and update as necessary a policies, controls, and procedures manual ( Procedures Manual ) for the administration of the Program including but not limited to hedge strategy formulation, execution protocols, permissible riskmitigation products and instruments, transaction limits, organizational structure, counterparty credit criteria and collateral control and other controls and procedures as deemed necessary for an orderly conduct of the Program. 3. To establish appropriate processes and protocols to review and to monitor Program counterparty credit worthiness. At a minimum, a counterparty s credit rating from S&P, Moody s and Fitch should be of investment grade and such ratings, along with other credit factors should be monitored on a regular basis. 4. To determine and approve projected fuel and purchased power consumption volumes. 5. To determine the Authority s tolerance for exposure to fuel and purchased power price movements and volatility taking into account the costs of limiting exposure and to establish risk boundaries consistent with that tolerance. 6. To evaluate allowable financial and physical instruments in executing its hedge Program in order to find a mix most consistent with reasonable cost and appropriate risk tolerance. 7. To delegate prescribed authorities to authorized Authority staff and its service provider PSEG ER&T for execution of risk mitigation activities. 3

9 8. To prescribe controls and review the effectiveness of all aspects of the Program including Program audits, as appropirate. 9. To determine, at least annually, whether the Authority qualifies for the end-user exception provided in Section 39.6(b)(1)(iii) of the Commodity Futures Trading Commission s ( CFTC ) regulations. 10. To monitor CFTC rule making to determine if any action is required by the Authority to maintain compliance with respect to any transactions under the Program. To approve the use of a Qualified Independent Representative ( QIR ) pursuant to the ERMC s review of the QIR s fulfillment of the seven Independence Test characteristics specified by the CFTC and as set forth in the Dodd Frank Act. 11. To monitor the New York State Public Service Commission s developing guidelines and policies associated with Reforming the Energy Vision and Utility 2.0, which support the evolving electric utility model and vision in New York State. If deemed necessary, the ERMC will review its Procedures Manual to determine if any changes should be made to the Program to reflect evolving policies, institutional structure and economies in New York State s electric utility industry. Further, the ERMC is authorized to adopt policies, procedures and any other administrative guidelines consistent with and required to implement this Policy. (a) Controller s Office The Controller s office shall independently obtain in a timely manner all counterparty statements, including confirmations and primary documentation, pertaining to hedging transactions with the Authority. The Controller s records shall not rely on representations from the ERMC or staff. Section 3.02 Activities For the purpose of the Program, hedging activities will be restricted to the Actionable Risk Factors, Permissible Instruments, Term and Volume limits (as defined in Section 3.04 below) specified by the ERMC. The unwinding of hedges will be permitted subject to constraints set by the ERMC. All these activities must also fall within the Delegated Limits provided under Section 3.04 of this Policy and comply with applicable credit criteria. Section 3.03 Program Reports (a) Power Supply Hedge Program Book Maintenance of timely reports is critical to conducting an effective Program. The maintenance of risk management records and the quantification of financial implications, in aggregate the Power Supply Hedge Program Book ( Book ), shall be maintained at the direction of the ERMC. At a minimum, the Book shall include a record of transactions; volumes and values of fixed and open positions, both physical and financial; the linking of financial hedges with physical volumes; and quantification of the Authority s exposure to market volatility. 4

10 Section 3.04 Delegated Limits (a) Actionable Risk Factors The ERMC is authorized to permit hedging activity to mitigate the following risk factors, provided, however, that these risk factors are demonstrably quantifiable, actionable and material to the Authority s Program Objective: Capacity requirements of the New York Independent System Operator Natural gas purchase requirements for power generation Oil purchase requirements for power generation Power purchase requirements, or the equivalent expressed as heat rate multiplied by fuel price Power sales from generation capacity in excess of load obligations Emission credit requirements Basis (quality or locational) risk Weather risk Generating plant forced outage (trip) risk Transmission risk (b) Permissible Instruments The ERMC is authorized to permit the use of the following financial and physical hedging instruments, provided, however, that the use of these instruments results in the effective mitigation of Actionable Risk Factors: Futures Forwards Swaps and Contracts-for-Differences (CFDs) Options and collars, including exchange-traded, over-the-counter, European or American, calls, puts and any combination thereof, provided, however, that the sale of options is strictly limited to collars and cases where potential liabilities are fully offset by available assets Swap Options (Swaptions) Transmission Congestion Contracts ( TCCs ) and Financial Transmission Rights ( FTRs ) Ancillary Services and Products Physical supply bi-lateral contracts (c) Term Limits The term of any Permissible Instrument shall not exceed ten years without the prior consent of the Board. The ERMC shall document approval of transactions or hedge strategies of any Permissible Instrument(s) having a term in excess of thirty-six (36) months, and shall not permit any transaction in excess of sixty (60) months without the prior approval of the Finance and Audit Committee of the Board. 5

11 (d) Volume Limits The ERMC is authorized to specify volumetric position limits for all hedging activity, provided, however, that the net-hedge position relative to any Actionable Risk Factor for all forward time horizons beyond the immediate 30-days 4 is limited as follows: Capacity - Forward purchases shall be made to meet the requirements of the New York Independent System Operator as a load serving entity. Natural gas - Maximum forward purchases shall not exceed 85% of projected gas consumption requirements. Oil - Maximum forward purchases shall not exceed 85% of projected oil consumption requirements. Power - Maximum forward purchases shall not exceed 85% of load requirements. - Maximum forward sales shall not exceed 85% of generation in excess of load requirements. Emission Credits - Maximum forward purchases shall not exceed 85% of annual or seasonal projected shortfall. 4 These provisions shall not be construed to restrict the decisions, applicable to short-term economics, necessary to effectively dispatch generating assets under the Authority s control. 6

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