A ROMP THROUGH RESTRUCTURING LOOKING BACK TO LOOK FORWARD
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1 A ROMP THROUGH RESTRUCTURING LOOKING BACK TO LOOK FORWARD National Energy Marketers Association Baltimore, Maryland July, 2018 Craig Glazer Vice President- Federal Government Policy PJM Interconnection 1
2 2
3 Need slide that is black. 3
4 And What Were They Mad About??? At the Wholesale Level Transmission access Negotiation of wheeling rights Discriminatory treatment Lengthy litigation: Refunds to a Corpse Build-out costs Reliability and native load as code TLRs, demand ratchets, price squeeze you name it 4
5 And What Were They Mad About? At the Retail Level--- Rates significantly above the national average Industrial subsidies for public interest programs Investment stagnation Hit to global competitiveness 5
6 The Regulatory World Circa 2006 Reminding Ourselves What We Got Right: Taking credit for our accomplishments Building on Past Experience: Learning What Needs Further Work Avoiding the Quagmire of Inaction 6
7 Restructuring: The Good, the Bad and the Ugly Accomplishment No. 1: We moved the risk allocation formula: aka There was no Enron rate case! 7
8 Mean PJM RTO LMP Pre-and post Enron prices $35 $30 $25 Enron Collapse $/MWh $20 $15 $10 $5 $0 2/5/2002 2/6/2002 2/7/2002 2/8/2002 2/9/2002 2/10/2002 2/11/2002 2/12/2002 2/13/2002 2/14/2002 2/15/2002 2/16/2002 2/17/2002 2/18/2002 2/19/
9 Restructuring: The Good, the Bad and the Ugly Accomplishment No. 2: We got the fundamentals right! 9
10 The Development of RTOs Structural Solutions Have Worked Eliminating multiple control areas Regional planning Redispatch in lieu of TLRs Maximizing use of the Grid Allowing customers to make economic decisions Transparency 10
11 PJM as Part of the Eastern Interconnection 11
12 ISO RTO Council
13 edata 13
14 Electricity Policy Headaches: 2018 Version Policy Headaches Looking Forward: Impact of State Legislative Support for Specific Resources Losing Our Way: Re-regulation by piece part Fuel Diversity vs. Fuel Security 14
15 POLICY HEADACHE #1 State Legislative Actions: Gradations of actions with different market impacts: Federal Subsidies State support for customer-focused programs (e.g. weatherization, energy efficiency) Generic RPS Goals State-ordered ratepayer $$$ subsidies for a particular class of units or single units 15
16 POLICY HEADACHE #1 (cont d) Solution Options FERC Majority--- Across the Board Minimum Offer Pricing Rule ( MOPR ) but units can be selectively removed from the market FERC Commissioner Glick--- No role for FERC to protect markets, matter solely within statue authority Issue: Accommodates individual states but does not immunize neighboring states as much as MOPR 16
17 POLICY HEADACHE #2 Re-regulation plant by plant: The half slave/half free problem Skewed investment signals Re-juggling the risk allocation formula once again Ignoring the lessons of the past (stranded costs, technology risk etc.) 17
18 POLICY HEADACHE #3 Looking Further: Monetizing the value of Distributed Resources thru a single market Fuel security vs. fuel diversity More transparent natural gas markets Being mindful of our past: Keep the risk/reward decision on the investor side 18
19 An Added Complication: Who Decides? 19
20 Who Decides? States: State Energy Policies: Governors/legislators State PUCs FERC Environmental Agencies Department of Energy Congress US Supreme Court Demand Response Case Hughes Case 20
21 Avoiding The Quagmire Of Inaction Hanging in mid-air : a dangerous place 21
22 A restructured industry or Golden memories of yesteryear The choice is ours 22
23 LET S TALK Craig Glazer Vice President-Federal Government Policy PJM Interconnection Washington, D.C., USA craig.glazer@pjm.com 23
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