capacity markets

Does Epsa Support Capacity Markets? For Power Markets, Yes; for Gas Pipeline Markets…

4 Comments / Electricity, Energy markets, Regulation / By

Michael Giberson The Electric Power Supply Association, “the national trade association representing competitive power suppliers,” supports the use of electric power capacity markets to ensure sufficient generation capacity is available to reliably serve peak consumer load. See, for example, EPSA’s policy paper on the topic: Well-functioning forward capacity markets are a critical component of organized wholesale …

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NYC Brownouts? But Why?? I Thought They Had Electric Power Capacity Markets

1 Comment / Electricity, Energy markets / By

Michael Giberson From Reuters: Amid NYC heat wave, Con Edison lowers power voltage New York energy company Consolidated Edison Inc reduced the power voltage in some Manhattan neighborhoods on Wednesday, in an action known as a brownout, as a brutal heat wave stressed the city’s electric system for a third day. This was the second …

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Hayek’s Knowledge Problem As an Issue in Electric Power Market Design

2 Comments / Economics, Electricity, Energy markets / By

Michael Giberson Recently the Brattle Group submitted a study of resource adequacy issues within the ERCOT power system and the policy options available to ERCOT and the PUC of Texas, the regulatory authority overseeing the ERCOT system. As the Brattle report points out, ERCOT has so far stuck with a so-called “energy-only” market design while …

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Rto Forward Capacity Markets Are Unlikely to Succeed

Electricity, Energy markets, Regulation / By

Michael Giberson The Gulf Coast Power Association meetings earlier this week included a debate over the future of resource adequacy within the ERCOT power system. Debate moderator Eric Schubert, BP Energy Company, introduced the issue with a critique of capacity market structures that is heavy on its reliance on Hayek’s knowledge problem. It is a …

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Economics of Power Market Design Compared Unfavorably to Climate Science

Economics, Electricity, Science / By

Michael Giberson From the Harvard Electricity Policy Group meeting in February 2011. By convention the meetings are off-the-record, so the speaker’s name is not identified in the summary: I think the most important distinction between the fields of climate science and economics for me is the question of evidence. Science is characterized by a subtle …

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Meanwhile, More “Power Market and the State” Battles in New Jersey and Maryland

1 Comment / Electricity, Energy markets, Politics, Regulation / By

Michael Giberson And if Andrew Kleit thinks that the Pennsylvania state government is toying with a bad idea (see previous post), look what is going on next door in New Jersey and Maryland. In New Jersey: “Utilities challenge New Jersey law while preparing to reap its benefits.” In January the Governor signed a law which …

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Firstenergy Seeks Switch from Midwest Iso to Pjm

4 Comments / Electricity, Energy markets / By

Michael Giberson Platt’s reports: FirstEnergy will switch its Ohio electric transmission assets from the Midwest Independent Transmission System Operator to the PJM Interconnection with its other transmission assets, the Akron, Ohio-based company said Friday. “Aligning all of our transmission assets with PJM will provide customers with the benefits of a more fully developed retail choice …

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