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Markets and Jurisdictions are Complex Natural Gas & Electric Market Space

Markets and Jurisdictions are Complex Natural Gas & Electric Market Space. Nat Gas & Electric Derivatives. Nat Gas & Electric Clearing. Trading Venues. Futures (NYMEX). Electronic Platforms. Physical Nat Gas. Phys Electric Power. Voice Brokers. Bilateral Trading. RTO’s & ISO’s.

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Markets and Jurisdictions are Complex Natural Gas & Electric Market Space

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  1. Markets and Jurisdictions are ComplexNatural Gas & Electric Market Space Nat Gas & Electric Derivatives Nat Gas & Electric Clearing Trading Venues Futures (NYMEX) Electronic Platforms Physical Nat Gas Phys Electric Power Voice Brokers Bilateral Trading RTO’s & ISO’s Generation Gas Supply Players Transmission & Pumped Storage Pipelines & Storage Price Contributors • Fixed price buyers & sellers • Speculators Price Takers -Indexed price buyers & sellers Delivered Market Delivered Market Gas to fuel power generation

  2. Mature Power Markets Offer Buyers More Options Wholesale Electric Markets in 2004

  3. National Overview of On-Peak Prices

  4. Competition Issues of Current Interest • Infrastructure • Long-Term Transmission Rights & Locational Pricing • Resource Adequacy • Demand Response • Market Illiquidity • Market Power Mitigation • Market Monitoring • RTO Responsiveness and Costs

  5. FERC has 3-Prong Strategy Infrastructure Strategic Approach Rules Competitive Markets Just & Reasonable Outcomes Oversight/Enforcement

  6. Recent FERC Actions on Competition Issues • Infrastructure • Infrastructure Conferences Held across the country • Federal – State Cooperative Efforts • Long-Term Transmission Rights • Staff report and Notice inviting comments • issued on May 11, 2005 in AD05-7-000 • comments due next Monday, June 27, 2005. • Resource Adequacy • FERC has been encouraging resource adequacy. • Working with States via NARUC on RA issues • Chicago meeting re informal board for resource procurement, planning issues

  7. Recent FERC Actions on Competition Issues (cont’d) • Demand Response • Today there is a workshop in Washington, DC that FERC is co-sponsoring, along with DOE, EPA, NARUC and NASEO • Brings together policy makers, electricity providers, and demand response experts • A forum to discuss demand response • Market Illiquidity • Disallow market-based rates where appropriate • Develop locational installed capacity diversity

  8. Recent FERC Actions on Competition Issues (cont’d) • Market Power Mitigation • New market-based rate (MBR) requirements in May 2005 • File on time or forfeit MBRs • ER98-3809 et al. • Are MBR rates of more than 200 companies J&R? • Reporting requirements for electric utilities with MBRs • Market Monitoring • Standards of Conduct initiative is finding a new “culture of compliance” • Create greater transparency in energy markets • Policy on MMUs in RTOs and ISOs (PL05-1)

  9. Recent FERC Actions on Competition Issues (cont’d) • RTO Responsiveness and Costs • Meeting with RTO/ISO Boards • FERC NOPR on costs (RM04-12-000, issued May 25)

  10. Energy Market Progress Requires: Integrity ANDPublic Confidence In That Integrity

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