The Outlook for Nuclear Energy In a Competitive Electricity Business

Size: px
Start display at page:

Download "The Outlook for Nuclear Energy In a Competitive Electricity Business"

Transcription

1 1776 I STREET N.W. SUITE 400 WASHINGTON, D.C The Outlook for Nuclear Energy In a Competitive Electricity Business Executive Summary: Nuclear Units Competitive, Profitable in Deregulated Electricity Markets Most U.S. nuclear power plants are well-positioned for competition. Measured by total going forward costs operating and maintenance (O&M) costs, fuel costs, ongoing capital requirements, taxes and general and administrative (G&A) expenses most nuclear units can compete in a deregulated, competitive electricity market. Many nuclear plants can improve their economic performance. Analysis shows a large spread between the nuclear plants with the highest costs and those with the lowest costs. The plants in the high-cost quartile spend twice as much on O&M and fuel as the plants in the low-cost quartile. The highercost units clearly have a significant opportunity to improve efficiency and reduce costs. U.S. Nuclear Power Plant Economic Performance: Consistent Improvement 3-Year Rolling Average Production Costs cents per kilowatt-hour Economic performance of the U.S. nuclear fleet continues to improve. Three-year rolling average production costs are declining for all four quartiles. The improving trend is particularly dramatic for the fourth quartile Quartile 1 Quartile 2 Quartile 3 Quartile

2 Page 2 of 13 The positive outlook for U.S. nuclear power plants is in stark contrast to speculation several years ago when industry restructuring at the state level was just beginning and competitive markets were in their infancy that many nuclear units would not be economic and would be shut down prematurely. Since then, the performance of the nuclear units has improved dramatically; the cost of electricity from other sources has increased; and surplus generating capacity in most regions of the country has all but disappeared. Today, virtually all nuclear units are expected to operate to the end of their 40-year licenses, and most will renew their licenses for an additional 20 years. A generating company with nuclear power in its portfolio must decide whether to continue to operate its nuclear unit(s), or shut down its nuclear capacity and build new, replacement capacity. In today s market, that replacement capacity would be a gas-fired combined cycle power plant. A well-managed nuclear unit can produce electricity profitably at a total cost of cents per kilowatt-hour. A new gas-fired plant would produce electricity at a total cost of cents per kilowatt-hour, assuming a plant capital cost of $ per kilowatt and gas prices of $3-4 per million Btu. The choice is clear: companies may build new gas-fired capacity to meet new growth in electricity demand, but they would not close an existing nuclear unit and replace it with a new gas-fired power plant. In addition to their value as reliable producers of low-cost bulk electricity, existing nuclear units have substantial additional value because of trends in the fossil fuel markets. The existing nuclear plants represent: $ per megawatt-hour $140 $120 $100 $80 $60 $40 $20 $0 Rising Gas Prices = Dramatic Impact on Electricity Cost $25 Existing Nuclear Power Plant $33 Gas at $2.50 $51 Gas at $5 $68 Gas at $7.50 $87 $122 Gas at $10 Gas at $15 Combined-cycle gas-fired power plant! A valuable hedge against volatility in the natural gas market. Natural gas prices to electric generators have doubled over the last 12 months, which has had a major impact on the cost of electricity

3 Page 3 of 13 produced by gas-fired power plants. Nuclear units provide a high level of forward price stability, because their operating costs are predictable and stable. This price stability has value in volatile electricity markets.! Valuable protection against escalating environmental requirements and clean air constraints, which will drive up the cost of increasing electricity production from existing coal-, gas- or oil-fired capacity, or possibly preclude increasing output from existing fossil fuel-fired capacity or building new plants that burn fossil fuels.

4 Page 4 of 13 Recent Trends in Economic Performance Of U.S. Nuclear Power Plants History The cost of operating and maintaining U.S. nuclear power plants rose steadily in the 1980s. After the 1979 accident at Three Mile Island, nuclear utilities invested heavily in equipment and manpower to meet new safety requirements, and to achieve the highest possible operating and safety standards. This investment paid substantial dividends in improved safety, reliability and output. The average capacity factor of U.S. nuclear plants rose from 57.6 percent in 1980 to 86.8 percent in Nuclear power plant operating and maintenance (O&M) costs increased, on average, by 7-8 percent a year above inflation through much of the 1980s. In , for the first time ever, the average production cost from nuclear plants exceeded that of coal-fired plants. (Production cost consists of O&M plus fuel.) Since then, nuclear plant O&M costs have leveled off and decreased. Recent Trends Nuclear plant operators pursued several initiatives to reduce O&M costs. U.S. Nuclear Industry Average Production Costs (in cents per kilowatt-hour: 1999 dollars) Except for 1997 and 1998, when a number of nuclear power plants experienced abnormally high costs because they operated only intermittently due to regulatory difficulties, production costs (fuel and O&M) have been declining steadily since the late 1980s Source: Utility Data Institute

5 Page 5 of 13 More comprehensive planning and innovative management techniques have reduced the time that nuclear power plants are out of service for refueling. In 1990, the average duration for a refueling outage at U.S. nuclear power plants was 101 days. Since then, that figure has dropped steadily. In 1999, the average outage was 41.5 days, and the top performers are recording refueling outages of 25 days or less. This and other improvements have resulted in substantial increases in the amount of electricity produced by the plants.! In 1990, 56 nuclear units had capacity factors above 70 percent; 31 units operated above 80 percent.! In 1999, 98 of 103 units had capacity factors above 70 percent; 90 units operated above 80 percent. Thanks to improved management practices, higher reliability and output, and shorter refueling outages, the average production cost (O&M plus fuel) of electricity from U.S. nuclear power plants has declined since the mid- 1980s a 45 percent decrease since 1987, when average nuclear production costs peaked at 3.19 cents per kilowatt-hour. In 1999, average nuclear plant production costs reported to the Federal Energy Regulatory Commission were U.S. Nuclear Power Plant Average Capacity Factors Note: The decline in industry average capacity factor in 1997 was a temporary phenomenon, and reflected plant outages caused by regulatory issues. In 1997, 10 plants were shut down all year due to regulatory problems. Four plants had capacity factors less than 30 percent in 1997 as a result of being shut down for most of the year due to regulatory issues Capacity Factor (%) Operating Plants (88.5 % in 1999) All Plants (86.8 % in 1999) Year

6 Page 6 of cents/kwh, lower than average coal-fired production costs (2.07 cents/kwh) for the first time since Nuclear plant operators are also reducing capital spending. Capital requirements at operating nuclear plants have dropped dramatically from $60-$70 per kilowatt per year in the mid-1980s to $20-$30 per kilowatt in the early 1990s. Most nuclear units are projecting incremental capital requirements of approximately $10-$15 per kilowatt going forward. Opportunities for Improvement In Economic Performance Many nuclear plants should be able to improve their economic performance even further. Analysis shows a large spread between the nuclear power plants with the highest costs and those with the lowest costs. The nuclear plants in the lowcost quartile had an average production cost (O&M plus fuel) of 1.33 cents per kilowatt-hour in the period. The plants in the high-cost quartile had an average production cost of 2.8 cents/kwh more than twice as high. The plants in the second and third quartiles had average production costs of 1.58 cents/kwh and 1.84 cents/kwh, respectively. (The units with the lowest O&M costs tend to be among the most efficient units, with high capacity factors and superior performance ratings from the Nuclear Regulatory Commission and the industry.) U.S. Nuclear Plant Production Costs, Capacity Factors (3-Year Rolling Averages) Quartile Production Cost Average Capacity Factor 1st 1.33 cents/kwh 91.4 percent 2nd 1.58 cents/kwh 87.9 percent 3rd 1.84 cents/kwh 82.3 percent 4th 2.8 cents/kwh 74.6 percent While there is still room for the lower-cost plants to improve, there is a significant opportunity for the higher-cost units to improve efficiency and reduce costs dramatically. For the plants in the third and

7 Page 7 of 13 fourth quartiles and, to an extent, those in the second quartile the obvious challenge is finding ways to improve economic performance to the level achieved by the plants in the first quartile. Although the larger plants simply because they can produce more electricity are generally better-positioned for competition, analysis shows that smaller plants can also operate safely and reliably at low cost. Consolidation As competition develops and industry restructuring unfolds, electric power companies across the country are making strategic business decisions. Some companies are divesting power generation assets and focusing on transmission and distribution. Some are divesting generation in their traditional service territory, but buying generation elsewhere. All companies are evaluating the economics of their power plants, including future capital needs, to determine whether those plants can survive in a competitive market. This new business approach is also at work in the nuclear energy sector. Some companies are divesting nuclear assets. Others are buying. The transition to greater competition in electricity generation is leading to formation of new corporate entities, such as large nuclear operating companies. By focusing resources solely on nuclear power operations, such restructurings will enhance nuclear power plant reliability, safety performance and, in parallel, economic performance.

8 Page 8 of 13 Evaluating the Competitive Position of Nuclear Plants Operating Economics Few exercises are as complex as evaluating the competitive position of a nuclear power plant (or, indeed, any power plant), and making judgments about whether a given plant is economic or not. Any such assessment, however, should proceed from certain basic facts: Existing power plants, including nuclear units, will compete solely on the basis of operating economics, which do not include sunk capital costs. As the electric power industry is restructured, recovery of invested capital is handled separately, usually through some form of separate transition charge. Production costs (O&M plus fuel) do not represent the complete cost of electricity produced by a nuclear power plant, and are thus not a definitive indicator of its ability to compete. A nuclear plant must be able to compete on the basis of total cost production cost plus ongoing capital requirements plus general and administrative (G&A) expenses. (G&A expenses typically include property taxes.) A number of nuclear power plants built in the 1980s cost considerably more than originally estimated a product of oil supply and price disruptions in the Most U.S. Nuclear Units Well-Positioned for Competition Rolling Average Production Cost (cents/kwh) Most U.S. nuclear units will be easily competitive on a total cost basis assuming markets clear between 2.5 cents per kwh and 3.5 cents/kwh. The units in the second, third and fourth quartile can continue to improve their economic performance to the level of the first quartile cents/kwh for capital additions, A&G, property tax, etc. 4 Likely price range in competitive market Quartile 1 Quartile 2 Quartile 3 Quartile 4 Production Cost = O&M + fuel + waste fee + decommissioning Data source: EUCG

9 Page 9 of s, which led to double-digit inflation, slower economic growth and reduced growth in electricity demand. In addition, after the accident at Three Mile Island in 1979, nuclear plants were swamped by new regulatory requirements, and forced to undergo extensive redesign to incorporate lessons learned from the accident. These design changes for plants still under construction, coupled with licensing delays, resulted in long, drawn-out construction schedules. On average, it took 10.5 years during the 1980s to build a nuclear power plant in the United States and get it into operation. (By contrast, it takes four to five years to build a nuclear power plant in France, Japan and other industrialized countries.) To make matters worse, many of these plants were being built at a time of double-digit inflation, when interest rates on borrowed money were very high. As the electric power industry is restructured, these and other categories of stranded costs are being recovered in whole or in part through special transition charges. The stranded costs associated with nuclear power plants will not affect the cost of electricity produced by those plants. Other Factors Cost is not, however, the sole determinant of whether a nuclear unit will be able to compete. Other factors can have a significant effect on the market value of a nuclear power plant, including:! whether there is surplus generating capacity in a region and, if there is, how long that surplus is expected to last;! clean air constraints that will drive up the cost of increasing electricity production from existing coal-, gas- or oil-fired capacity, or possibly preclude increasing output from existing fossil fuel-fired capacity or building new plants that burn fossil fuels;! transmission constraints into the region, which may limit the amount of power that can be imported and thus increase the value of in-region generation; and! whether the nuclear unit provides essential ancillary services and is important to maintaining the stability and reliability of the transmission system.

10 Page 10 of 13 Natural Gas Price Volatility, Clean Air Compliance: Added Value for Nuclear Generation In addition to their value as reliable producers of low-cost bulk electricity, existing nuclear units have substantial additional value because of trends in the fossil fuel markets. The existing nuclear plants represent:! A valuable hedge against volatility in the natural gas market. Natural gas prices to electric generators have doubled over the last 12 months, which has had a major impact on the cost of electricity produced by gas-fired power plants. Nuclear units provide a high level of forward price stability, because their operating costs are predictable and stable. In volatile electricity markets, this price stability has value to buyers.! Valuable protection against escalating environmental requirements and clean air constraints, which will drive up the cost of increasing electricity production from existing coal-, gas- or oil-fired capacity, or possibly preclude increasing output from existing fossil fuel-fired capacity or building new plants that burn fossil fuels. Natural Gas Prices After several years of low wellhead prices (in the $ per million Btu range), U.S. natural gas prices started to increase rapidly early in The rapid escalation in gas prices was largely caused by gas demand (particularly in the electric $ per million Btu $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 Natural Gas Prices to Electric Generators 1999 and 2000 Natural gas prices to electric power plants increased dramatically in all regions of the country during Prices roughly doubled in most major consuming areas except California, where gas prices to electric generators almost tripled. $2.31 $2.30 Source: Natural Gas Week $2.33 $2.32 $2.72 $ Average 2000 Average $6.20 $4.23 $4.32 CA TX LA Midwest S.E. N.E. $4.42 $4.66 $4.96 generation sector) beginning to outstrip supply. Several years of low wellhead gas prices had depressed domestic exploration and production for natural gas.

11 Page 11 of 13 Gas prices to electric generators have increased substantially. The Energy Information Administration now projects the average cost of gas for power generation this year will be $3.99 per million Btu, a significant increase from the $2.57-per-million-Btu average in Prices to electric generators are up significantly in all regions of the country. Significant Volatility During 2000 In Natural Gas Prices to Electric Generators ($ per million Btu) $30.00 $25.00 $23.92 $20.00 $15.00 $10.00 $5.00 $2.61 $2.62 $2.68 $2.65 $3.06 $3.80 $3.73 $3.59 $3.66 $3.63 $4.06 $3.87 $5.26 $4.50 $4.54 $4.58 $4.90 $4.77 $5.72 $5.14 $5.18 $5.29 $5.56 $5.55 $9.93 $5.15 $5.57 $5.48 $5.73 $5.90 $8.26 $8.49 $9.69 $8.63 $10.80 $0.00 1Q Q Q 2000 Oct-00 Nov-00 Dec-00 CA TX LA Midwest S.E. N.E. Source: Natural Gas Week Drilling for gas has increased sharply in response to higher prices: the number of rigs drilling for gas in the United States has risen to over 800, percent higher than a year ago. Even so, it will take months to bring new supplies to market, and consensus forecasts indicate that higher natural gas prices will persist through Even if and when gas prices moderate, most analysts expect the price volatility to continue, and believe that natural gas will behave like all commodities (including electricity): (1) higher gas prices will prompt more drilling and more production; (2) production will outrun demand, forcing prices down again, although probably not down to previous lows; (3) lower prices will drive up demand until demand outruns supply; and (4) the cycle will repeat. The sharp increase in gas prices this year has a significant impact on the cost of electricity produced by gas-fired power plants because these plants are

12 Page 12 of 13 Rising Gas Prices = Dramatic Impact on Electricity Cost The cost of electricity in dollars per megawatt-hour from an existing nuclear power plant compared to the cost of electricity from a gas-fired power plant at different gas prices. $ per megawatt-hour $140 $120 $100 $80 $60 $40 $20 $25 $33 $51 $68 $87 $122 $0 Existing Nuclear Power Plant Gas at $2.50 Gas at $5 Gas at $7.50 Gas at $10 Gas at $15 Combined-cycle gas-fired power plant Gas-fired electricity costs are representative of new gas-fired combined-cycle capacity: $600 per kilowatt capital cost; heat rate of 7,000 Btu per kilowatt-hour; 24-month construction time; 85 percent capacity factor; 60/40 debt/equity ratio on financing; 9 percent interest rate on debt portion of financing; 20-year debt term; 15 percent internal rate of return. extremely sensitive to changes in fuel price. Approximately two-thirds of the cost of electricity from a new combined-cycle gas plant is fuel cost. Clean Air Compliance Power plants burning fossil fuels, particularly coal-fired plants, are subject to heavy and increasing regulatory and enforcement burdens under a Clean Air Act that has become steadily more complex and intrusive over the past 25 years. The cumulative impact of increasingly restrictive clean air requirements will be costly both in terms of additional investment in equipment and increased operating costs and will almost certainly increase the relative attractiveness of non-emitting sources like nuclear energy. The cost of air pollution control is already high, and likely to get higher. From 1987 through 1994, electric utilities spending for clean air compliance doubled, increasing from $3 billion to $6 billion in 1994 (constant 1993 dollars). This represents a real annual growth rate of 10 percent over that period an extraordinarily high rate of real, sustained growth compared to other economic indicators.

13 Page 13 of 13 Looking to the future, one analysis 1 shows that U.S. power companies clean air compliance costs will increase from $6.6 billion in 1995 to $11.4 billion in In fact, since the year 2000 marks the start of Phase II of the 1990 Clean Air Act s acid rain program, it is likely that air pollution costs in the early years of the 21 st century will increase more rapidly than in the period. Another recent analysis projects the cost of meeting new EPA air quality initiatives at $21.8 billion over the next years. 2 At the very least, existing and emerging clean air requirements will tend to drive up the cost of coal-, gas- and oil-fired generation, possibly by a significant amount, and thus make existing nuclear power plants more competitive. 1 Costs Incurred by the Electric Utility Industry due to Federal Air Pollution Control Requirements, by Management Information Systems, Inc. for the Edison Electric Institute, July At What Cost? Federal Environmental Regulations in a Competitive Marketplace; analysis by Resource Data International for the Edison Electric Institute, June 1998.

Competitive Electricity Prices: An Update 1

Competitive Electricity Prices: An Update 1 Competitive Electricity Prices: An Update by J. Alan Beamon Throughout the country, States are moving to make their electricity generation markets more competitive. Although the timing will surely vary,

More information

Main Street. Economic information. By Jason P. Brown, Economist, and Andres Kodaka, Research Associate

Main Street. Economic information. By Jason P. Brown, Economist, and Andres Kodaka, Research Associate THE Main Street ECONOMIST: ECONOMIST Economic information Agricultural for the and Cornhusker Rural Analysis State S e Issue p t e m b2, e r 214 2 1 Feed de er ra al l RR e es se er rv ve e BBa an nk k

More information

White Paper. Understanding California s Electricity Prices

White Paper. Understanding California s Electricity Prices White Paper Understanding California s Electricity Prices Executive Summary Most industry experts predict that average electricity prices throughout the U.S. will increase significantly over the next decade.

More information

Understanding California s Electricity Prices Updated April 2011

Understanding California s Electricity Prices Updated April 2011 White Paper Understanding California s Electricity Prices Updated April 2011 Executive Summary Most industry experts conclude that average electricity prices throughout the U.S. will increase significantly

More information

Displacement of Coal with Natural Gas to Generate Electricity

Displacement of Coal with Natural Gas to Generate Electricity Displacement of Coal with Natural Gas to Generate Electricity The American Coalition for Clean Coal Electricity (ACCCE) supports a balanced energy strategy that will ensure affordable and reliable energy,

More information

The Market for Petroleum-Based Electrical Generation Capacity in the United States

The Market for Petroleum-Based Electrical Generation Capacity in the United States THE POTENTIAL MARKET FOR BIODIESEL AS A RENEWABLE ALTERNATIVE FUEL FOR THE GENERATION OF ELECTRICITY IN THE UNITED STATES BY LEROY WATSON, DIRECTOR OF REGULATORY MANAGEMENT NATIONAL BIODIESEL BOARD OCTOBER

More information

Delivering Clean Energy

Delivering Clean Energy Delivering Clean Energy Meeting Energy Needs Homes and businesses across the country depend on energy to support the economy and sustain a high quality of life. Yet there s also a responsibility to provide

More information

City of Momence Electric Aggregation Renewal

City of Momence Electric Aggregation Renewal City of Momence Electric Aggregation Renewal Following the passage of a voter referendum in November 2012, the City of Momence contracted to procure lower-cost electric supply for residents and small businesses

More information

NATURAL GAS PRICES TO REMAIN AT HIGHER LEVELS

NATURAL GAS PRICES TO REMAIN AT HIGHER LEVELS I. Summary NATURAL GAS PRICES TO REMAIN AT HIGHER LEVELS This brief white paper on natural gas prices is intended to discuss the continued and sustained level of natural gas prices at overall higher levels.

More information

rising Electricity Costs:

rising Electricity Costs: rising Electricity Costs: A Challenge For Consumers, Regulators, And Utilities Electricity is the lifeblood of the U.S. economy. It powers our homes, offices, and industries; provides communications, entertainment,

More information

Levelised Unit Electricity Cost Comparison of Alternate Technologies for Baseload Generation in Ontario

Levelised Unit Electricity Cost Comparison of Alternate Technologies for Baseload Generation in Ontario Canadian Energy Research Institute Levelised Unit Electricity Cost Comparison of Alternate Technologies for Baseload Generation in Ontario Matt Ayres Senior Director, Research Electricity Morgan MacRae

More information

AOBA Utility Committee

AOBA Utility Committee AOBA Utility Committee Energy Markets in Tailspin Major Economic Recession Continues to Pull Energy Prices Downward Where Will It End? Presented By Bruce R. Oliver President, Revilo Hill Associates, Inc.

More information

Hedging Natural Gas Prices

Hedging Natural Gas Prices Hedging Natural Gas Prices Luke Miller Assistant Professor of Finance Office of Economic Analysis & Business Research School of Business Administration Fort Lewis College Natural Gas Industry U.S. natural

More information

Electricity Costs White Paper

Electricity Costs White Paper Electricity Costs White Paper ISO New England Inc. June 1, 2006 Table of Contents Executive Summary...1 Highlights of the Analysis...1 Components of Electricity Rates...2 Action Plan for Managing Electricity

More information

Electricity Rates Forecasting:

Electricity Rates Forecasting: Electricity Rates Forecasting: Muskrat Falls Will Options: Stabilize Rates for Consumers Legal S92A, Good Faith and Regulatory Proceedings in Quebec Department of Natural Resources October 2012 Department

More information

THREATS TO INCREASE ENERGY PRICES SHORT AND LONG TERM

THREATS TO INCREASE ENERGY PRICES SHORT AND LONG TERM THREATS TO INCREASE ENERGY PRICES SHORT AND LONG TERM As discussed in a recent CES energy update energy prices increased in 2010 by 17 % after reaching 7 year lows in 2009 due to the recession. Energy

More information

Nuclear Costs in Context

Nuclear Costs in Context Nuclear Costs in Context Prepared by the Nuclear Energy Institute April 2016 The Nuclear Energy Institute is the nuclear energy industry s policy organization. This white paper and additional information

More information

Transforming America s Energy Future. Kentucky. Energy Statistics. Developed by

Transforming America s Energy Future. Kentucky. Energy Statistics. Developed by Transforming America s Energy Future Kentucky Energy Statistics Developed by 2 2 Summary The first edition of Kentucky Energy Statistics is offered by the National Association for State Energy Officials

More information

Statement for the Record

Statement for the Record Statement for the Record Kevin R. Hennessy Director Federal, State and Local Affairs New England Dominion Resources, Inc. Infrastructure Needs for Heat and Power Quadrennial Energy Review Task Force April

More information

Energy Projections 2006 2030 Price and Policy Considerations. Dr. Randy Hudson Oak Ridge National Laboratory

Energy Projections 2006 2030 Price and Policy Considerations. Dr. Randy Hudson Oak Ridge National Laboratory Energy Projections 2006 2030 Price and Policy Considerations Dr. Randy Hudson Oak Ridge National Laboratory There is perhaps no single current topic so potentially impacting to all life on this planet

More information

Short-Term Energy Outlook Supplement: Summer 2013 Outlook for Residential Electric Bills

Short-Term Energy Outlook Supplement: Summer 2013 Outlook for Residential Electric Bills Short-Term Energy Outlook Supplement: Summer 2013 Outlook for Residential Electric Bills June 2013 Independent Statistics & Analysis www.eia.gov U.S. Department of Energy Washington, DC 20585 This report

More information

FSC S LAW & ECONOMICS INSIGHTS

FSC S LAW & ECONOMICS INSIGHTS FSC S LAW & ECONOMICS INSIGHTS Issue 04-4 Fisher, Sheehan & Colton, Public Finance and General Economics July/August 2004 IN THIS ISSUE High Winter Natural Gas Heating Costs for Poor NOTE TO READERS ON-LINE

More information

THE NET BENEFITS OF LOW AND NO-CARBON ELECTRICITY TECHNOLOGIES

THE NET BENEFITS OF LOW AND NO-CARBON ELECTRICITY TECHNOLOGIES GLOBAL ECONOMY & DEVELOPMENT WORKING PAPER 73 MAY 2014 Global Economy and Development at BROOKINGS THE NET BENEFITS OF LOW AND NO-CARBON ELECTRICITY TECHNOLOGIES Charles R. Frank, Jr. Global Economy and

More information

The Impact of Fuel Costs on Electric Power Prices

The Impact of Fuel Costs on Electric Power Prices The Impact of Fuel Costs on Electric Power Prices by Kenneth Rose 1 June 2007 1 Kenneth Rose is an independent consultant and a Senior Fellow with the Institute of Public Utilities (IPU) at Michigan State

More information

Electric Market National Overview

Electric Market National Overview Electric Market Overview Electric Market National Overview 1122 Electric Market Overview: Generation Output and Temperatures Page 2 of 8 Weekly U.S. Electric Generation Output and Temperatures Electric

More information

Over a barrel: Causes and consequences of the fall in oil prices

Over a barrel: Causes and consequences of the fall in oil prices November 14, 2014 Over a barrel: Causes and consequences of the fall in oil prices Executive Summary The $30 fall in oil prices since July reflects greater U.S. supply as well as worries about a significant

More information

NRG Energy to Combine with Texas Genco Creating the Leading Competitive Power Generation Company in the United States

NRG Energy to Combine with Texas Genco Creating the Leading Competitive Power Generation Company in the United States NEWS RELEASE FOR IMMEDIATE RELEASE NRG Energy to Combine with Texas Genco Creating the Leading Competitive Power Generation Company in the United States Transaction Valued at $5.8 Billion PRINCETON, NJ

More information

Large and Small Companies Exhibit Diverging Bankruptcy Trends

Large and Small Companies Exhibit Diverging Bankruptcy Trends JANUARY, 22 NUMBER 2-1 D I V I S I O N O F I N S U R A N C E Bank Trends Analysis of Emerging Risks In Banking WASHINGTON, D.C. ALAN DEATON (22) 898-738 adeaton@fdic.gov Large and Small Companies Exhibit

More information

ECONOMIC OUTLOOK. Quantifying the Shale Gas Revolution s Impact on U.S. Industrial Energy Consumption MAY 2014

ECONOMIC OUTLOOK. Quantifying the Shale Gas Revolution s Impact on U.S. Industrial Energy Consumption MAY 2014 MAY ECONOMIC OUTLOOK Quantifying the Shale Gas Revolution s Impact on U.S. Industrial Energy Consumption THE CARLYLE GROUP 1001 PENNSYLVANIA AVENUE, NW WASHINGTON, DC 20004-2505 202-729-5626 WWW.CARLYLE.COM

More information

WORLD ENERGY INVESTMENT OUTLOOK 2014 FACTSHEET OVERVIEW

WORLD ENERGY INVESTMENT OUTLOOK 2014 FACTSHEET OVERVIEW OVERVIEW More than $1.6 trillion was invested in 2013 in energy supply, a figure that has more than doubled in real terms since 2000, and a further $130 billion to improve energy efficiency. Renewables

More information

Nuclear Power in New York State Jamie Caldwell University at Buffalo Law Student

Nuclear Power in New York State Jamie Caldwell University at Buffalo Law Student FACT SHEET October 27, 2010 Nuclear Power in New York State Jamie Caldwell University at Buffalo Law Student When and where did nuclear power plants start in New York State? Nuclear power has been in New

More information

Will Low Natural Gas Prices Eliminate the Nuclear Option in the US?

Will Low Natural Gas Prices Eliminate the Nuclear Option in the US? Will Low Natural Gas Prices Eliminate the Nuclear Option in the US? A probabilistic comparison of the investment risks of nuclear power and natural gas-based electricity generating plants has been carried

More information

Statement of Lawrence W. Kavanagh Vice President, Environment and Technology American Iron and Steel Institute Washington, D.C.

Statement of Lawrence W. Kavanagh Vice President, Environment and Technology American Iron and Steel Institute Washington, D.C. Statement of Lawrence W. Kavanagh Vice President, Environment and Technology American Iron and Steel Institute Washington, D.C. Submitted for the Record Committee on Small Business U.S. House of Representatives

More information

Unlocking Electricity Prices:

Unlocking Electricity Prices: Volume 2 A BidURenergy White Paper Unlocking Electricity Prices: A White Paper Exploring Price Determinants by: Mark Bookhagen, CEP pg. 2 Written by Mark Bookhagen, CEP Introduction In order to be classified

More information

Nuclear power is part of the solution for fighting climate change

Nuclear power is part of the solution for fighting climate change Nuclear power is part of the solution for fighting climate change "Nuclear for Climate" is an initiative undertaken by the members of the French Nuclear Energy Society (SFEN), the American Nuclear Society

More information

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University

More information

So, What Exactly is Risk Management?

So, What Exactly is Risk Management? So, What Exactly is Risk Management? By Paul Wielgus, Managing Director, GDS Associates, Inc. Buyers, sellers, and others in the energy business need to understand the risks in this very uncertain environment

More information

The Effect of Natural Gas Supply on Retail Electricity Prices

The Effect of Natural Gas Supply on Retail Electricity Prices Date Issue Brief # I S S U E B R I E F The Effect of Natural Gas Supply on Retail Electricity Prices Karen Palmer, Dallas Burtraw, Matt Woerman, and Blair Beasley August 2012 Issue Brief 12-05 Resources

More information

Nuclear Energy s Role in Meeting the Clean Power Plan s Goals Mike McGarey Nuclear Energy Institute

Nuclear Energy s Role in Meeting the Clean Power Plan s Goals Mike McGarey Nuclear Energy Institute Nuclear Energy s Role in Meeting the Clean Power Plan s Goals Mike McGarey Nuclear Energy Institute NCSL Legislative Summit August 3, 2015 Seattle, Washington ALL OF THE ABOVE.... Nuclear s Key Role In

More information

RESPONSE TO PUB ORDER 117/06. PUB Order 117/06 Directive 6

RESPONSE TO PUB ORDER 117/06. PUB Order 117/06 Directive 6 RESPONSE TO PUB ORDER 117/06 PUB Order 117/06 Directive 6 6. Manitoba Hydro shall file a General Rate Application for the fiscal years 2007/08 and 2008/09 by no later than August 1, 2007 which shall include

More information

AN ECONOMIC EVALUATION OF DISTRIBUTED ELECTRICITY GENERATION TECHNOLOGIES

AN ECONOMIC EVALUATION OF DISTRIBUTED ELECTRICITY GENERATION TECHNOLOGIES AN ECONOMIC EVALUATION OF DISTRIBUTED ELECTRICITY GENERATION TECHNOLOGIES ABSTRACT Alexander Mészáros Distributed generation, the small-scale production of electricity at or near customers' homes and businesses,

More information

Mark Berkman, Ph.D. Dean Murphy, Ph.D.

Mark Berkman, Ph.D. Dean Murphy, Ph.D. New York Nuclear Power Plants Contribution to the State Economy PREPARED FOR PREPARED BY Mark Berkman, Ph.D. Dean Murphy, Ph.D. September 2015 This report was prepared for Nuclear Matters. All results

More information

Vattenfall Q2 2013 results

Vattenfall Q2 2013 results Vattenfall Q2 2013 results Øystein Løseth, CEO and Ingrid Bonde, CFO Conference call for analysts and investors, 23 July 2013 Q2 Highlights Impairment charges on thermal assets and goodwill amounting to

More information

High Natural Gas Prices and the Updated Market For CHP

High Natural Gas Prices and the Updated Market For CHP High Natural Gas Prices and the Updated Market For CHP World Energy Engineering Congress Paul Lemar, President E.J. Honton, Director Resource Dynamics Corporation 8605 Westwood Center Drive Vienna, Virginia

More information

Michigan Nuclear Power Plants Contribution to the State Economy

Michigan Nuclear Power Plants Contribution to the State Economy Michigan Nuclear Power Plants Contribution to the State Economy PREPARED FOR PREPARED BY Mark Berkman, Ph.D. Dean Murphy, Ph.D. September 2015 This report was prepared for Nuclear Matters. All results

More information

City of Harvard Electric Aggregation Program

City of Harvard Electric Aggregation Program City of Harvard Electric Aggregation Program Following the passage of a referendum in 2011 by a majority of voters, the City of Harvard contracted to procure lower-cost electric supply for residents and

More information

Effect of Increased Natural Gas Exports on Domestic Energy Markets

Effect of Increased Natural Gas Exports on Domestic Energy Markets Effect of Increased Natural Gas Exports on Domestic Energy Markets as requested by the Office of Fossil Energy January 2012 This report was prepared by the U.S. Energy Information Administration (EIA),

More information

Economics of Traditional Planning Methods

Economics of Traditional Planning Methods Economics of Traditional Planning Methods 1.0 Introduction These notes are partly adaptations of information from four sources in the bibliography [1], [2], [3, ch. 5], with some information obtained from

More information

Questions and Answers Electricity Rates in NL Updated November 2015

Questions and Answers Electricity Rates in NL Updated November 2015 Questions and Answers Electricity Rates in NL Updated November 2015 November 2015 Following the capital cost update for the Muskrat Falls Project in September 2015, Nalcor was requested to provide information

More information

COMPARISON OF ELECTRICITY GENERATION COST OF NPP WITH ALTERNATES IN PAKISTAN

COMPARISON OF ELECTRICITY GENERATION COST OF NPP WITH ALTERNATES IN PAKISTAN COMPARISON OF ELECTRICITY GENERATION COST OF NPP WITH ALTERNATES IN PAKISTAN IAEA INPRO dialogue forum 8 toward nuclear energy system sustainability: economics, resource availability and institutional

More information

E.ON AG Conference Call - Nine Months Results 2005. November 10, 2005. Presentation: Dr. Erhard Schipporeit. Please check against delivery

E.ON AG Conference Call - Nine Months Results 2005. November 10, 2005. Presentation: Dr. Erhard Schipporeit. Please check against delivery E.ON AG Conference Call - Nine Months Results 2005 November 10, 2005 Presentation: Dr. Erhard Schipporeit Member of the Board of Management and CFO Please check against delivery Page 2 of 8 Thank you Mr.

More information

The Macroeconomic Situation and Monetary Policy in Russia. Ladies and Gentlemen,

The Macroeconomic Situation and Monetary Policy in Russia. Ladies and Gentlemen, The Money and Banking Conference Monetary Policy under Uncertainty Dr. Sergey Ignatiev Chairman of the Bank of Russia (The 4 th of June 2007, Central Bank of Argentina, Buenos Aires) The Macroeconomic

More information

25% by 2025: The Impact on Utility Rates of the Michigan Clean Renewable Electric Energy Standard. Martin R. Cohen George E.

25% by 2025: The Impact on Utility Rates of the Michigan Clean Renewable Electric Energy Standard. Martin R. Cohen George E. 25% by 2025: The Impact on Utility Rates of the Michigan Clean Renewable Electric Energy Standard Martin R. Cohen George E. Sansoucy October 2012 Acknowledgements About the Authors Martin R. Cohen is an

More information

NERA Analysis of Energy Supplier Margins

NERA Analysis of Energy Supplier Margins 7 December 2009 NERA Analysis of Energy Supplier Margins By Graham Shuttleworth Even though wholesale energy prices have fallen recently, gas and electricity suppliers are earning very little margin on

More information

Economic Impacts of Potential Colorado Climate Change Initiatives: Evidence from MIT and Penn State Analyses. July 2007

Economic Impacts of Potential Colorado Climate Change Initiatives: Evidence from MIT and Penn State Analyses. July 2007 Economic Impacts of Potential Colorado Climate Change Initiatives: Evidence from MIT and Penn State Analyses July 2007 Introduction California and other western states are actively pursuing a variety of

More information

Construction Work in Progress: An Effective Financial Tool to Lower the Cost of Electricity

Construction Work in Progress: An Effective Financial Tool to Lower the Cost of Electricity February 2012 Construction Work in Progress: An Effective Financial Tool to Lower the Cost of Electricity Executive Summary New nuclear power plants are large, capital-intensive projects. They provide

More information

RESIDENTIAL ENERGY BILL CHARGES. The following charges may appear on your Electric bill:

RESIDENTIAL ENERGY BILL CHARGES. The following charges may appear on your Electric bill: Distribution/Delivery Service The following charges may appear on your Electric bill: Delivery/Distribution charges are applicable to full-service and retail open access (electric choice) customers. Delivery

More information

Policy Brief International Renewable Energy Investment Credits Under a Federal Renewable Energy Standard

Policy Brief International Renewable Energy Investment Credits Under a Federal Renewable Energy Standard Policy Brief International Renewable Energy Investment Credits Under a Federal Renewable Energy Standard Andrew Stevenson and Nigel Purvis* July 13, 2010 Key Findings Allowing regulated entities to comply

More information

Replacement Cost Method. of Valuing. Utility Generation Assets

Replacement Cost Method. of Valuing. Utility Generation Assets F L O R I D A P U B L I C S E R V I C E C O M M I S S I O N Replacement Cost Method of Valuing Utility Generation Assets Prepared by: Division of Policy Analysis & Intergovernmental Liaison March 2001

More information

OPG READY TO DELIVER REFURBISHMENT OF DARLINGTON NUCLEAR STATION OPG also planning continued operation of Pickering Station

OPG READY TO DELIVER REFURBISHMENT OF DARLINGTON NUCLEAR STATION OPG also planning continued operation of Pickering Station OPG READY TO DELIVER REFURBISHMENT OF DARLINGTON NUCLEAR STATION OPG also planning continued operation of Pickering Station Toronto - Ontario Power Generation (OPG) is ready to deliver on the Government

More information

Use Your Power To Choose. A PSC Guide

Use Your Power To Choose. A PSC Guide Use Your Power To Choose A PSC Guide Message from the Chairman Dear energy consumers... 1 electricity In New York s competitive energy market,you can choose your supplier of electricity and natural gas

More information

Oil Price and Korean Economy

Oil Price and Korean Economy Oil Price and Korean Economy April 17, 2015 Jaerang Lee - Contents - I. Oil Price Outlook II. Effects on Korean Economy III. Conclusion I. Oil Price Outlook Oil prices have lowered to around mid 50 dollars

More information

Electric Choice Question 2: What approaches to retail electric market structure have been tried in Michigan and in other states and jurisdictions?

Electric Choice Question 2: What approaches to retail electric market structure have been tried in Michigan and in other states and jurisdictions? Executive Summary Joint Response from DTE Energy and Consumers Energy There are three main approaches to retail electric market structure in the United States: full regulation, partial deregulation, and

More information

New Monetary Policy Challenges

New Monetary Policy Challenges New Monetary Policy Challenges 63 Journal of Central Banking Theory and Practice, 2013, 1, pp. 63-67 Received: 5 December 2012; accepted: 4 January 2013 UDC: 336.74 Alexey V. Ulyukaev * New Monetary Policy

More information

Chapter 6 CALIFORNIA S MARKET DESIGN: AN INITIAL SUCCESS FOLLOWED BY A PERFECT STORM HOW DID CALIFORNIA REACH THIS POINT?

Chapter 6 CALIFORNIA S MARKET DESIGN: AN INITIAL SUCCESS FOLLOWED BY A PERFECT STORM HOW DID CALIFORNIA REACH THIS POINT? Chapter 6 CALIFORNIA S MARKET DESIGN: AN INITIAL SUCCESS FOLLOWED BY A PERFECT STORM California has had expensive electricity for several decades. During the 1980s and 1990s, California s retail electricity

More information

Electricity Supply. Monthly Energy Output by Fuel Type (MWh)

Electricity Supply. Monthly Energy Output by Fuel Type (MWh) Ontario Energy Report Q4 Electricity October December Electricity Supply Electricity production was lower in Q4 than in previous years, with milder than normal weather in October and December resulting

More information

Delivering Clean Energy

Delivering Clean Energy Delivering Clean Energy Meeting Energy Needs Homes and businesses across the country depend on energy to support the economy and sustain a high quality of life. Yet there s also a responsibility to provide

More information

Coal-Fired Power Plant Construction Costs

Coal-Fired Power Plant Construction Costs Coal-Fired Power Plant Construction Costs July 2008 AUTHORS David Schlissel, Allison Smith and Rachel Wilson Introduction Construction cost estimates for new coal-fired power plants are very uncertain

More information

Whither Oil Prices and Volatility?

Whither Oil Prices and Volatility? OIL PRICE VOLATILITY What Do We Know? Robert J. Weiner Professor of International Business, Public Policy & Public Administration, and International Affairs, George Washington University Membre Associé,,

More information

Issue. September 2012

Issue. September 2012 September 2012 Issue In a future world of 8.5 billion people in 2035, the Energy Information Administration s (EIA) projected 50% increase in energy consumption will require true all of the above energy

More information

of the Energy and Natural Resources Committee United States Senate

of the Energy and Natural Resources Committee United States Senate STATEMENT OF ALICE M. RIVIIN DIRECTOR CONGRESSIONAL BUDGET OFFICE Before the Energy Regulation Subcommittee of the Energy and Natural Resources Committee United States Senate April 23, 1980 Mr. Chairman.

More information

Nuclear Energy. By Cole Wzientek and Haley Bowen

Nuclear Energy. By Cole Wzientek and Haley Bowen Nuclear Energy By Cole Wzientek and Haley Bowen What can nuclear energy be used for? This energy source can send electricity to homes, office buildings, factories, power batteries, and it can provide electricity

More information

Written Testimony Submitted by Mr. Michael Kezar General Manager San Miguel Electric Cooperative, Inc.

Written Testimony Submitted by Mr. Michael Kezar General Manager San Miguel Electric Cooperative, Inc. Written Testimony Submitted by Mr. Michael Kezar General Manager San Miguel Electric Cooperative, Inc. U.S. House of Representatives Committee on Small Business Subcommittee on Agriculture, Energy and

More information

Biennial Assessment of the Fifth Power Plan

Biennial Assessment of the Fifth Power Plan Summary Biennial Assessment of the Fifth Power Plan Interim Report on Fuel Price Assumptions The Fifth Power Plan includes price forecasts for natural gas, oil, and coal. Natural gas prices have by far

More information

Wind Energy in Texas: Developments & Trends

Wind Energy in Texas: Developments & Trends Wind Energy in Texas: Developments & Trends German American Chamber of Commerce of the Southern United States, Inc. Silke Miehlke Director, Consulting Services 2011, Hannover Messe Agenda Market Overview

More information

Keisuke Sadamori Director, Energy Markets and Security International Energy Agency Kuala Lumpur, 8 October

Keisuke Sadamori Director, Energy Markets and Security International Energy Agency Kuala Lumpur, 8 October Keisuke Sadamori Director, Energy Markets and Security International Energy Agency Kuala Lumpur, 8 October The context Southeast Asia is a key pillar of Asia s growth A mix of countries with disparate

More information

The Natural Gas-Electric Interface: Summary of Four Natural Gas-Electric Interdependency Assessments WIEB Staff November 30, 2012

The Natural Gas-Electric Interface: Summary of Four Natural Gas-Electric Interdependency Assessments WIEB Staff November 30, 2012 Introduction. The Natural Gas-Electric Interface: Summary of Four Natural Gas-Electric Interdependency Assessments WIEB Staff November 30, 2012 The increased reliance on natural gas as the primary fuel

More information

2. UK Government debt and borrowing

2. UK Government debt and borrowing 2. UK Government debt and borrowing How well do you understand the current UK debt position and the options open to Government to reduce the deficit? This leaflet gives you a general background to the

More information

Using Less Energy: Nova Scotia s Electricity Efficiency and Conservation Plan

Using Less Energy: Nova Scotia s Electricity Efficiency and Conservation Plan Using Less Energy: Nova Scotia s Electricity Efficiency and Conservation Plan April 2014 Contents Summary...1 Introduction...2 Objectives of the Plan...3 Plan of Action...5 The Benefits of Energy Efficiency...

More information

Addressing the Level of Florida s Electricity Prices

Addressing the Level of Florida s Electricity Prices Addressing the Level of Florida s Electricity Prices Theodore Kury 1 Public Utility Research Center Department of Economics University of Florida September 28, 2011 1 Director of Energy Studies. I wish

More information

Role of Natural Gas in a Sustainable Energy Future

Role of Natural Gas in a Sustainable Energy Future Role of Natural Gas in a Sustainable Energy Future Alexander Medvedev, Deputy Chairman of Gazprom Management Committee, Director General of Gazprom Export 2 nd Ministerial Gas Forum Doha, 30 November 2010

More information

UNDERTAKINGS. Undertaking. Response. Filed: 2010-08-27 EB-2010-0008 JT1.11 Page 1 of 1. To provide copies of Ministry of Energy backgrounder document.

UNDERTAKINGS. Undertaking. Response. Filed: 2010-08-27 EB-2010-0008 JT1.11 Page 1 of 1. To provide copies of Ministry of Energy backgrounder document. JT1.11 Page 1 of 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 UNDERTAKINGS Undertaking To provide copies of Ministry of Energy backgrounder document. Response Attached is the February 2005 Ministry of Energy

More information

Rethinking Variable Electric Rate Plans in Texas The case to get out of any fixed rate contract over.16 per kwh

Rethinking Variable Electric Rate Plans in Texas The case to get out of any fixed rate contract over.16 per kwh Rethinking Variable Electric Rate Plans in Texas The case to get out of any fixed rate contract over.16 per kwh a White Paper from Bounce Energy Bounce Energy 2802 Albany Houston, TX 77006 1 888 452 6862

More information

The economic impact. of current Investment Trends in. Infrastructure

The economic impact. of current Investment Trends in. Infrastructure Failure to Act The economic impact of current Investment Trends in Electricit y Infrastructure This report was prepared for the American Society of Civil Engineers by Economic Development Research Group,

More information

Nuclear Power in America and the World

Nuclear Power in America and the World Nuclear Power in America and the World Memorandum for the Trump Transition Team Economic, reliable, stable electricity is the lifeblood of our economy, a critical ingredient of prosperity for companies

More information

Towards a Safe and Clean Environment,TSCE 05

Towards a Safe and Clean Environment,TSCE 05 THE INFLUENCE OF RENEWABLE ENERGY CONVERSION TO ELECTRICITY ON THE EGYPTIAN ENVIRONMENT By Prof. Dr. Eng. H. H. El-Tamaly Dr. Ali M. Eltamaly dr_h_tamaly@yahoo.com eltamaly@yahoo.com Electrical Engineering

More information

Use Your Power To Choose. A PSC Guide

Use Your Power To Choose. A PSC Guide Use Your Power To Choose A PSC Guide Message from the Chairwoman Dear energy consumers... 1 electricity In New York s competitive energy market, you can choose your supplier of electricity and natural

More information

Two Oil Companies use wind farm tax breaks to shelter their profits from federal and state income tax

Two Oil Companies use wind farm tax breaks to shelter their profits from federal and state income tax 1 September 9, 2008 Two Oil Companies use wind farm tax breaks to shelter their profits from federal and state income tax Last April, Senator Domenici (R-NM) demanded that the Big 5 oil companies provide

More information

New York s Upstate Nuclear Power Plants Contribution to the State Economy

New York s Upstate Nuclear Power Plants Contribution to the State Economy New York s Upstate Nuclear Power Plants Contribution to the State Economy PREPARED FOR New York State IBEW Utility Labor Council Rochester Building and Construction Trades Council Central and Northern

More information

The economic competitiveness of nuclear energy

The economic competitiveness of nuclear energy How competitive is nuclear energy? by J.H. Keppler* The economic competitiveness of nuclear energy will be crucial for determining its future share in world electricity production. In addition, the widespread

More information

Natural Gas Prices and LNG's Dirty Little Secret

Natural Gas Prices and LNG's Dirty Little Secret Natural Gas Prices and LNG's Dirty Little Secret by G. Allen Brooks Parks Paton Hoepfl & Brown Musings from the Oil Patch Optimism about the ending of the U.S. recession and its impact on future demand

More information

FULL SOLAR SUPPLY OF INDUSTRIALIZED COUNTRIES - THE EXAMPLE JAPAN

FULL SOLAR SUPPLY OF INDUSTRIALIZED COUNTRIES - THE EXAMPLE JAPAN FULL SOLAR SUPPLY OF INDUSTRIALIZED COUNTRIES - THE EXAMPLE JAPAN Dr. Harry Lehmann 1 It has long been known that to protect people and the environment from both nuclear risks and dangerous levels of climate

More information

Press Conference on the Release of E.ON SE s Interim Report for the First Nine Months of 2015

Press Conference on the Release of E.ON SE s Interim Report for the First Nine Months of 2015 Press Conference on the Release of E.ON SE s Interim Report for the First Nine Months of 2015 Düsseldorf, November 11, 2015 Statement by: Michael Sen, CFO, E.ON SE Please check against delivery. Statement

More information

Increasing farm debt amid decreasing interest rates: An explanation

Increasing farm debt amid decreasing interest rates: An explanation Increasing farm debt amid decreasing interest rates: An explanation Compiled by Economic Research Division DIRECTORATE: ECONOMIC SERVICES December 2010 agriculture, forestry & fisheries Department: Agriculture,

More information

And Then There Was Abundance: Examining Natural Gas in 2012. Bruce McDowell Director, Policy Analysis American Gas Association bmcdowell@aga.

And Then There Was Abundance: Examining Natural Gas in 2012. Bruce McDowell Director, Policy Analysis American Gas Association bmcdowell@aga. And Then There Was Abundance: Examining Natural Gas in 2012 Bruce McDowell Director, Policy Analysis American Gas Association bmcdowell@aga.org NOTICE: In issuing and making this presentation and publication

More information

Village of Bensenville Electric Aggregation Program

Village of Bensenville Electric Aggregation Program Village of Bensenville Electric Aggregation Program Following the passage of a November 6, 2012 referendum by a majority of voters, the Village of Bensenville contracted to procure lower-cost electric

More information

New Jersey s Green Power Purchasing Program

New Jersey s Green Power Purchasing Program Renewable Energy: New Jersey s Green Power Purchasing Program As a testament to its commitment to promoting renewable energy generation, improving air quality, and reducing greenhouse gases, the state

More information

Perspective on Trends in U.S. Electricity Markets and Nuclear Power Plant Shutdowns. September 2013

Perspective on Trends in U.S. Electricity Markets and Nuclear Power Plant Shutdowns. September 2013 Perspective on Trends in U.S. Electricity Markets and Nuclear Power Plant Shutdowns September 2013 Nuclear Plant Shutdowns: The Situation Five reactors shut down Four in 2013 One at the end of 2014 Crystal

More information

LADWP GREEN POWER PROGRAM

LADWP GREEN POWER PROGRAM LADWP GREEN POWER PROGRAM INTRODUCTION The Los Angeles Department of Water and Power (DWP), as the power provider for the City of Los Angeles, is offering its customers a comprehensive green power program

More information

The Political Economy of Electricity Markets A Brief History January 10, 2008. Peter Van Doren Senior Fellow Editor, Regulation Cato Institute

The Political Economy of Electricity Markets A Brief History January 10, 2008. Peter Van Doren Senior Fellow Editor, Regulation Cato Institute The Political Economy of Electricity Markets A Brief History January 10, 2008 Peter Van Doren Senior Fellow Editor, Regulation Cato Institute I. Economists critique of regulated vertically integrated electricity

More information