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Fortnightly Magazine - July 2004

Transmission Investment: All Talk and Little Action

Except for local reinforcements and new generation interconnections, few transmission construction proposals are moving forward.
Eric Hirst

Except for local reinforcements and new generation interconnections, few transmission construction proposals are moving forward.

There's plenty of talk about transmission, says Theo Mullen. "But real action on transmission construction is scant," he adds. "Conferences and reports abound. Projects of all sizes are being proposed. But, except for local reinforcements and new generation interconnections, few transmission construction proposals are moving forward. The vast majority of larger projects are stalled for lack of financial commitment."1

The Devil in the Transmission Data

Untapped T&D measurement data could make the difference on reliability.
David Kreiss and J.D. Hammerly

Untapped T&D measurement data could make the difference on reliability.

Utility executives rely on sound decision making to determine how resources should be allocated, to ensure that systems operate with a maximum efficiency and reliability at the lowest cost. These executives walk the fine line of deciding where money should be spent to minimize the likelihood of an expensive catastrophe while also achieving a targeted level of reliability. These issues include:

Frontlines

Critics say FERC's filed rate doctrine is wrong for the times.
Richard Stavros

Frontlines

Critics say FERC's filed rate doctrine is wrong for the times.

It's quite remarkable how the Federal Energy Regulatory Commission (FERC) has been able to pound a square peg into a round hole. With not much more than a wink and a smile, FERC has taken a depression-era law meant for monopolies-the Federal Power Act (FPA)-and has made it serve double duty as a foundation for competitive power markets.

People

New Opportunities:
We welcome submissions to People, especially those accompanied by a high-resolution color photograph. E-mail to: photos@pur.com

People

New Opportunities:

Stephan T. Haynes, who has been American Electric Power's vice president of risk oversight since January 2002, was named vice president of corporate finance for the company.

Kay G. Priestly was named Entergy Corp.'s vice president of financial issues management. Priestly earlier was managing partner at Arthur Andersen.

Letters To The Editor

Richard P. Felak, P.E. Felak@pop.net

Letters to the Editor

To the Editor:

Power Measurements

IOUs take action, but other overriding forces will affect prices in the near term.
Gary L. Hunt and Jon Ecker

Power Measurement

IOUs take action, but other overriding forces will affect prices in the near term.

It's going to be a wild summer for the Western Electricity Coordinating Council (WECC), courtesy of higher than forecasted load growth, high gas prices, delays and cancellations of renewable resources, and lower than normal hydro generation.

Perspective

Commission policies need to recognize customer obligations and state commission decisions.
Michael McGrath

Perspective

Commission policies need to recognize customer obligations and state commission decisions.

Even the best of intentions can create unintended consequences. The Federal Energy Regulatory Commission (FERC) has acted aggressively and appropriately during the past few years to stimulate competitive wholesale electricity markets.

Commission Watch

Incentive regulation is not a cure-all for the continuing controversy over return on equity.
Jonathan A. Lesser

Commission Watch

Incentive regulation is not a cure-all for the continuing controversy over return on equity.

Regulated utilities are all too familiar with the contentious disputes that surround how the allowed return on equity (ROE) is set in a traditional cost-of-service setting. These disputes, which are reappearing as numerous utility rate-stabilization plans signed as part of deregulation come to an end, are likely to hinge, as always, on the riskiness of utility operating environments.

Business & Money

An analysis of the strategic implications of the re-basing of power and utility industry valuations.
Ian Connor

Business & Money

An analysis of the strategic implications of the re-basing of power and utility industry valuations.

Over the past several months, traditional valuation levels have re-emerged in the power and utility industry, with recent premium valuation metrics compressing significantly.

Technology Corridor

Fundamentals in the energy markets are converging to increase the need for incremental gas storage.
Jamie Craddock and Bill Hogue

Technology Corridor

Fundamentals in the energy markets are converging to increase the need for incremental gas storage.

The natural gas market is approaching a dramatic turning point. The fundamentals in the energy markets are converging to increase the need for incremental gas storage and the way that storage is used and valued by the customer community. Why is new storage needed? What will it take for new storage to be developed? What do customers need to commit to new storage projects?

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