"TCE, a [qualified scheduling entity] QSE in the ERCOT region, filed for bankruptcy protection in March 2003 … the outstanding principal amount owed to market participants at Jan. 1, 2005 is $13,692,188.37. … ERCOT intends to begin the process of uplifting to QSEs representing LSEs the principal amount remaining on TCE's payment obligation to ERCOT. … On Jan. 18, 2005, ERCOT will send invoices totaling $2.5 million to QSEs representing LSEs.
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Federal Energy Regulatory Commission Chairman Pat Wood III said he would leave the commission at the conclusion of his term of office June 30. Wood is the longest-serving appointee of George W. Bush, who as governor of Texas in 1995 appointed him to the Texas PUC.
Transmission congestion affects both the cost and the efficiency of the electric power grid. Traditionally, transmission congestion has been managed as an engineering or contractual matter, through physical management of the grid or contractual management of "contract paths" for delivering electricity.
The merger with PSE&G may herald a new industry structure, squarely at odds with regional markets.
Call it the merger that broke the bank.
The marriage between Exelon and PSEG, owner of the utility Public Service Electric & Gas (PSE&G), formally proposed in February in papers filed at the Federal Energy Regulatory Commission (FERC), would create the largest electric utility in the United States.
Special Series Part 5: How to find "commercially reasonable" valuation in power contract terminations.
Justin Harlow and Brett Friedman
Contract termination should be easy. Consult the applicable master agreement, calculate the close-out amount, and send or receive a check. If only it were so. In this discussion, we investigate the guidance offered in the key electricity master agreements regarding the calculation of settlement amounts following an event of default and subsequent termination. We also illustrate what we perceive to be a "commercially reasonable" or "good faith" approach to determining settlement amounts.
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