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Fortnightly Magazine - June 2006

The CEO Forum: The Ultimate CEOs: J. Wayne Leonard

CEO, Entergy

Interview by Richard Stavros

“I think it is my job as a leader to make sure that our values are always lived up to even when [they] conflict necessarily with our vision. That is what people look for at the end of the day. A leader’s role above all else is to make sure the truth is respected.”

Mending Our Broken Capacity Markets

The ability to provide reliable capacity is becoming both riskier and more costly to society and investors alike.

Larry Kellerman

The ability to provide reliable capacity is becoming both riskier and more costly to society and investors alike.

Do Utility Mergers Deliver?

Not in all cases, or for all stakeholders. Here’s why.

Prescott Hartshorne and James Coyne

The industry perceives substantial benefits from consolidating. But what is the track record? Does the regulatory and strategic landscape suggest these mergers are beneficial?

The New Art of Plant Acquisition

Forget the mega merger as a means to acquire new power plants. FERC’s new rules may offer a better path.

Romkaew Broehm

Forget the mega merger as a means to acquire new power plants. FERC’s new rules may offer a better path.

Where Is Super-FERC?

Sweeping revisions to Order 888 are needed before true wholesale competition can take place.

Richard Stavros, Executive Editor

There’s been a lot of talk in the industry about new super powers for market enforcement, conferred by Congress on FERC in last year’s energy legislation. But this hasn’t been the case entirely. Many believe that FERC still labors at a disadvantage.

Pondering PJM's Energy Price Run-Up

Does inappropriate market power explain the increase during late 2005?

Howard M. Spinner

Beginning around June 2005, prices in the PJM day-ahead locational market pricing energy markets and real-time pricing markets rose precipitously. Based on publicly available information, our study concludes that these price increases are not fully explained by higher loads and higher commodity fuel prices. Could higher energy prices be the result of the inappropriate exercise of market power rather than the appropriate result of market dynamics operating in the presence of scarcity?

People

(June 2006) Mirant Corp. appointed Jose (Joey) P. Leviste Jr. as chairman, president, and CEO of Mirant Philippines, and as a senior vice president of Mirant Corp. Ian C. Connor joined Goldman Sachs in 2006 as a managing director in its Power & Energy Group. Unitil Corp. shareholders elected Robert G. Schoenberger, Charles H. Tenney III, and Dr. Sarah P. Voll to its board of directors. Piedmont Natural Gas announced several changes in the company’s executive management team.

Wind and the Environment: The EPA's Tech Divide

Does the Clean Air Act require the agency to consider the most low-emission coal plant technologies in permitting new plants?

Jonathan S. Martel, Jessica R. Brody, and Kerri L. Stelcen

Why doesn’t its interpretation of the Clean Air Act consider the most low-emission coal plant technologies?

Will Calpine's "Plan B" Restructuring Work?

The resource overbuild in the West complicates the company’s efforts.

Gary L. Hunt and Devrim Albuz

Calpine’s announcement that it will shed 20 of its 92 power plants, close three offices, and lay off 775 more staff in a bid to emerge from bankruptcy caused by more than $22 billion in total debt was not unexpected. The question is whether these actions will be sufficient to get the job done.

In the Mainstream: Wind Turbines Take Off

New technologies are helping windpower mature as a viable power supply choice for utilities.

Michael T. Burr

Few people understand how to ride shifting winds better than Jim Dehlsen does. Dehlsen founded Zond Energy Systems 25 years ago, and steered the company through a series of major changes and challenges—the oil-price collapse of the 1980s; ambivalent energy policies, with on-again, off-again production tax credits; and the sale of controlling interests in Zond to Enron in the late 1990s. Should it come as any surprise, then, that Dehlsen still is bullish on windpower’s prospects?

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