Companies: BRAZ (Brazos Electric Cooperative); COA (City of Austin); CPL (Central Power & Light); CPS (Central Public Service); GSU (Gulf States Utilities); HLP (Houston Lighting & Power); LCRA (Lower Colorado River Authority); SPS (Southwestern Public Service); SWEP (Southwestern Electric Power); TNP (Texas New Mexico Power); TU (Texas Utilities Electric); WTU (West Texas Utilities).Assumptions: Statewide economic dispatch, where all utilities receive the market-clearing marginal energy cost for their generation (similar to studies that Moody's Investors Service has conducted for Michigan and California). Examines Texas jurisdiction as a self-contained competitive arena. Data comes mostly from calendar 1993. "Break-even capacity prices" represent hypothetical capacity charge needed to recover fixed costs remaining uncollected by margin on energy sales.Source: Ronald J. Matlock, assistant manager, financial analysis, Texas Public Utility Commission (with assistance from William Grimes and Raymond Murray), "An Assessment of the Potential for Stranded Investment in Texas," pp. 147, 150, Financial Review Division, Public Utility Commission of Texas, August 1995.
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