PLATTS Megawatt Daily

[ELECTRIC POWER ]
www.platts.com
MEGAWATT DAILY
Wednesday, August 19, 2015
www.twitter.com/plattspower
Panda plans for expected ERCOT supply gap

The Electric Reliability Council of Texas has been
underestimating demand growth, and Panda Power
Funds is planning to build additional natural gas-fired capacity to
help fill what Panda sees as an impending supply gap, an
executive said Tuesday.
We have a contradictory view to ERCOTs [Capacity, Demand
and Reserves] numbers, Michael Poray, Pandas senior vice
president of commercial operations and origination, said in an
interview, referring to ERCOTs expectation expressed in its
May CDR reportthat the regions reserve margin will remain
comfortably high for the foreseeable future.
Poray said Panda expects the ERCOT region to need more
thermal generating capacity, and the developer now plans to add
450 to 500 MW of combined-cycle capacity next to Pandas
GENERATION
(continued on page 14)
Bulk energy storage increases emissions: study

A recent study indicates that in the short run, bulk
energy storage could increase, rather than decrease,
emissions from fossil-fueled electricity generation, but electricity
market experts differ on the studys implications.
In a Scientific American blog published Monday, Robert Fares, a
post-doctoral researcher at the University of Texas Energy
institute, cited a study published in January in Environmental
Science & Technology that said that in the short run, bulk energy
storage would likely be charged by fossil-fueled electricity at times
when they would otherwise be idle.
In the Environmental Science & Technology article, Eric Hittinger
of the Rochester Institute of Technology and Ines Azevedo of
Carnegie Mellon University, said, The results show that the
STORAGE
PUC staff misses deadline in FirstEnergy case

Less than two weeks before the start of a crucial
Ohio regulatory hearing that could chart the states
energy future, a key report by the Ohio Public Utilities
Commission staff is missing in action.
In an unusual move, the staff missed an August 14 deadline to
formally state its position on FirstEnergys proposed new electric
security plan. The three-year plan includes the Akron-based
companys request for a controversial power purchase agreement
covering more than 3,000 MW of generation, including two
at-risk plants, the 2,233-MW Sammis baseload coal plant and 908MW Davis-Besse nuclear plant, both in Ohio.
Although the five-member commission does not always
endorse a staff recommendation, it typically gives it considerable
weight.
REGULATION
Price trends at key trading points ($/MWh)

400
ISONE Hub
PJM West
Indiana Hub
ERCOT North
SP15
300
200
100
0
20-Jul
26-Jul
01-Aug
07-Aug
13-Aug
19-Aug
Source: Platts
Low and high average day-ahead LMP for Aug 19 ($/MWh)

On-peak low On-peak high Off-peak low Off-peak high
ISONE 40.52 42.04 24.67 25.20
NYISO 34.00 44.73 19.86 27.33
PJM
28.78 39.30 19.22 22.71
MISO 23.53 32.29 17.58 23.02
ERCOT 28.91 32.00 19.20 20.00
SPP
19.15 24.73 14.08 21.06
CAISO 36.07 37.45 28.31 29.26
Note: Lows and highs for each ISO are for various hubs and zones. A full listing of average
LMPs are available for the hubs and zones inside this issue.
Day-ahead bilateral indexes and spark spreads for Aug 19

Marginal Spark spreads

Index heat rate @7k @8k @10k @12k @15k
Southeast
Southern, Into 30.75 11316 11.73 9.01 3.58 -1.86
-10.01
Florida
33.50 11279 12.71 9.74 3.80 -2.14
-11.05
Northwest
Mid-C
COB
40.00 16293 22.82 20.36 15.45 10.54 3.18

43.72 16223 24.86 22.16 16.77 11.38 3.30
Southwest
Palo Verde
Mead
35.98 13119 16.78

14.04 8.56 3.07 -5.16
39.25 13918 19.51 16.69 11.05 5.41 -3.05
Note: All indexes are on-peak. Spark spreads are reported in ($) and Marginal heat rates in
(Btu/kWh). A full listing of bilateral indexes and marginal heat rates are inside this issue.
Inside this Issue

Ga. regulators sign off on Vogtle expansion costs
Q2 N.Y. real-time prices fall 29% year on year
Indiana muni installing 120 MW of solar energy
12
12
13
Megawatt Daily
ISONE & NYISO nuclear generation outages (GW)
Northeast markets
2500
2015
2000
Mass Hub drops to low $40s/MWh

Weaker demand projections and lower spot natural gas
pressured Northeast dailies Tuesday.
Mass Hub on-peak prices for Wednesday delivery plummeted
$11.75 to about $40.25/MWh on the IntercontinentalExchange.
Off-peak lost $4.25 to around $23.50/MWh.
Algonquin Gas Transmission city-gates spot gas sank 63.1
cents to $2.584/MMBtu.
The ISO New England predicted peakload to drop from 24,500
MW Tuesday to 23,000 MW Wednesday and 22,200 MW Thursday.
Temperature highs in Boston were forecast over 5 degrees
above average Wednesday in the mid-80s.
Day-ahead on-peak locational marginal prices across New York
state mostly dropped under pressure from bearish spot gas and
demand projections.
New York ISO Zone G Hudson Valley day-ahead on-peak LMPs
shed $10 to around $39.50/MWh for Wednesday delivery. Zone J
New York City day-ahead on-peak fell $10.75 to roughly $42.75/
MWh. Zone A West day-ahead on-peak jumped $1 to about $44/
MWh.
Transco Zone 6 New York spot natural gas fell 16.6 cents to
$2.700/MMBtu.
The New York ISO predicted peakload near 29,500 MW
Tuesday, 28,850 MW Wednesday and 27,675 MW Thursday.
Temperature highs in New York state were forecast around 5 to
10 degrees above normal Wednesday in the mid- to upper 80s.
Weakened NYMEX gas futures and regional gas basis weighed
on Northeast power forwards Tuesday afternoon, which were flat
to lower.
In New England, Mass Hub on-peak September slipped 25
cents to roughly $32.25/MWh on ICE around 2:30 pm EDT. Mass
Hub on-peak September, however, was flat at about $40/MWh.
In New York, Zone G and Zone A September packages were
absent from afternoon activity.
NYMEX September gas futures eased 2.4 cents to $2.704/
MMBtu. Algonquin city-gate September gas basis dropped 8.8
cents to negative 79.3 cents/MMBtu, while Transco Zone 6 NY
September gas basis lost 10.8 cents to negative 62.8 cents/MMBtu.
2014
2013
1500
1000
500
0
20-May
4-Jun
19-Jun
4-Jul
19-Jul
3-Aug
18-Aug
Source: NRC
Northeast spot natural gas prices ($/MMBtu)

6
5
Iroquois zone 2
Transco zone 6 N.Y.
Algonquin city-gates
4
3
2
1
07-Jul
15-Jul
23-Jul
31-Jul
10-Aug
18-Aug
Source: Platts
Northeast load and generation mix forecast (GWh)

Actual
% Chg
17-Aug %Chg Year-ago
ISONE
Load
471 16
Generation
Coal 31 52
Gas
221 8
Nuclear 98 0
Forecast
18-Aug 19-Aug 20-Aug 21-Aug 22-Aug
447 437 409 394 364
20
8
-8
26 25 22 19 19
222 203 183 174 177
98 98 98 98 98
NYISO
Load
503 -3
1
Generation
Coal 13 16 -22
Gas
268 21 25
Nuclear 135 0
5
Source: Bentek
Copyright 2015 McGraw Hill Financial
506 538 529 504 463

13 14 13 12 11
260 245 222 205 200
135 135 135 135 135
Megawatt Daily
ISONE day-ahead LMP for Aug 19 ($/MWh)
Northeast Platts M2MS Forward Curve, Aug 18 ($/MWh)

Avg
Marginal
Hub/Zone
Average Cong
Loss Change $/Mo heat rate
Prompt month: Sep 15
On-peak
Internal Hub
Connecticut
NE Mass-Boston
SE Mass
West-Central Mass
Rhode Island
Maine
New Hampshire
Vermont
41.12 -0.05 -0.03

-10.81 33.77
15597
41.34 -0.05 0.19 -10.84 34.12 14418
41.22
-0.05
0.08 -11.00 33.79 15637
40.91 -0.05 -0.24
-11.00 33.71
15518
41.30
-0.05
0.15 -10.82 33.94 15664
40.52 -0.05 -0.63
-10.65 33.33
15367
40.66 0.07 -0.60 -10.34 33.05 13317
42.04 0.45 0.40
-10.31
34.07
13769
41.73 -0.05 0.58 -10.78 33.65 13667
On-peak
Mass Hub
N.Y. Zone G
N.Y. Zone J
N.Y. Zone A
Ontario*
Off-peak
32.35
20.10
34.65
19.65
36.05
19.90
37.00
17.75
21.75 12.80
*Ontario prices are in Canadian dollars
N.Y. Zone G: Forward curve on-peak ($/MWh)

100
Off-Peak
80
Internal Hub
24.94 0.00 -0.04 -1.07 18.61 7979
Connecticut
25.16 0.00 0.18 -0.97
18.82 7912
NE Mass-Boston 24.88 0.00 -0.10 -1.11 18.54 7961
SE Mass
24.71 0.00 -0.27 -1.17 18.48 7906
West-Central Mass 25.10 0.00 0.12 -1.09
18.73 8031
Rhode Island
24.67 0.00 -0.31 -1.15 18.50 7894
Maine
25.00 0.00 0.03 -0.83
18.55 7940
New Hampshire 25.15 0.00 0.17 -1.02
18.70 7985
Vermont
25.20 0.00 0.22 -1.12
18.94 8002
60
40
20
Se
p-1
Oc 5
tNo 15
v-1
Q4 5
Ma -15
y-1
Ju 6
nSe 16
Ja
n/ p-16
Ma Feb
r/A -16
Ju pr-1
l/A
6
ug
-1
Q4 6
Ma -16
y-1
Ju 7
n-1
7
S
Ja epn/ 17
Ma Feb
r/A -17
Ju pr-1
l/A
7
ug
-1
Q4 7
-1
Ca 7
l-1
Ca 6
l-1
Ca 7
l-1
Ca 8
l-1
9
NYISO day-ahead LMP for Aug 19 ($/MWh)

Avg
Marginal
Hub/Zone
Average Cong
On-peak
Capital Zone
Central Zone
Dunwoodie Zone
Genesee Zone
Hudson Valley Zone
Long Island Zone
Millwood Zone
Mohawk Valley Zone
N.Y.C. Zone
North Zone
West Zone
38.08
36.66
39.62
34.02
39.59
44.73
39.67
36.51
42.67
34.00
43.94
0.00
-0.82
0.00
0.76
0.00
-3.79
0.00
0.00
-2.79
0.00
-9.71
2.66
0.42
4.20
-0.64
4.17
5.52
4.25
1.09
4.46
-1.42
-1.18
-5.59
-3.03
-11.37
-3.74
-10.04
-15.99
-11.30
-4.20
-10.72
-3.26
0.99
31.98
30.85
34.49
29.21
34.19
44.21
34.51
30.93
35.90
28.14
35.44
15735
20130
13514
18680
13504
15257
13531
17668
14553
11135
24127
22.14
20.92
23.01
20.62
22.93
27.33
22.98
21.40
24.44
19.86
20.41
0.00
0.00
0.00
0.00
0.00
-3.57
0.00
0.00
-1.23
0.00
0.00
1.45
0.24
2.32
-0.07
2.24
3.08
2.30
0.71
2.52
-0.83
-0.28
-2.23
-2.12
-2.28
-2.13
-2.29
-1.32
-2.29
-2.09
-1.34
-1.80
-2.23
18.05
17.07
18.86
16.77
18.77
21.60
18.84
17.38
19.25
16.29
16.85
8747
10840
7551
10684
7524
8970
7542
9844
8022
6306
10576
N.Y. Zone G: Marginal heat rate on-peak (Btu/kWh)

30000
Month 1
Month 2
28000
26000
24000
22000
20000
15-Jul
23-Jul
31-Jul
10-Aug
18-Aug
Off-Peak
Capital Zone
Central Zone
Dunwoodie Zone
Genesee Zone
Hudson Valley Zone
Long Island Zone
Millwood Zone
Mohawk Valley Zone
N.Y.C. Zone
North Zone
West Zone
Generation unit outage report
Plant/Operator
Cap Fuel State Status Return
Northeast
Bruce-4/Bruce Power
Lake Superior/Brookfield
Pickering-1/OPG
Thunderbay-3/OPG
Tunder Bay/Resolute
780
n Ont.
120
g Ont.
500 n Ont.
153 bio Ont.
116 bio Ont.
MO
PMO
MO
MO
MO
Unk
Unk
Unk
Unk
Unk
Shut
08/11/15
11/04/14
05/15/15
04/16/15
08/18/15
Megawatt Daily
Southeast & Central day-ahead bilateral indexes for Aug 19 ($/MWh)
Southeast markets
ERCOT dailies down on weaker gas

Electric Reliability Council of Texas dailies were down Tuesday
with weaker spot gas prices as near terms also dropped.
ERCOT North Hub day-ahead on-peak lost $2.50 to about $30/
MWh for Wednesday delivery on the IntercontinentalExchange.
ERCOT North Hub balance-of-the-day on-peak packages traded
between $29/MWh and $40/MWh on ICE Tuesday and averaged
about $35/MWh, roughly $2.50 above where the daily package
traded on Monday.
Near terms lost ground with balance-of-the-week on-peak
down $3 to about $29.25/MWh. Next-week on-peak fell $8.25 to
nearly $40/MWh.
Spot natural gas at Houston Ship Channel lost 2.1 cents to
around $2.699/MMBtu on ICE.
System load in ERCOT was forecast to peak at 67,400 MW
Tuesday, 62,125 MW Wednesday and 56,875 MW Thursday. The
all-time peak demand record is 69,783 MW set August 10.
Wind generation was forecast to peak at 8,575 MW at 1 am
CDT Wednesday.
The high temperature for Dallas was forecast at dropping to 85
for Wednesday, 12 degrees below normal, with the low at 79, 3
degrees above average. In Houston, the high temperature was
expected at 95, normal, with the low at 79, 5 degrees above
normal. For San Antonio, the high was projected to be 99, 2
degrees above normal. The August record high is 111 in Dallas,
110 in San Antonio and 106 in Houston.
As of 3 pm CDT Tuesday, real-time on-peak prices averaged
$25.50/MWh, about $1 below the Monday average of $26.25/
MWh for the same time frame.
In the Southeast, dailies were weaker Tuesday on falling spot
gas prices as temperatures were forecast steady.
Into Southern day-ahead on-peak physical power lost 50 cents
to around $29.50/MWh for Wednesday delivery on ICE. Off-peak
added $1.25 to about $22/MWh. Balance-of-the week was around
$29.25/MWh. Next-week on-peak was near $31/MWh. Into
Georgia Transmission Corporation day-ahead on-peak dropped 50
cents to roughly $32/MWh.
Spot natural gas at Transco Zone-3 lost 6.4 cents to about
$2.706/MMBtu on ICE.
The high temperature in Atlanta was forecast at 87 for
Wednesday, 2 degrees below normal, with the low expected at 72,
1 degree above normal.
ERCOT forwards were flat to weaker Tuesday with NYMEX
September gas futures falling 2.4 cents to about $2.704/MMBtu.
ERCOT North Hub September on-peak was steady at nearly
$31.75/MWh on ICE around 2:30 pm EDT. ERCOT North Hub
September heat rates decreased 85 Btu/kWh on the ICE. October
on-peak fell 25 cents to almost $28.75/MWh.

Avg Marginal

Index Change $/Mo heat rate
Southeast On-peak
VACAR
32.25 -1.75 33.29 11518
Southern, Into
30.75
0.75 31.10 11316
GTC, Into
32.75
0.25 32.90
8096
Florida
33.50 0.00 33.63 11279
TVA, Into
30.75
-0.50 31.87 11131
Southeast Off-Peak
VACAR
Southern, Into
GTC, Into
Florida
TVA, Into
21.00
21.00
22.00
22.00
21.00
Southeast load and generation mix forecast (GWh)

Actual
% Chg
Forecast
ERCOT
Load
1257 11
4
Generation
Coal 486 9
2
Gas
518 1 13
Nuclear 123 0
8
SPP
Load
784 5
Generation
Coal 436 6
Gas
217 18
Nuclear 61 4
1239 1151 1089 1114 1116

480 461 443 447 457
536 485 437 465 503
123 123 123 123 123
779 690 660 703 728
-7
14
-5
433 414 403 411 420

216 166 148 158 179
61 61 61 61 61
Source: Bentek
ERCOT & SPP nuclear generation outages (GW)

2500
2015
2000
2014
2013
1500
1000
500
0
20-May
4-Jun
19-Jun
4-Jul
19-Jul
3-Aug
18-Aug
Source: NRC
Southeast & Central spot natural gas prices ($/MMBtu)

3.5
Panhandle, Tx. Okla.
Houston Ship Channel
Henry Hub
3.0
2.5
2.0
07-Jul
15-Jul
23-Jul
Source: Platts
0.25 20.82 7500

0.25 21.07
7728
0.25 21.59
8096
-0.50 22.62 7407
0.25 20.92
7602
31-Jul
10-Aug
18-Aug
Megawatt Daily
ERCOT average day-ahead LMP for Aug 19 ($/MWh)
Southeast & Central Platts M2MS Forward Curve, Aug 18 ($/MWh)

Avg
Marginal
Hub/Zone
Average
Change $/Mo heat rate
On-peak
Bus Average 29.61
0.25
77.77
11111
Hub Average 29.97
0.44
78.18
11246
Houston Hub 31.42
1.34
79.60
11661
North Hub
28.92
-0.08
76.95
10879
South Hub
30.33
0.54
78.73
11427
West Hub
29.19
-0.06
77.44
11001
AEN Zone
29.79
-0.01
78.82
11226
CPS Zone
30.73
0.75
78.78
11580
LCRA Zone 29.97
0.25
78.46
11294
Rayburn Zone 28.91
-0.12
77.38
10872
Houston Zone 32.00
1.63
81.06
11877
North Zone 29.01
-0.12
77.44
10910
South Zone 31.67
1.23
80.19
11932
West Zone
29.49
-1.02
79.85
11112
On-peak
Off-peak
34.90
33.95
31.65
34.25
32.05
33.10
25.30
27.50
22.15
23.00
22.30
21.80
Southern Into
Entergy Into
ERCOT North
ERCOT Houston
ERCOT West
ERCOT South
Entergy Into: Forward curve on-peak ($/MWh)

50
40
30
20
Off-Peak
Bus Average 19.36
0.99
18.96
7184
Hub Average 19.44
1.06
18.98
7213
Houston Hub 19.75
1.37
19.01
7275
North Hub
19.20
0.84
18.94
7137
South Hub
19.59
1.19
18.99
7311
West Hub
19.23
0.86
18.96
7129
AEN Zone
19.24
0.91
18.96
7134
CPS Zone
20.00
1.52
19.05
7462
LCRA Zone 19.32
0.97
18.96
7208
Rayburn Zone 19.24
0.58
18.97
7151
Houston Zone 19.75
1.36
19.02
7277
North Zone 19.21
0.85
18.95
7140
South Zone 19.84
1.37
19.05
7402
West Zone
19.22
0.79
19.02
7128
10
Se
p-1
Oc 5
tNo 15
v-1
Q4 5
Ma -15
y-1
Ju 6
nSe 16
Ja
n/ p-16
Ma Feb
r/A -16
Ju pr-1
l/A
6
ug
-1
Q4 6
Ma -16
y-1
Ju 7
n-1
7
S
Ja epn/ 17
Ma Feb
r/A -17
Ju pr-1
l/A
7
ug
-1
Q4 7
-1
Ca 7
l-1
Ca 6
l-1
Ca 7
l-1
Ca 8
l-1
9
Entergy Into: Marginal heat rate on-peak (Btu/kWh)

14000
12000
MISO South average day-ahead LMP for Aug 19 ($/MWh)

Avg
Marginal
Hub/Zone
Average Cong
On-peak
Arkansas Hub
Louisiana Hub
Texas Hub
Month 1
Month 2
13000
11000
10000
27.63 1.78 -1.30 -6.73 33.32

10327
29.92 2.25 0.52 -2.51
37.59
11116
32.29 4.90 0.25 -2.50
40.41
11978
15-Jul
23-Jul
31-Jul
10-Aug
18-Aug
Off-Peak
Arkansas Hub
Louisiana Hub
Texas Hub
20.26 2.62 -0.53 -0.68 21.59 7475

21.53 2.95 0.41 -0.54
22.54 7892
23.02 4.08 0.77 -0.48
23.23 8481
Plant/Operator
SPP average day-ahead LMP for Aug 19 ($/MWh)

Avg
Marginal
Hub/Zone
Average Cong
On-peak
SPP North Hub
SPP South Hub
19.15 -2.14 -1.81 -2.32 30.15 6960

24.73
0.95
0.68
-3.65 32.41
9666
Shut
Southeast & Central

Big Brown/Luminant 575 c
Texas
MO Unk
Bowen-2/Georgia Power
800
c Ga.
PMO
Unk
Limestone-2/NRG
860 c
Texas
MO Unk
Martin Lake-2/Luminant 750 c
Texas
MO Unk
Martin Lake-3/Luminant 750 c
Texas
MO Unk
Monticello-1/Luminant 565 c
Texas
MO Unk
Monticello-2/Luminant 565 c
Texas
MO Unk
04/13/15
04/04/13
08/09/14
02/01/15
06/18/15
06/18/15
06/11/14
Off-Peak
SPP North Hub
SPP South Hub
14.08 -2.71 -1.65 -0.64 16.58 5043

21.06 2.27 0.36 0.68
20.35 8057
Southeast near-term bilateral markets ($/MWh)

Package
Southern, into
Bal-week
Next-week
Next-week
GTC, into
Bal-week
Trade date
Daily generation outage references
Range
MO unplanned maintenance outage

RF
refueling outage
PMO planned maintenance outage
Unk unknown
OA offline/available
Fuels: Nuclear=n; Coal=c; Natural gas=g; Hydro=h ; Wind=w
08/18 29.00-29.50
08/18 30.75-31.25
08/12 34.25-35.25
Sources: Generation owners, public information and other market sources.
08/18 31.75-32.25
Megawatt Daily
Western day-ahead bilateral indexes for Aug 19 ($/MWh)
West markets
Mid-C drops to low $40s/MWh

West day-ahead on-peak power prices decreased Tuesday as
temperatures were expected to ease to more normal levels.
Bentek Energy estimated average temperatures in the West to
be 2 degrees above normal on Wednesday, cooler than the
recorded temperatures from August 15-17, when average
temperatures rose as high as 6 degrees above the norm.
In California, SP15 day-ahead on-peak was down $3.75 to
about $38.25/MWh on the IntercontinentalExchange for
Wednesday delivery. Cal-ISO projected peak demand at about
41,975 MW for Tuesday and 39,975 MW for Wednesday.
High temperatures in Sacramento were forecast at 94 on
Wednesday, 3 degrees above average. Lows were expected to reach
62, 3 degrees above average.
The spot natural gas price in California decreased with SoCal
city-gate down 6 cents to about $3.021/MMBtu.
In the Southwest, Palo Verde day-ahead on-peak was down
$3 to around $36/MWh. Off-peak fell 75 cents to around
$23.25/MWh.
Phoenix high temperatures were expected at 107 on
Wednesday, 2 degrees above the norm. Lows were forecast at 86, 3
degrees higher than the average.
In the Northwest, Mid-Columbia day-ahead on-peak fell $8.50
to around $40/MWh. Off-peak gave up $2.25 to about $22/MWh.
Portlands high temperature was forecast at 91 on Wednesday,
compared with the norm of 80. Low temperatures were expected
to reach 64, 6 degrees above normal.
Western US forwards pressed lower Tuesday as NYMEX
September gas futures dropped 2.4 cents to about $2.704/MMBtu,
a two-week low for the prompt month.
The natural gas market is extending its test of the downside
as the temperature outlook continues to trend somewhat cooler,
reducing air-conditioning loads and power sector demand for
natural gas, Citi energy futures specialist Tim Evans said in the
mid-morning market report.
Mid-Columbia on-peak September fell $1.25 to about $33/
MWh on ICE around 2:30 pm EDT. Off-peak was down 25 cents
to about $25.50/MWh.
Mid-C on-peak October lost 50 cents to nearly $28.75/MWh.
On-peak fourth quarter gave up 50 cents to about $31/MWh.
In California, SP15 on-peak September was down $1.25 to
about $38.50/MWh. On-peak fourth quarter fell $1 to about
$35.75/MWh. PG&E city-gate September gas basis was at about 43
cents on ICE, up less than 1 cent from Monday.
In the Southwest, Palo Verde on-peak September was down 50
cents to about $30.50/MWh.

Avg Marginal

Index Change $/Mo heat rate
On-peak
Mid-C
40.00 -8.40 33.51 16293
John Day
41.00
-8.50 34.52 16701
COB
43.72 -8.44 36.97 16223
NOB
41.50 -10.25 36.39 16904
Palo Verde
35.98
-3.18 37.13 13119
Westwing
36.75 -4.25 38.17 13400
Pinnacle Peak
39.25
-3.00 39.56 14312
Mead
39.25 -4.25 39.72 13918
Mona
43.00 -4.50 42.00 16797
Four Corners
37.75
-4.25 39.03 14165
Off-Peak
Mid-C
John Day
COB
NOB
Palo Verde
Westwing
Pinnacle Peak
Mead
Mona
Four Corners
22.06
23.00
21.81
23.75
23.50
23.00
24.75
25.50
24.00
24.00
CAISO nuclear generation outages (GW)

4000
2015
2014
2013
3500
3000
2500
2000
20-May
4-Jun
19-Jun
4-Jul
19-Jul
3-Aug
18-Aug
Source: NRC
Western spot natural gas prices ($/MMBtu)

4.0
3.5
NW, Can. Bdr. (Sumas)
SoCal Gas city-gate
PG&E city-gate
3.0
2.5
2.0
1.5
07-Jul
15-Jul
23-Jul
31-Jul
10-Aug
18-Aug
Source: Platts
Western load and generation mix forecast (GWh)

Actual
% Chg
CAISO
Load
687 -10 -5
Generation
Gas
341 -2 -9
Nuclear 56 0 13
Source: Bentek
-2.16 23.91 8986

-2.25 24.91
9369
-4.59 24.75 8093
-3.25 25.50 9674
-0.55 25.01
8569
-0.50 25.25 8387
-1.00 25.93
9025
-0.50 26.87 9043
0.00 24.96 9375
0.00 25.37
9006
Forecast
699 701 708 706 659
315 298 295 295 298
56 56 56 56 56
Megawatt Daily
CAISO average day-ahead LMP for Aug 19 ($/MWh)
Western Platts M2MS Forward Curve, Aug 18 ($/MWh)

Avg
Marginal
Hub/Zone
Average Cong
On-peak
NP15 Gen Hub
SP15 Gen Hub
ZP26 Gen Hub
37.11 -1.01 -0.98 -3.83 37.46

11819
37.45 -0.05 -1.61 -2.91 39.24
13279
36.07 -0.64 -2.40 -3.77 37.92
12790
On-peak
Mid-C
Palo Verde
Mead
NP15
SP15
Off-peak
33.10 25.50
30.65
23.35
32.20 24.55
38.05 30.65
38.40 31.10
Off-Peak
NP15 Gen Hub
SP15 Gen Hub
ZP26 Gen Hub
28.31 -1.41 -0.56 -0.57 29.11 8893

29.26 -0.04 -0.98 -0.21 30.42
10146
28.89
0.00
-1.39
-0.33 30.06 10017
NP15: Forward curve on-peak ($/MWh)

50
40
Western near-term bilateral markets ($/MWh)

Range
20
5
No
v-1
5
Q4
-15
Q1
-16
Q2
-16
Q3
-16
Q4
-16
Q1
-17
Q2
-17
Q3
-17
Q4
-17
Ca
l-1
6
Ca
l-1
7
Ca
l-1
8
Ca
l-1
9
08/18 32.75-33.25
08/17 35.25-35.75
08/13 35.25-35.75
08/12 36.00-36.50
0
t-1
Palo Verde
Bal-month
Bal-month
Bal-month
Bal-month
10
p-1
08/18 27.00-27.50
08/17 32.75-33.25
08/14 32.50-33.00
08/12 26.75-27.25
08/18 29.50-30.00
08/17 32.25-32.75
08/14 32.00-32.50
08/13 30.75-31.25
08/12 32.75-33.25
08/18
21.75-22.25
08/17
23.00-23.50
08/14
23.00-23.50
08/13
23.25-23.75
08/12
23.75-24.25
08/18 29.75-30.25
08/17 32.25-32.75
08/14 31.25-31.75
08/13 31.75-32.25
08/12 34.50-35.00
08/17
23.25-23.75
Oc
Trade date
Mid-C
Bal-week
Bal-week
Bal-week
Bal-week
Bal-month
Bal-month
Bal-month
Bal-month
Bal-month
Bal-month (off-peak)
Next-week
Next-week
Next-week
Next-week
Next-week
Next-week (off-peak)
Se
Package
30
NP15: Marginal heat rate on-peak (Btu/kWh)

15000
Month 1
Month 2
14000
13000
12000
11000
15-Jul
23-Jul
31-Jul
10-Aug
18-Aug
BPA & CAISO hydro and wind generation (GWh)

Plant/Operator
West
Alamitos-4/AES
Etiwanda-4/RRI
Gilroy Cogen/Calpine
La Rosita/Intergen
Martinez/FWC
Shiloh Wind Project/Iber
335
320
120
180
115
150
g Calif. MO
g Calif. MO
g Calif. MO
g Mex. PMO
g Calif. PMO
w Calif. PMO
Unk
Unk
Unk
Unk
Unk
Unk
Shut
200
07/29/15
08/16/15
08/16/15
08/05/15
08/09/15
08/17/15
150
100
BPA Hydro
CAISO Hydro
BPA Wind
CAISO Wind
50
0
18-Jul
23-Jul
28-Jul
2-Aug
Source: BPA and CAISO
Market coverage
Platts provides a detailed methodology related to its coverage
of North American electricity markets at:
http://platts.com/MethodologyAndSpecifications/ElectricPower.
Questions can be directed to Eric Wieser at (202) 383-2092
or Eric.Wieser@platts.com.
7-Aug
12-Aug
17-Aug
Megawatt Daily
PJM & MISO nuclear generation outages (GW)
PJM & MISO markets
10000
PJM West falls to mid-$30s/MWh on gas, demand

Mid-Atlantic dailies fell Tuesday as both spot natural gas and
demand projections dropped.
PJM West Hub on-peak sank $10 to about $36.25/MWh for
Wednesday delivery on the IntercontinentalExchange. PJM West
Hub day-ahead off-peak shed 50 cents to around $22.50/MWh.
The PJM Interconnection forecast demand to fall from near
134,975 MW Tuesday to about 128,250 MW Wednesday and
121,400 MW Thursday.
Texas Eastern M-3 day-ahead natural gas lost 24.3 cents to
$1.427/MMBtu, weighing on prices.
Temperatures in the PJM Interconnection eastern region were
forecast a few degrees from the norm in either direction
Wednesday, with highs ranging in the upper 70s to lower 90s.
Lower demand projections pressured Midcontinent dailies.
Indiana Hub day-ahead on-peak scaled back $4.25 to about
$30.75/MWh for Wednesday delivery. Off peak slipped $1 to
around $21/MWh.
The Midcontinent ISO forecast peakload near 104,800 MW
Tuesday, 96,375 MW Wednesday and 93,550 MW Thursday.
Indianapolis temperature highs were forecast a few degrees
below average in the lower 80s Wednesday and Thursday.
Dailies in the Midwestern portion of PJM were lower amid
weakness in nearby markets.
AD Hub day-ahead on-peak for Wednesday delivery lost nearly
$6.50 to roughly $33.75/MWh, while off-peak eased 75 cents to
about $22/MWh. NI Hub day-ahead on-peak fell $6.25 to around
$30.25/MWh.
Mid-Atlantic forwards were unchanged Tuesday afternoon
despite both weaker regional gas basis and lower NYMEX gas
futures.
PJM West Hub on-peak September financial futures were stable
at roughly $40/MWh on ICE around 2:30 pm EDT. PJM West Hub
on-peak October financial futures were flat at about $39.25/MWh.
NYMEX September gas futures eased 2.4 cents to $2.704/
MMBtu, while Texas Eastern M-3 September gas basis dropped 6
cents to negative $1.265/MMBtu.
Midwest forwards rose, ignoring weakness in the NYMEX
front-month gas contract.
AD Hub on-peak September gained 25 cents to about $37.25/
MWh, while NI Hub on-peak September added nearly 50 cents to
over $33.75/MWh.
2015
8000
2014
2013
6000
4000
2000
0
20-May
4-Jun
19-Jun
4-Jul
19-Jul
3-Aug
18-Aug
Source: NRC
PJM & MISO spot natural gas prices ($/MMBtu)

4
Chicago city-gates
Columbia Gas App
Tx.Eastern, M-3
1
07-Jul
15-Jul
23-Jul
31-Jul
10-Aug
18-Aug
Source: Platts
PJM & MISO load and generation mix forecast (GWh)

Actual
% Chg
PJM
Load
2345
Generation
Coal 854
Gas
625
Nuclear 800
-2
-5 -11
8 35
0
1
MISO
Load
2197
5
0
Generation
Coal 1215 10 -12
Gas
426 5 50
Nuclear 309 1 38
Forecast
2350 2431 2404 2308 2151
882 891 889 890 884
568 555 538 524 525
800 800 800 800 800
2183 2097 2023 2012 1935
1211 1174 1125 1124 1144
428 388 354 373 398
183 188 207 241 274
Source: Bentek
Additional information on data and analysis

For more information on data and analysis from Bentek Analytics, including
five-day load and generation mix forecasts and relative load normalized
by temperature, email power@bentekenergy.com, or call 303-988-1320.
Average on-peak and off-peak LMP and marginal heat-rate data is available
via Platts Market Data. More detailed, hourly LMP and marginal heat-rate
data is available from Bentek Analytics.
Megawatt Daily
PJM average day-ahead LMP for Aug 19 ($/MWh)
PJM & MISO Platts M2MS Forward Curve, Aug 18 ($/MWh)

Avg
Marginal
Hub/Zone
Average Cong
On-peak
AEP Gen Hub
32.18 -0.05 -2.25 -0.74 34.82
13672
AEP-Dayton Hub
32.34 -0.94 -1.20 -1.48 35.37
13743
ATSI Gen Hub
33.33 -0.82 -0.33 -1.38 35.53
14273
Chicago Gen Hub 28.78 -3.52 -2.17 -3.40 33.33
10057
Chicago Hub
30.34 -2.55 -1.59 -3.17 34.31
10602
Dominion Hub
35.22 1.52 -0.77 -2.16 37.83
12841
Eastern Hub
37.97 1.34 2.15 -6.64
35.09
18151
New Jersey Hub
36.46
0.23
1.76
-3.38 33.51 17430
Northern Illinois Hub 29.90 -2.74 -1.84 -3.68 33.97
10446
Ohio Hub
32.07 -1.35 -1.06 -1.72 35.22
11427
West Internal Hub 32.87 -0.68 -0.92 -2.01 35.72
18439
Western Hub
35.46 0.58 0.40 -3.32
37.41
19888
AEP Zone
33.09 -0.29 -1.10 -1.22 35.73
14059
Allegheny Power Zone 34.90
0.75
-0.33
-1.74 36.73 15480
Atlantic Elec Zone
36.82
0.80
1.55
-2.39 33.80 17602
ATSI Zone
33.87 -0.82 0.22 -1.65 36.05
14505
BG&E Zone
39.30 3.37 1.45 -1.17
44.02
17449
ComEd Zone
30.26 -2.56 -1.66 -3.28 34.18
10573
Dayton P&L Zone 33.22 -1.16 -0.09 -1.93 36.46
12200
Delmarva P&L Zone
37.41
1.08
1.85
-6.44 35.04 17884
Dominion Zone
36.24 1.96 -0.19 -2.27 38.58
13212
Duke Zone
32.48 -0.27 -1.73 -1.16 35.70
11927
Duquesne Light Zone
32.50 -0.97 -1.00 -1.70 35.25
16123
EKPC Zone
30.92 -1.50 -2.06 -1.87 34.64
15130
JCPL Zone
36.22 0.01 1.73 -3.33
33.22
17313
MetEd Zone
38.79 3.43 0.88 -1.59
32.99
16963
PECO Zone
36.11 0.47 1.17 -2.80
32.28
15793
Pennsylvania Elec Zone 35.22
-0.38
1.13
-4.76 35.56 18757
PEPCO Zone
38.29 2.98 0.83 -1.53
41.32
17000
PPL Zone
35.29 0.04 0.77 -2.78
32.15
15434
PSEG Zone
36.58 0.21 1.90 -3.62
33.68
17489
Rockland Elec Zone
36.32
-0.09
1.94
-3.79 33.87 17362
On-peak
Off-peak
39.95
37.20
33.50
34.25
25.85
24.85
21.00
22.95
PJM West
AD Hub
NI Hub
Indiana Hub
Ad Hub: Forward curve on-peak ($/MWh)

60
50
40
30
20
10
Se
p-1
Oc 5
t-1
No 5
v-1
Q4 5
-1
Ma 5
yJu 16
n-1
6
Ja Sep
n/ -1
F
Ma eb 6
r/ -16
Ju Aprl/A 16
ug
-1
Q4 6
-16
Ma
yJu 17
n-1
7
S
Ja epn/ 17
Ma Feb
r/ -17
Ju Aprl/A 17
ug
-1
Q4 7
-1
Ca 7
l-1
Ca 6
l-1
Ca 7
l-1
Ca 8
l-1
9
AD Hub: Marginal heat rate on-peak (Btu/kWh)

16000
Month 1
Month 2
15000
14000
13000
Off-Peak
AEP Gen Hub
20.87 -0.05 -0.73 -0.96 20.10 8645
AEP-Dayton Hub
21.31 -0.06 -0.28 -1.05 20.51 8828
ATSI Gen Hub
21.59 -0.03 -0.03 -0.96 20.29 8936
Chicago Gen Hub 19.22 -1.34 -1.09 -2.18 18.83 6684
Chicago Hub
20.29 -0.54 -0.82 -1.63 19.34 7056
Dominion Hub
22.31 0.53 0.13 -0.45
21.68 8016
Eastern Hub
21.98 -0.09 0.43 -0.56 18.43 9789
New Jersey Hub
22.00
-0.07
0.43
-0.63 18.14
9796
Northern Illinois Hub 19.95 -0.75 -0.95 -1.81 19.18 6938
Ohio Hub
21.33 -0.06 -0.25 -1.07 20.53 7534
West Internal Hub
21.67
0.20
-0.18
-0.76 20.68 11378
Western Hub
21.95 0.19 0.11 -0.70
20.76
11522
AEP Zone
21.50 0.04 -0.19 -0.95 20.58 8906
0.13
0.05
-0.76 20.70
9408
Atlantic Elec Zone
21.77
-0.07
0.19
-0.64 17.85
9694
ATSI Zone
21.85 -0.02 0.23 -0.95 20.48 9046
BG&E Zone
22.71 0.54 0.53 -0.74
24.37 9593
ComEd Zone
20.14 -0.65 -0.86 -1.69 19.24 7004
Dayton P&L Zone
21.84
-0.04
0.23
-1.11 21.11
7947
Delmarva P&L Zone
21.91
-0.09
0.35
-0.55 18.61
9755
Dominion Zone
22.35 0.46 0.24 -0.54
21.91 8029
Duke Zone
21.12 -0.02 -0.50 -1.05 20.79 7685
Duquesne Light Zone 21.37
0.00
-0.28
-0.85 20.07 10054
EKPC Zone
20.86 -0.10 -0.69 -1.09 20.18 9824
JCPL Zone
21.96 -0.08 0.40 -0.55 18.01 9780
MetEd Zone
21.57 -0.09 0.01 -0.53 17.49 8981
PECO Zone
21.67 -0.09 0.12 -0.58 17.64 9024
-0.02
0.60
-0.81 19.62 11365
PEPCO Zone
22.43 0.41 0.37 -0.70
22.82 9475
PPL Zone
21.54 -0.09 -0.02 -0.56 17.60 8968
PSEG Zone
22.12 -0.07 0.54 -0.71 18.33 9849
Rockland Elec Zone
22.15
-0.07
0.57
-0.76 18.49
9864
12000
15-Jul
23-Jul
31-Jul
10-Aug
18-Aug
MISO average day-ahead LMP for Aug 19 ($/MWh)

Avg
Marginal
Hub/Zone
Average Cong
On-peak
Indiana Hub
Michigan Hub
Minnesota Hub
Illinois Hub
29.98 2.13 0.70 -6.99

33.11
14626
30.16 2.05 0.96 -8.02
33.64
10078
23.53 -1.39 -2.23 -4.01 32.55 8355
27.52
0.61
-0.25 -11.43 33.09
9526
Off-Peak
Indiana Hub
Michigan Hub
Minnesota Hub
Illinois Hub
19.45 0.71 0.57 -3.02

20.91 9217
21.05 2.23 0.65 -2.09
21.22 6976
17.58 1.28 -1.88 -2.13 19.08 6189
20.19 2.14 -0.13 -2.13 20.64 6947
Megawatt Daily
ISONE average real-time LMP for Aug 17 ($/MWh)
PJM average real-time LMP for Aug 17 ($/MWh)

Hub/Zone
Average Change

Hub/Zone
Average Change
Avg Marginal DA/RT Avg Mo

$/Mo heat rate spread DA/RT
On-peak
Internal Hub
Connecticut
NE Mass-Boston
SE Mass
West-Central Mass
Rhode Island
Maine
New Hampshire
Vermont
On-peak
54.56 12.55 35.04 17953 10.43
54.84 12.40 35.48 17741 10.25
55.00 12.67 35.21 18100 10.00
54.88 12.63 35.11 18061 10.89
54.62 12.55 35.14 17974 10.56
54.17 12.38 34.79 17825 9.93
52.86 11.83 34.12 17023 9.80
54.51 12.42 34.81 17554 10.34
54.60 12.56 34.68 17585 10.45
-2.77
-2.84
-2.94
-2.89
-2.70
-2.93
-2.57
-2.29
-2.62
Off-Peak
Internal Hub
22.09 2.69
17.56 7269 4.81 0.25
Connecticut
22.18 2.65
17.81 7174 4.80 0.21
NE Mass-Boston 22.16 2.75
17.51 7291 4.71 0.22
SE Mass
22.04 2.69
17.46 7254 4.68 0.23
West-Central Mass 22.20 2.71
17.65 7304 4.86 0.26
Rhode Island
21.94 2.53
17.45 7221 4.66 0.26
Maine
21.96 2.82
17.72 7071 4.79 0.02
New Hampshire 22.14 2.79
17.88 7132 4.85 0.00
Vermont
22.16 2.74
18.05 7136 4.85 0.09
NYISO average real-time LMP for Aug 17 ($/MWh)

Hub/Zone
Average Change

On-peak
Capital Zone
Central Zone
Dunwoodie Zone
Genesee Zone
Hudson Valley Zone
Long Island Zone
Millwood Zone
Mohawk Valley Zone
N.Y.C. Zone
North Zone
West Zone
47.25
50.35
48.10
42.27
48.51
50.30
48.68
46.98
56.93
41.51
78.16
11.47
16.17
11.61
8.60
11.55
10.88
11.82
12.24
18.88
9.14
45.56
32.39
31.95
34.18
29.63
34.11
38.56
34.34
31.63
36.82
28.98
40.51
18794
26259
15778
22043
15910
16500
15968
21441
18673
13368
40759
4.09
-1.10
7.25
3.55
6.37
14.25
6.76
2.39
0.61
3.04
-18.81
-1.45
-1.96
-0.95
-1.20
-1.14
4.65
-1.10
-1.61
-2.34
-1.73
-6.01
24.30
23.02
24.90
22.45
24.79
29.50
24.89
23.51
26.53
21.54
22.46
0.81
0.74
0.56
0.31
0.63
0.99
0.62
0.71
1.10
0.07
0.41
18.62
17.82
19.15
17.42
19.07
22.89
19.16
18.09
20.76
17.72
18.25
9664
12005
8167
11709
8130
9677
8163
10727
8703
6938
11714
1.10
1.11
1.68
1.38
1.66
0.08
1.65
1.00
1.01
1.02
1.42
-1.18
-1.33
-0.91
-1.23
-0.93
-2.03
-0.94
-1.30
-2.20
-1.96
-1.94
Off-Peak
Capital Zone
Central Zone
Dunwoodie Zone
Genesee Zone
Hudson Valley Zone
Long Island Zone
Millwood Zone
Mohawk Valley Zone
N.Y.C. Zone
North Zone
West Zone
Ontario average hourly prices for Aug 17 ($/MWh)

Hub/Zone
Average Change
Avg Marginal
$/Mo heat rate
On-peak
IESO
40.51 5.33 29.54 13458
Off-Peak
IESO

17.14 0.30 10.44 5693
10
AEP Gen Hub

29.94
0.98 32.54 12339 20.28
AEP-Dayton Hub
30.86 0.77 33.65 12716 19.02
ATSI Gen Hub
32.06
1.46 33.46 13354 18.49
Chicago Gen Hub
29.49
0.34 33.00 10142 16.94
Chicago Hub
30.44 0.59 33.61 10470 18.71
Dominion Hub
32.03 1.62 35.67 11339 20.18
Eastern Hub
37.92 -18.79 34.26 16893 19.45
New Jersy Hub
36.42
4.12 30.92 16221 18.08
Northern Illinois Hub 30.01
0.37 33.37 10321 18.33
Ohio Hub
30.94 0.68 33.78 10815 18.19
West Internal Hub
32.38
2.27 33.94 17179 17.01
Western Hub
36.55 5.52 34.72 19390 18.02
AEP Zone
31.27 1.23 33.72 12885 19.61
3.21 34.54 14426 20.52
Atlantic Elec Zone
36.57
5.14 31.47 16289 17.30
ATSI Zone
34.25 3.22 33.99 14266 17.16
BG&E Zone
36.63 4.27 40.93 15475 18.63
ComEd Zone
30.58 0.82 33.55 10518 18.07
Dayton P&L Zone
32.50
1.35 34.84 11639 18.24
Delmarva P&L Zone
36.54 -15.42 34.01 16276 20.13
Dominion Zone
32.70 1.91 36.31 11574 20.40
Duke Zone
31.61 2.10 33.39 11321 18.24
Duquesne Light Zone 32.14
2.29 32.82 15289 19.06
EKPC Zone
28.50 -0.76 33.08 13307 19.61
JCPL Zone
36.59 4.11 30.83 16296 17.71
MetEd Zone
35.88 4.38 30.94 14862 18.89
PECO Zone
37.39 5.39 30.20 15488 14.96
7.70 33.40 19530 16.30
PEPCO Zone
35.50 3.92 38.29 15001 19.16
PPL Zone
35.68 4.23 29.94 14781 16.65
PSEG Zone
36.33 4.00 30.88 16181 18.51
Rockland Elec Zone
36.51
3.98 31.36 16263 18.23
2.56
1.98
2.25
0.66
0.99
2.34
0.10
2.04
0.85
1.71
2.00
2.72
2.25
2.31
1.83
2.22
3.57
0.90
1.88
0.38
2.41
2.62
2.65
1.89
1.85
1.27
1.46
1.92
3.30
1.67
2.25
1.99
Off-Peak
AEP Gen Hub
21.00 19.77 17.14
8654
0.33
AEP-Dayton Hub
21.55 20.23 17.55 8882 0.26
ATSI Gen Hub
21.80 20.39 17.23
9079
-0.08
Chicago Gen Hub
20.93 19.72 17.01
7198
0.09
Chicago Hub
21.27 19.95 17.25 7315 0.24
Dominion Hub
21.74 20.33 18.57 7696 0.23
Eastern Hub
22.38 19.22 14.67 9971 -0.62
New Jersy Hub
22.31 20.60 14.65
9937
-0.59
Northern Illinois Hub 21.15 19.83 17.17
7273
0.19
Ohio Hub
21.63 20.29 17.59 7562 0.24
West Internal Hub
21.57 20.19 17.62 11442
0.03
Western Hub
21.97 20.47 17.70 11653 -0.34
AEP Zone
21.58 20.26 17.59 8891 0.25
Allegheny Power Zone 21.82 20.40 17.56
9304
-0.09
Atlantic Elec Zone
22.28 20.53 14.57
9923
-0.76
ATSI Zone
22.00 20.56 17.37 9163 -0.09
BG&E Zone
22.58 20.89 21.48 9541 -0.21
ComEd Zone
21.23 19.93 17.22 7300 0.18
Dayton P&L Zone
22.08 20.72 17.96
7905
0.25
Delmarva P&L Zone
22.27 19.44 14.58
9920
-0.55
Dominion Zone
21.90 20.44 18.78 7752 0.15
Duke Zone
21.20 19.98 17.44 7590 0.51
Duquesne Light Zone 21.38 20.06 16.95 10171
-0.02
EKPC Zone
21.06 19.83 17.40 9834 0.46
JCPL Zone
22.30 20.56 14.56 9934 -0.73
MetEd Zone
21.97 20.38 14.17 9098 -0.73
PECO Zone
22.10 20.44 14.27 9156 -0.70
Pennsylvania Elec Zone 22.48 20.96 16.35 11155
-0.55
PEPCO Zone
22.24 20.65 19.80 9396 -0.07
PPL Zone
21.93 20.33 14.31 9083 -0.72
PSEG Zone
22.35 20.66 14.78 9956 -0.44
Rockland Elec Zone
22.40 20.72 15.16
9977
-0.53
2.82
2.81
2.85
1.65
1.88
3.01
3.31
2.99
1.82
2.78
2.90
2.88
2.83
2.97
2.78
2.89
3.04
1.82
2.99
3.61
3.04
3.24
2.91
2.63
2.96
2.81
2.86
2.91
3.03
2.79
3.07
2.86
Megawatt Daily
MISO average real-time LMP for Aug 17 ($/MWh)
ERCOT average real-time LMP for Aug 17 ($/MWh)

Hub/Zone
Average Change

Hub/Zone
Average Change

On-peak
Indiana Hub
Michigan Hub
Minnesota Hub
Illinois Hub
On-peak
37.78 11.95 32.45 17646 3.52
39.92 13.19 33.29 13290 3.17
27.78 3.22 32.78 9654 10.94
37.99 11.21 32.94 12959 4.69
0.61
0.29
0.60
0.13
Off-Peak
Indiana Hub
Michigan Hub
Minnesota Hub
Illinois Hub
22.25 5.47
20.14
10391 0.71 0.76
22.78 5.56
20.36 7585 0.60 0.76
20.24 0.92
19.03 7033 1.03 0.10
22.13 5.09
19.79 7548 -0.59 0.78
MISO South average real-time LMP for Aug 17 ($/MWh)

Hub/Zone
Average Change

On-peak
Arkansas Hub
Louisiana Hub
Texas Hub
25.22 1.08
32.05 9258 8.22 1.55
26.43 1.12
39.70 9624 5.74 -1.36
27.12 1.47
40.16 9656 5.55 1.05
Off-Peak
Arkansas Hub
Louisiana Hub
Texas Hub

20.64 1.41
20.96 7579 -0.14 0.75
21.66 1.55
21.91 7886 -0.06 0.71
22.23 1.75 24.98 7913 -0.20 -1.75
SPP average real-time LMP for Aug 17 ($/MWh)

Hub/Zone
Average Change

Bus Average
Hub Average
Houston Hub
North Hub
South Hub
West Hub
AEN Zone
CPS Zone
LCRA Zone
Rayburn Zone
Houston Zone
North Zone
South Zone
West Zone
30.34
30.33
30.32
30.37
30.27
30.38
30.37
30.42
30.38
30.37
30.32
30.37
30.16
30.40
1.72 53.34 10993

1.64 53.44 10991
1.31 53.51 10794
1.89 53.23 11062
1.52 53.31 11041
1.86 53.74 11069
1.71 53.30 11063
1.70 53.32 11098
1.70 53.36 11081
1.89 55.09 11062
1.27 53.54 10794
1.89 54.70 11062
1.33 53.68 11004
1.87 55.78 11074
2.19 30.11
2.30 30.44
2.44 31.84
1.93 29.37
2.64 31.15
2.17 29.37
3.49 31.29
2.52 31.16
2.69 30.81
1.92 27.99
2.69 33.39
2.09 28.43
3.48 32.29
3.66 29.94
Off-Peak
Bus Average
Hub Average
Houston Hub
North Hub
South Hub
West Hub
AEN Zone
CPS Zone
LCRA Zone
Rayburn Zone
Houston Zone
North Zone
South Zone
West Zone
18.12 -0.36
18.54 6564 0.64 0.44
18.11 -0.38
18.54 6563 0.66 0.44
18.11 -0.38
18.54 6447 0.66 0.46
18.13 -0.34
18.54 6605 0.62 0.42
18.08 -0.44
18.54 6594 0.71 0.44
18.14 -0.33
18.54 6609 0.62 0.44
18.13 -0.30
18.54 6605 0.60 0.44
18.15 -0.47
18.56 6622 0.71 0.47
18.13 -0.33
18.54 6614 0.61 0.44
18.13 -0.34
18.54 6605 0.68 0.43
18.11 -0.39
18.54 6447 0.66 0.47
18.13 -0.34
18.54 6605 0.62 0.43
18.01 -0.53
18.55 6570 0.81 0.49
18.15 -0.32
18.53 6612 0.65 0.52
On-peak
SPP North Hub
SPP South Hub
23.42
-0.61 27.35
8244
9.50
3.96
31.40 4.05
30.59
11636 3.50 2.51
Off-Peak
SPP North Hub
SPP South Hub
14.89 1.96
15.48 5239 1.16 1.36
19.69
-0.93 18.99
7298
1.02
1.32
CAISO average real-time LMP for Aug 17 ($/MWh)

Hub/Zone
Average Change
On-peak
Alberta average hourly prices for Aug 17 ($/MWh)

Hub/Zone
Average Change
NP15 Gen Hub

SP15 Gen Hub
ZP26 Gen Hub
Avg Marginal
$/Mo heat rate
On-peak
AESO
95.00
35.95
44.30
62.61
-38.44
17.84
37.54
37.95
33.37
29229
12270
15119
-51.12
8.07
-1.07
-0.27
1.33
4.55
Off-Peak
39.06 16.87 55.12 13646
NP15 Gen Hub

SP15 Gen Hub
ZP26 Gen Hub
Off-Peak
AESO

17.37 -2.18 19.80 6068
11
27.29 0.83
27.29 8398 2.08 1.88
25.84
-0.62 26.91
8819
3.93
3.64
25.92
-0.53 26.79
8846
3.52
3.38
Megawatt Daily
News
Ga. regulators sign off on Vogtle expansion costs

The Georgia Public Service Commission on Tuesday endorsed
Georgia Powers spending on the 2,234-MW Vogtle nuclear plant
expansion in the second half of 2014, rejecting pressure from
project critics to reduce the utilitys allowable rate of return on
equity.
In a unanimous vote, the PSC verified and approved the $169
million Georgia Power spent on building Vogtle-3 and -4 in the Julythrough-December period of 2014. Costs must be verified and
approved before they can eventually be recovered in electricity rates.
The costs increased the utilitys cumulative spending on its
45.7% ownership interest in the two-unit expansion to $2.966
billion.
PSC Chairman Chuck Eaton said the commissioners continue
to support Plant Vogtle as a project that will provide clean,
carbon-free energy for Georgias future. The statement said the
PSC also directs Georgia Power to continue to provide delay
scenarios of 24, 36, and 48 months beyond the current forecasted
in-service dates as part of its future Vogtle Construction
Monitoring filings, also known as the VCM.
Georgia Power originally expected the two Westinghouse
AP1000 units at Vogtle to begin commercial operation in April
2016 and April 2017, respectively; it now expects the units to
come online in June 2019 and June 2020, utility spokesman John
OBrien said Tuesday.
The PSC also said Georgia Power must provide for each delay
scenario an estimate of total project cost and the full embedded
cost revenue requirements associated with the total project cost
result that the company expects customers have and will continue
to incur both during construction and over the operating lives of
the units, the commission said.
Finally, the PSC said Georgia Power is required to develop
and implement a mechanism to track replacement fuel costs in all
future reporting periods.
Georgia Power said in a statement Monday that the company
had completed the placement of the CA01 module for Vogtle
Unit 3 the heaviest lift of the project to date, at 2.28 million
pounds.
OBrien, the utility spokesman, said Georgia Power is pleased
with the commissions unanimous vote to approve costs
submitted as part of the 12th VCM.
Critics sought reduced ROE

In a statement, the anti-nuclear Southern Alliance for Clean
Energy said that it had asked the PSC to reduce the effect of the
project on ratepayers by reducing [Georgia Powers] allowed
return on equity from the current 10.95%, but the PSC rejected
that request.
SACE noted that the South Carolina Public Service
Commission currently is reviewing a proposed settlement
agreement under which South Carolina Electric & Gas, which is
12
also building two AP1000 reactors, agreed to reduce the ROE for
its investment in the Summer plant expansion project to 10.5%
from the current 11%.
SCE&G owns 55% of the projects planned 2,234 MW, and is
under contract to buy another 5% from Santee Cooper, the
projects co-owners.
SACE noted that while Georgia Powers original estimate for
the total cost of the Vogtle expansion was $14.1 billion, the
expected 39-month delay in completing each of the units and
additional costs still being litigated between the projects
co-owners and the CB&I/Westinghouse consortium building will
likely push the projects total cost to over $18 billion.
Another critic of the Vogtle expansion project, Nuclear Watch
South, said in a statement Tuesday that it had proposed the new
units be cancelled or deferred until there is a market for the
energy. The group also said it argued for studies comparing the
project benefits of Vogtle to distributed solar and wind generation,
an idea also put forth by consumer advocacy group Georgia
Watch, but that those suggestions were rejected by the PSC.
Glenn Carroll, Nuclear Watch Souths coordinator, said in the
statement that the Vogtle expansion project continues to fall
behind a month for every month it has been under construction,
even as solar and wind generation have become cheaper than
nuclear. The commissioners went out of their way today to
display their slavish devotion to nuclear power, refusing to even
entertain the question of whether there is a better and cheaper
way for Georgia citizens to light and air condition their homes.
The projects other co-owners are Oglethorpe Power, with a
30% stake; Municipal Electric Authority of Georgia, with 22.7%;
and the municipal utility in Dalton, Georgia, with 1.6%.
The Georgia PSCs review of Vogtle costs will continue. We
expect to file the next VCM in the coming weeks, said OBrien;
that report will cover Georgia Powers expenditures on the project
during the first six months of 2015.
Housley Carr
Q2 N.Y. real-time prices fall 29% year on year

Real-time locational marginal power prices averaged $29/MWh
in New York in the second quarter of 2015, down 29% year on
year, Potomac Economics, the New York Independent System
Operators market monitor, said in a report.
Lower natural gas prices were the primary driver for power
prices in the most recent quarter, Potomac Economics said.
Natural gas prices fell by between 34% and 58% compared
with the second quarter of 2014, which had an average of $4.68/
MMBtu for Iroquois Zone 2 and an average of $3.47/MMBtu for
Load-Weighted Average Prices ($/MWh)

Quarter
West
Central
Capital
Hud VL
NYC
LI
2015 Q2 $30.27 $24.05 $25.48 $28.29 $29.77 $36.28

2015 Q1 $46.20 $48.91 $77.96 $71.42 $72.48 $86.63
2014 Q2 $37.24 $36.33 $37.41 $39.66 $40.47 $50.58
Source: Potomac Economics
Megawatt Daily
Dominion North, the highest and lowest prices for the quarter.
Prices fell in Q2 to an average of $2.72/MMBtu for Iroquois Zone
2 and $1.45/MMBtu at Dominion North, the report said.
Frequent and acute intra-zonal real-time congestion pushed Q2
real-time power prices in the New York ISOs West Zone 11% higher
than day-ahead prices, the report said. These intra-zonal constraints
led to poor price convergence at node-level, the report said.
Real-time load weighted average prices in the West Zone were
$30.27/MWh in Q2, $24.05/MWh in the Central Zone, $25.48/
MWh in the Capital Zone, $28.29/MWh in the Hudson Valley
Zone, $29.77/MWh in the New York City Zone and $36.28/MWh
in the Long Island Zone.
Fewer outages at nuclear plants increased the average nuclear
generation by 405 MW in Q2, which helped lower the locational
marginal price, the report added.
Nuclear generation increased to 5.08 GWh in Q2 from 4.67
GWh in Q2 2014 while generation from gas-fired power plants
increased to 6.34 GWh in Q2 fom 6.06 GWh. Coal-fired generation
dropped to 0.15 GWh in Q2 from 0.43 GWh in the year-ago period.
Total generation in the most recent quarter increased to 15.13
GWh from 14.98 GWh in Q2 2014.
Day-ahead market congestion revenue rose 44% to $73 million
from $51 million a year ago, the report said. Large gas spreads
between the East and West zones in the ISO footprint led to
increased congestion on the Central-East interface and on
transmission paths into southeast New York.
About 40% of the total congestion was caused by congestion
on West Zone 230-kV transmission lines, the market monitor said.
The increase was attributable in part to lower coal-fired
production in the West Zone and decreased exports to the PJM
Interconnection.
Real-time congestion in the West Zone was 60% higher than
in the day-ahead market as a result of real-time Lake Erie loop
flows and incomplete use of parallel 115-kV lines to unload 230kV constraints, the report said.
We estimate that optimizing the distribution of output
among the units at the Niagara plant during periods of acute
congestion to fully utilize the parallel 115-kV facilities would have
reduced production costs by $2.1 million and allowed an
additional 31 GWh of deliverable generation from Niagara, the
market monitor said.
Spot capacity prices in Q2 fell 18% in New York City to an
average of $12.92/kW-month and fell 8% in the Lower Hudson
Valley to an average of $8.10/kWh-month. Long Island spot
capacity prices fell 8% to an average price of $4.82/kW-month
while spot capacity prices fell 34% in the rest of the state to an
average of $3.23/kW-month, the report said.
Mary Powers
Indiana muni installing 120 MW of solar energy

A public power agency that provides electricity to 60 cities and
towns in Indiana and Ohio is moving into solar energy in a big
way, with plans to construct numerous utility-scale solar arrays
totaling 120 MW over the next decade.
13
Daily CSAPR allowance assessments, Aug 18

CSAPR ($/st)
2015 Range
SO2 Group 1
SO2 Group 2
NOx Annual
NOx Seasonal
Mid
2016 Range
Mid
3.00-8.00 5.50 1.50-4.00 2.75

40.00-100.00 70.00
35.00-95.00
65.00
150.00-185.00 167.50 145.00-180.00 162.50
250.00-300.00 275.00 245.00-295.00 270.00
All prices in $/st
RGGI carbon allowance futures, Aug 17 ($/allowance)

ICE
Dec15
Dec16
Dec17
Dec18
Dec15
Dec16
Dec17
Dec18
Dec15
Dec16
Dec17
Dec18
V14
V14
V14
V14
V15
V15
V15
V15
V16
V16
V16
V16
Settlement Volume
6.21
6.41
6.62
6.83
6.21
6.41
6.62
6.83
6.21
6.41
6.62
6.83
0
0
0
0
140
0
0
0
0
0
0
0
The Regional Greenhouse Gas Initiative is a carbon cap-and-trade program for power generators
in nine Northeast and Mid-Atlantic US states. One RGGI allowance is equivalent to one short
ton of CO2. The volume listed is the number of futures contracts traded. Each futures contract
represents 1,000 RGGI allowances.
The Indiana Municipal Power Agency is embarking upon its

journey to harness sunlight without a state government mandate
or federal subsidies.
I think its economical, Raj Rao, president and CEO of
Carmel, Indiana-based IMPA, said in an interview this week about
his agencys ambitious foray into solar energy. Were able to do
this for 6-7 cents per kWh.
For now, Indianas largest solar project is a 15-MW solar farm
at the Indianapolis International Airport just east of the states
capital city.
Indianapolis Power & Light, an AES Corp. subsidiary, buys all
of the output from the facility.
IMPAs sharp pivot to renewable energy, in particular solar,
largely has flown below the radar. For years, the 30-year-old
agency has relied almost exclusively on fossil fuels to supply its
members 59 in Indiana, one in Ohio. Together, they serve
some 330,000 customers.
Of its roughly 1,200-MW generation portfolio, coal currently
accounts for about 500 MW and natural gas about 450 MW,
according to Rao, who has headed the organization since 1986.
Indeed, coal is not going away anytime soon at IMPA. The
agency owns minority stakes in two relatively new baseload coal
plants, the 1,600-MW Prairie State Energy Campus in Washington
County, Illinois, and the 1,274-MW Trimble County plant in
Trimble County, Kentucky. Prairie State and Trimble Countys
547-MW Unit 2 both went into commercial operation during the
past five years.
IMPA also owns a share of 625-MW Unit 5 at Duke Energy
Indianas 3,145-MW Gibson baseload coal plant in Gibson
County, Indiana, one of the largest power plants in the Midwest.
Megawatt Daily
Not replacing existing generation
To build or not to build?
IMPA also owns gas-fired combustion turbines in Indianapolis,

Anderson and Richmond, all in Indiana.
Still, Rao seems most excited in talking about the potential for
solar energy development within IMPAs sprawling two-state
footprint.
We dont have to do this ... there is no regulation, he said,
noting Indiana lacks a renewable portfolio standard, unlike many
of its neighboring states. Repeated efforts over the past decade to
get the General Assembly to enact a formal RPS have met with
failure.
Rao said IMPAs strategy is to initially construct arrays in
member communities that would generate 1, 2 or 3 MWs of solar
power. By locating in the community, we are giving the property
taxes to our own community.
In 2016, IMPA intends to begin installing 5-MW solar units.
This is adding generation resources, he said. Its economic that
were doing that. Were going to go slow, 10 to 12 (MW) every
year.
He stressed that solar energy is not expected to replace IMPAs
existing generation portfolio.
Were trying to make sure we have an appropriate portion of
solar generation in our portfolio, he said. Basically, we are
trying to locate in our communities, where [electric] distribution
lines are available.
Our goal is to get a megawatt a month on line.
Bob Matyi
However, many more gas-fired projects are in various stages of

pre-construction development, with no firm decisions by their
developers that they will be built. NRG, for example, is planning
two 850-MW, combined-cycle units one at its S.R. Bertron
station in Harris County and the other at its Cedar Bayou station
in Chambers County but has not yet committed to construct
them, said Knox.
Also, the ReNu Power unit of ArcLight Capital is planning a
255-MW expansion project in Victoria; Apex Power Group is
planning a project of up to 930 MW in Cherokee County; and
Calpine is planning two 227-MW CTs in Marion.
Luminant, the largest generator in ERCOT, is developing
several projects as well, including a combined-cycle unit of up to
812 MW in Tarrant County; and four 210-MW CTs two in
McLennan County and two in Hood County. In addition, a joint
venture of Quantum Utility Generation and Navasota Energy
Services is planning three roughly 600-MW peaking facilities in
ERCOT.
John Fainter, president and CEO at Associated Electric
Companies of Texas, said Tuesday that he thinks Panda which
is not a member of AECT is looking at the Clean Power Plan
and the need for more gas-fired capacity in ERCOT as the CPP is
implemented.
Advertisement
Panda plans for expected supply gap...from page 1

existing 758-MW combined-cycle facility in Sherman, Texas. The
new capacity will come online in 2019, he said.
This summer has provided a very good confirmation of the
situation we believe ERCOT is in, said Poray, referring to
ERCOTs recent demand records and low reserves. He said that
while ERCOT has been estimating annual load growth of about
1.8%, Panda foresees load growth averaging 3%/year and we
dont see much thermal generating capacity being built ... Next
summer will be even tighter from a supply perspective.
Panda has been among the very few developers adding gasfired merchant capacity in ERCOT, Poray said. In addition to
starting commercial operation of 758 MW of combined-cycle
capacity at Sherman last year, Panda has brought online a total
of 1,516 MW of combined-cycle capacity at its Temple, Texas,
facility 758 MW last year and another 758 MW this past
spring.
Some other new thermal capacity is being built in ERCOT; for
example, Exelon Generation recently started construction of a
1,104-MW combined-cycle expansion at its Colorado Bend facility
in Wharton and an 1,085-MW combined-cycle expansion at its
Wolf Hollow facility in Granbury.
Also, NRG Energy is constructing 300 MW of gas-fired
combustion-turbine capacity at its P.H. Robinson facility in
Galveston County, said NRG spokesman David Knox.
14
INTERCONTINENTAL EXCHANGE
LEADING
GLOBAL
ENERGY
MARKETS
THEICE.COM
@ICE_Markets
Megawatt Daily
Fainter noted that while wind power will continue to play a

major role in ERCOT, Texass recent heat wave confirmed that
wind-farm output can fall short when power is needed most, and
that gas-fired capacity will be needed to back up wind.
Asked to respond to Porays critique, ERCOT spokeswoman
Robbie Searcy said the reliability council continues to evaluate
the performance of the revised load forecasting methodology
implemented in February 2014. Within our current methodology,
we have the ability to adjust some assumptions if we observe
significant changes to trends over time.
She added, This is the first year since 2011 that ERCOT has
exceeded its previous all-time record set during the hottest
summer in Texas history, and we exceeded 2014 monthly demand
in only four of eight months so far in 2015.
Housley Carr
Bulk energy storage increases emissions...from page 1

addition of a marginal energy storage unit performing energy
arbitrage in the US will increase system emissions of the existing
generation fleet, assuming economics and emissions patterns
similar to those of the 20102012 time period.
Richard Green, professor of Sustainable Energy Business at the
Imperial College of London, said he believes the studys
conclusion for the US at present.
You could get a different result if the relative costs of gas and
coal were the other way round ([which] has sometimes happened
in Europe) as youd then be saving on peak coal generation and
using more off-peak gas, Green said in an email Tuesday. Also, if
you had so much renewable output that some had to be
constrained off when fossil plants were unable to turn down
enough at times of low demand this is starting to happen in
Ireland and maybe in Germany perhaps also in Texas if prices
there are sometimes negative. At those times, extra demand equals
extra renewables, not extra fossil.
But Matt Roberts, Energy Storage Association executive
director, said the Hittinger and Azevedo study is not inclusive
enough to give you meaningful results.
For example, the study focused on bulk energy storage, rather
than behind-the-meter storage, which might be used to store
behind-the-meter solar generation, he said.
But Jim Carson, president and CEO of RisQuant Energy, an
electricity market consultant based in St. Paul, Minnesota,
discounted behind-the-meter storage as a significant factor in its
value.
Very expensive
Energy storage remains very expensive, Carson said. The
Tesla battery storage wall for homes costs $5,000 installed to store
$1 worth of electricity, and that is viewed as a breakthrough.
Batteries wont pique my interest until they are less than $500,
which is where pumped hydro is already.
Another factor that the ESAs Roberts said is not considered in
Hittinger and Azevedos modeling is how storage is now used to
provide ancillary services, such as frequency regulation, which
15
might negate the need for additional peaking generation.

The study itself sets up a very simplistic view of how storage
is used, Roberts said.
In Hittinger and Azevedos research, they modeled the net
emissions resulting from the economic operation of bulk energy
storage in 20 Emissions and Generation Resource Integrated
Database regions across the contiguous US, so designated by the
US Environmental Protection Agency. The model assumes power
is stored during periods of low demand and prices and sold in
periods of high demand and prices.
In many areas of the US, the marginal electricity generator at
night is often a coal plant and the marginal generator during peak
periods is a natural gas plant, meaning that storage is effectively
displacing cleaner natural gas-generated electricity with coalgenerated electricity, Hittinger and Azevedo said in their paper.
Another factor in the Hittinger and Azevedo results is that the
process of storing and releasing energy incurs energy costs, which
means that more power must be generated to account for these
losses, they said.
Energy storage would result in fewer emissions in only five of
the 20 eGRID regions, and only if the storage charging and
discharging operated at 100% efficiency, the study showed.
Findings ... will not surprise

This finding may surprise policy analysts, but it will not
Advertisement
Illinois Power Agency

Standard Products RFP
Energy and Capacity RFP
The Illinois Power Agency issued an RFP to procure:
Energy blocks and capacity for the Ameren Illinois
Companys portfolio
Energy blocks for Commonwealth Edison
Companys portfolio
The supply period for energy starts November 2015
while the supply period for capacity starts June 2016.
Deadline to submit qualification materials:
Thursday, August 27, 2015.
Visit: www.ipa-energyrfp.com for more information
Megawatt Daily
US non-hydro electricity storage capacity (MW)
PUC staff misses deadline...from page 1
1000
The ESP proceeding already has been delayed, and most parties
predict a final PUC order will not arrive until early 2016 even if
the PUC hearing gets under way as planned on August 31. The
hearing is expected to last well into October.
In a Friday filing, Thomas McNamee, an assistant state
attorney general, asked the commission to void the August 14
deadline for the staff to submit testimony in the FirstEnergy case.
Instead, McNamee said, the testimony will be filed when it
becomes available. Staff needs additional time to prepare. He did
not elaborate.
McNamee could not be reached for comment Tuesday about
how much more time the staff needs in a case that has dragged on
for months.
But, the subject came up in todays pre-trial hearing, and the
hearing examiner asked the staff to get it in as soon as possible,
Howard Petricoff, a veteran Columbus energy attorney who
represents the Retail Energy Supply Association and some
competitive electric suppliers, said in a Tuesday interview.
Staff testimony or not, PUC spokesman Matt Schilling said
Tuesday the hearing has not yet been canceled.
Theyre moving forward for the thirty-first, Schilling said,
adding he was not certain if the hearing might be temporarily
delayed until the testimony is submitted.
800
600
Compressed air
Thermal
Battery
Flywheel
400
200
0
2010
2011
2012
2013
2014
2015
Source: US Department of Energy
surprise anyone more familiar with the operation of the grid,

said Michael Giberson, Texas Tech University Center for Energy
Commerce economist. We have gained the impression that
energy storage is a complement to intermittent renewables
because it can help address the intermittency problem, but the
day-to-day business of grid-based energy storage will be to buy
at night and sell at afternoon peak. Simple buy low, sell high.
The Hittinger and Azevedo study demonstrates that the
simple view is actually correct, and then elaborates on the
simple view by exploring regional differences in emissions due
to energy storage.
The modeling shows that average revenue for storage facilities,
using this time arbitrage tool, would be greatest in West Texas and
smallest in Ohio.
Texas Techs Giberson pointed out that the push for energy
storage has primarily come from policymakers, rather than from
economics. For example, the California Public Utilities
Commission in 2013 approved a 1,300 MW mandate for energy
storage by the year 2020.
Policy is likely to continue to push energy storage because of
a halo-effect that comes from an association with renewable
energy, Giberson said in an email. Perhaps analysis such as this
one will help policymakers distinguish between energy storage
and renewable energy, so therefore help diminish the policy
push.
In an interview Tuesday, Fares said he thinks that as a result of
the Hittinger and Azevedo study, there will be less times that
states would push economic incentives for energy storage.
It really depends on how state policymakers interpret their
findings, Fares said.
Giberson said economics might play a larger role in the
growth of energy storage in West Texas because of the significant
amount of wind energy existing and expected over the next few
years.
The amount of intermittent wind capacity on the West
Texas transmission systems will likely create significant arbitrage
opportunities to promote some investment into storage,
Giberson said. Energy storage would improve the economics of
wind energy a little, by moderating the dips in price during highwind events, but it seems unlikely that the scale of investment in
energy storage would have dramatic effects.
Mark Watson
16
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Petricoff surmised the staff may be awaiting the public release

of results from PJM Interconnections base residual auction earlier
this month before filing its report. PJM is expected to make the
results known next week, possibly on August 24.
Because of the PUC regulatory delays, FirstEnergy already has
canceled a wholesale power auction that was scheduled for
October under its new ESP, according to company spokesman
Doug Colafella. A second auction set for January remains in doubt.
FirstEnergy CEO Chuck Jones recently said the PUCs final
decision on the ESP/PPA, and not the PJM auction, is likely to
decide the fate of Sammis and Davis-Besse.
If the PUC ultimately approves the PPA, Sammis and Davis-
Besse would not necessarily have to clear the auction to continue

operating, he said.
Schilling said FirstEnergy would lead off the hearing on August
31. After the company wraps up, stakeholder witnesses then
would testify. As of now, testimony is scheduled through the first
week of October.
Once the initial hearing ends, the commission is expected to
hear rebuttal testimony. Then, a deadline will be imposed for legal
briefs to be submitted. After that, the PUC will begin
deliberations, an action that likely will take several weeks, making
a final order before the end of 2015 problematic, at best.
Bob Matyi
Volume 20 / Issue 159 / Wednesday, August 19, 2015
MEGAWATT DAILY
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[ELECTRIC POWER ]

Panda plans for expected ERCOT supply gap

(continued on page 14)

Bulk energy storage increases emissions: study

(continued on page 15)

PUC staff misses deadline in FirstEnergy case

(continued on page 16)

Price trends at key trading points ($/MWh)

Low and high average day-ahead LMP for Aug 19 ($/MWh)

Day-ahead bilateral indexes and spark spreads for Aug 19

40.00 16293 22.82 20.36 15.45 10.54 3.18

35.98 13119 16.78

Inside this Issue

Wednesday, August 19, 2015

ISONE & NYISO nuclear generation outages (GW)

Mass Hub drops to low $40s/MWh

Northeast spot natural gas prices ($/MMBtu)

Transco zone 6 N.Y.

Northeast load and generation mix forecast (GWh)

447 437 409 394 364

Copyright 2015 McGraw Hill Financial

506 538 529 504 463

Wednesday, August 19, 2015

ISONE day-ahead LMP for Aug 19 ($/MWh)

Northeast Platts M2MS Forward Curve, Aug 18 ($/MWh)

Prompt month: Sep 15

41.12 -0.05 -0.03

*Ontario prices are in Canadian dollars

N.Y. Zone G: Forward curve on-peak ($/MWh)

NYISO day-ahead LMP for Aug 19 ($/MWh)

N.Y. Zone G: Marginal heat rate on-peak (Btu/kWh)

Generation unit outage report

Cap Fuel State Status Return

Copyright 2015 McGraw Hill Financial

Wednesday, August 19, 2015

Southeast & Central day-ahead bilateral indexes for Aug 19 ($/MWh)

ERCOT dailies down on weaker gas

Southeast load and generation mix forecast (GWh)

1239 1151 1089 1114 1116

779 690 660 703 728

433 414 403 411 420

ERCOT & SPP nuclear generation outages (GW)

Southeast & Central spot natural gas prices ($/MMBtu)

Houston Ship Channel

0.25 20.82 7500

Copyright 2015 McGraw Hill Financial

Wednesday, August 19, 2015

ERCOT average day-ahead LMP for Aug 19 ($/MWh)

Southeast & Central Platts M2MS Forward Curve, Aug 18 ($/MWh)

Prompt month: Sep 15

Entergy Into: Forward curve on-peak ($/MWh)

Entergy Into: Marginal heat rate on-peak (Btu/kWh)

MISO South average day-ahead LMP for Aug 19 ($/MWh)

27.63 1.78 -1.30 -6.73 33.32

Generation unit outage report

20.26 2.62 -0.53 -0.68 21.59 7475

SPP average day-ahead LMP for Aug 19 ($/MWh)

19.15 -2.14 -1.81 -2.32 30.15 6960

Cap Fuel State Status Return

Southeast & Central

14.08 -2.71 -1.65 -0.64 16.58 5043

Southeast near-term bilateral markets ($/MWh)

Daily generation outage references

MO unplanned maintenance outage