GT Power Hour Podcast

Episode 23 (Line in the Sand: A Garden State-ment)

Episode 23 (Line in the Sand: A Garden State-ment)

Jul 30, 2021 |

In which we submit New Jersey Board of Public Utilities President Joe Fiordaliso to our line of questioning on resource adequacy, capacity markets, offshore wind, PJM, NIMBYism, state relations with PJM and FERC, New Jersey’s Energy Master Plan and its aggressive goals and the state of thermal generation in the Garden State.
Later, we force the president to engage in a little political Catch-22 and pick favorites between beloved New Jersey icons. After that, he doles out some advice to another president whose tenure his own has far exceeded and finally urges everyone to follow his state’s bold lead in addressing climate change.

Episode 22 (Morgan You Bargained For)

Episode 22 (Morgan You Bargained For)

Jul 7, 2021 |

In which we sit down with Curt Morgan, the president and CEO of Vistra Corp., to discuss his investment philosophy in the power-generation business, the current investment status of generation technologies, how financial markets are disciplining the industry and leading the ESG revolution, the “terminal value” issue with gas-fired generation and why you never want to be the first owner of such a facility, gas pipelines’ dirty little secret, the reality of climate change, putting the power-industry transition into historical perspective, how PJM’s markets have performed, why power markets need to ditch some terminology as they add emissions to their list of must-haves, why carbon pricing and PJM’s MOPR are DOA and ERCOT turning gun-shy.

Episode 21 (Bowring 2: The Monitor Is Always Watching)

Episode 21 (Bowring 2: The Monitor Is Always Watching)

May 10, 2021 |

In which we welcome PJM Independent Market Monitor Joe Bowring into the illustrious GT Power Hour Two-Timers Club to continue discussion of the compelling comments fellow club-member FERC Chairman Glick made on the previous episode, and the Monitor – as he is wont to do – happily (and ably) complies. Brace for a deep dive on the minimum offer-price rule (MOPR) in the capacity market, why FERC wants it pared back, how PJM appears likely to respond, the interaction of capacity and energy markets and what can be done to transfer generators’ reliance on capacity-market payments to actual performance in energy and ancillary-services markets. Let’s just say the Monitor and the Chairman don’t see eye to eye on several things.
It’s a pretty meaty talk that doesn’t stray far from the issues at hand, but there is some ranting and commiseration on the misery of driving the I-76 Schuylkill Expressway. Better buckle up!

Episode 20 (Glick 2: A Change Is Gonna Come… No Really, Like Now)

Episode 20 (Glick 2: A Change Is Gonna Come… No Really, Like Now)

Apr 13, 2021 |

In which we take a second crack at recently appointed FERC Chairman Rich Glick as he settles into his new role, and he is very clear in setting his agenda: changes are coming – and some are already here. Less than three months into his leadership, Glick’s FERC has already announced more than a dozen major changes and initiatives, some of which touch on hot-button issues – like system reliability and resource adequacy in relation to climate change – and others that focus squarely on them, such as creating a new senior-level commission position to address environmental justice and opening an Office of Public Participation.

From PJM’s minimum offer-price rule (MOPR) to the standards for evaluating proposals for natural-gas pipelines to how power generators are compensated and whether capacity markets are essential, the chairman goes on to lay out his vision and plans going forward, as well as expected timelines. We also discuss his beloved New York Mets, his abysmal record in picking this year’s March Madness winners and his expectations on energy-related legislation coming out of Congress this session. Shorter than many of our episodes, let’s just call this one “highly concentrated” and well worth the time!

Episode 19 (What Really Happened in Texas?)

Episode 19 (What Really Happened in Texas?)

Mar 22, 2021 |

In which we dig into the causes of the Texas power outages in February 2021 and their potential consequences by sitting down with perhaps the one person in the world best equipped to discuss the situation: Pat Wood, who’s served as the top utility regulator both at FERC and the one state FERC doesn’t oversee, Texas. If you’re wondering what the likelihood is that Texas gets a capacity market, FERC oversight, a change in the pace of its power-generation transition or additional direct-current (DC) ties to neighboring grids, Pat’s got an answer.
But it’s also the one-year anniversary of the global pandemic, St. Patrick’s Day, Oscar’s nominees were announced – and don’t forget the return of March Madness! All receive their due attention, not to mention discussion of final requests, Cuban cigars, the famous Gruene Hall, BBQ, Mother Nature and the heartiness of azaleas.
There’s so much here, that (for the first time ever) we couldn’t keep it all to a single hour… Apparently everything is bigger in Texas – even podcasts!
PROGRAM NOTE:
The Business Insider podcast discussed during the episode can be found here: https://www.businessinsider.com/brought-to-you-by-podcast-btyb-enron-mail.

Episode 18 (Capacity-Market Deep Dive)

Episode 18 (Capacity-Market Deep Dive)

Feb 19, 2021 |

In which Glen and Rory dig deep to break down PJM’s capacity construct: where it’s been, where it’s going, how it compares to other regional grids and the major forces at play in shaping its future.
But that’s not all! (It never is.) TB12 and the Calvin and Hobbes comic strip make appearances in the conversation as Glen coins the phrase “that warm barn of regulation” and presages the devastating blackouts in Texas that would occur just hours after recording the episode. What should become of the MOPR? Are PJM and its member states still invested in competitive markets? What’s the deal with monopsony market-power? Can state statutes play nice with market forces? How does the new-look FERC impact all of this? Does New Jersey’s new market-design idea have legs? No questions barred and all things considered, it’s a discussion about electricity supply and system reliability that you don’t want to miss!

Episode 17 (The Right Manu for the Job)

Episode 17 (The Right Manu for the Job)

Jan 20, 2021 |

In which we probe deep into the mind of Manu Asthana one year into his tenure as PJM’s president and CEO, and he proves to be up to the task – both in the interview and the job. Ranging from the MOPR, the ORDC, the NJBPU’s state-agreement approach on analyzing offshore wind and a word salad of other industry jargon to the pandemic and social-justice movements, we explore our guest’s perspectives on a wide variety of topics – and consistently return to themes of unity and equality that might be exactly the kind of leadership PJM needs right now.

Episode 16 (Season 1 Year-in-Review Holiday Special)

Episode 16 (Season 1 Year-in-Review Holiday Special)

Dec 17, 2020 |

In which Glen and Rory mark the end of Season 1 by kicking back and reviewing the year that was in their own signature way: debating over lists! Without ruining the suspense, expect to hear about the MOPR, action on carbon and climate, the ascendancy of the Washington Football Team and the ending of the Pittsburgh Steelers’ bid for an undefeated season, a return to stronger pandemic restrictions and what that means for PJM, ELCC, nuclear-bailout scandals, interconnection frustrations, stakeholder tensions and organizational challenges at PJM. Don’t like our lists? Send us a note and tell us what we missed… Happy holidays and see you next year!

Episode 15 (Chatterjee, Part Deux: A Nation Still Calls)

Episode 15 (Chatterjee, Part Deux: A Nation Still Calls)

Nov 18, 2020 |

In which we once again subject FERC Commissioner Neil Chatterjee to the now-infamous Power Hour gauntlet for our one-year anniversary to sift through the fallout of an historic election, discuss the backlash he received for pushing the policy envelope and prognosticate on the state of affairs when this new administration’s term concludes.
In the aftermath of tectonic shifts to the landscape and now unencumbered by the confines of the chairmanship, our guest’s rules of engagement have changed, and nothing escapes his crosshairs as we sweep the theater of operations, from the “Chevron deference” doctrine and the Jones Act to carbon pricing, his future in public service, his former boss Sen. Mitch McConnell, Tom Brady and USA Rugby.
In a world on the brink of an energy revolution… with incendiary ideological conflict spilling into the halls of power and division at the highest levels… one man stands unbowed, ready to bridge the divide. Don’t miss our talk with him!

Episode 14 (What Would Cheryl Do?: The Game Show)

Episode 14 (What Would Cheryl Do?: The Game Show)

Oct 14, 2020 |

In which we pressure Cheryl LaFleur, the former-FERC commissioner and current distinguished visiting fellow at Columbia University’s Center on Global Energy Policy, for hot takes on her fields of expertise – specifically the ones where her beloved New England Patriots are playing. Hustling as efficiently as a Tom Brady two-minute drill, we also go deep into the nuances of carbon pricing, how annoying fellow former-FERC Commissioner Rob Powelson was, the importance of not imputing bad intent from colleagues, maintaining FERC/state relationships, ensuring someone is responsible for and authorized to maintain reliability (we’re looking at you, California…), the ongoing transition to the grid of the future, being put in “the odd position of trying to explain climate skepticism” and the idyllic atmosphere for a dirty vodka martini. Don’t miss a minute!

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