In which we ask Illinois Commerce Commission Chair Carrie Zalewski to summarize Illinois’ new Climate and Equitable Jobs Act (CEJA), and it still takes more than an hour — though, in fairness, we do also shoot a lot of hardball Illinois-related Rapid Fire questions at her. Listen for discussions on grid reliability, performance-based rates, integration plans for the state’s electricity-distribution utilities, lessons learned from the reliability issues in Texas and much more!
In which we receive several history lessons from FERC Commissioner Mark Christie on what has caused capacity markets to (so far) fail to live up to their full promise and threatens to tear regional markets apart, as well as what choices states have. From there, we consider the impact to the industry of the shale-gas revolution, get to the bottom of the tension regarding the minimum offer-price rule (MOPR), make a plea for Robert Caro to finish his LBJ biography series and the Steelers to draft Heisman-finalist Pitt quarterback Kenny Pickett to replace Roethlisberger, reminisce about the heroes of the golden age of Pittsburgh Pirates baseball and the antiheroes of the current Golden Age of Television, pay tribute to former Virginia SCC Judge Preston Shannon, discuss new year’s resolutions and Glen’s apparent love of coffee, plus much more.
In which we mark the end of Season 2 in our now annual tradition of debating the major industry trends of the past year. Listen closely as we explain how a Trump-era addition to the Federal Power Act is having unintended consequences, why 2021 may end up being the high-water mark for RTO/ISO participation and what happens to Pennsylvania’s currently most-famous Bens: Simmons and Roethlisberger. Happy holidays and see you next year!
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.
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!
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.
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!
