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UPDATE: Feb. 16, 2021: The Southest Energy Exchange Market (SEEM) members filed on Friday with the Federal Energy Regulatory Commission for the approval of an intra-hour energy exchange in the region, an extension of the existing bilateral energy trading market.
The founding members of SEEM expect to have the platform operational by early 2022, pending regulatory approval, according to a joint statement on behalf of SEEM from Duke Energy, Associated Electric Cooperative, Southern Company and ElectriCities of North Carolina. Other participants are expected to include Dominion Energy South Carolina, Santee Cooper, Tennessee Valley Authority, MEAG Power and more.
Dive Brief:
Duke Energy on Wednesday said that North Carolina regulators do not need to approve its proposal to form a centralized energy exchange market before the utility brings it to federal regulators.
Dive Brief:
Southeastern vertically-integrated utilities on Friday filed a proposal with North and South Carolina regulators that would form a centralized energy exchange market expected to serve about 50 million customers if approved.
Duke Energy, Dominion Energy, Southern Company and the Tennessee Valley Authority are among the utilities that would participate in the market. The utilities plan to file the proposal with the Federal Energy Regulatory Commission by the end of the year.
Though utilities are calling it the creation of a market, “it’s really more of an energy exchange,” said Kate Konschnik, director of the Climate and Energy Program at Duke University. “So on the one hand, it is pretty modest. On the other hand, it s interesting that a lot of the utilities want to do this right now” in the midst of proposals in the Carolinas calling to open up the markets to more competition, she said.