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The PJM Interconnection is proposing to eliminate a controversial rule that effectively raises the price for state-subsidized resources, such as renewables and nuclear, bidding into its wholesale capacity market.
The grid operator on Wednesday laid out its proposal in an hours-long call with stakeholders, explaining that under its plan, the minimum offer price rule (MOPR) expanded through a 2019 Federal Energy Regulatory Commission ruling that attempted to combat price suppression in the capacity market would no longer apply to state-subsidized resources. Clean energy advocates praised the move as a win for state decarbonization goals.
PJM s proposal is in response to a series of FERC technical conferences focused on the future of wholesale power markets. Some competitive generators, including Calpine which led the initial complaint that prompted the expanded MOPR on Tuesday argued in comments before FERC that the ruling remained appropriate and should not be
Electric
E-1 – Calpine Corporation, Dynegy Inc., Eastern Generation, LLC, Homer City Generation, L.P., NRG Power Marketing LLC, GenOn Energy Management, LLC, Carroll County Energy LLC, C.P. Crane LLC, Essential Power, LLC, Essential Power OPP, LLC, Essential Power Rock Springs, LLC, Lakewood Cogeneration, L.P., GDF SUEZ Energy Marketing NA, Inc., Oregon Clean Energy, LLC, and Panda Power Generation Infrastructure Fund, LLC v. PJM Interconnection, L.L.C., PJM Interconnection, L.L.C. (Docket Nos. EL16-49-006, ER18-1314-010, & EL18-178-006). On June 29, 2018, the Commission issued an order addressing two underlying proceedings that were initiated due to increasing out of market support or state subsidies that were having a suppressive effect on the price of capacity procured by PJM Interconnection L.L.C. (PJM) through its Reliability Pricing Model (RPM) capacity market (June Order). In the first underlying proceeding, Calpine Corporation (Calpine) and other generation entities filed
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The following is a contributed article by Steven Schleimer, senior vice president of government and regulatory affairs at Calpine Corporation.
In his dissent to a Nov. 19, 2020, Federal Energy Regulatory Commission Order on Rehearing related to ISO New England s Competitive Auctions with Sponsored Policy Resources (CASPR) construct (Docket ER18-619-001), Chairman Richard Glick questions the need for a Minimum Offer Price Rule (MOPR) and whether the concept of investor confidence should be a lodestar that matters in FERC s decision-making. Regardless of how the debate on any particular market mechanism plays out, it is of course true that investors countenance investments based on the expectation that they can recover their capital (including an adequate return). The key market design question is whether investors or ratepayers should bear the risk that the investment choices were sound.
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