Pat Wood and Other Energy Executives Comment on Wholesale Markets

Pat Wood and Other Energy Executives Comment on Wholesale Markets

June 2, 2017

by Margarita Fournier, Copyright 2016 by Competitive Assets, LLC.  All rights reserved

This article caught our eye, since it quotes Pat Wood, the former FERC and PUCT Chairman. The EE News piece on the views of several energy industry executives highlights Southern Co. CEO Tom Fanning; Pat Wood, now Chairman of Dynegy’s Board; Pedro Pizarro, CEO of Edison; Barry Smitherman, Board member at NRG; and Exelon CEO Chris Crane. Each expresses his perception of what is going on in the wholesale markets. For Pat Wood, “[h]e’s committed to his competitive vision, even if there’s room for market tweaks. He described, in a March phone conversation, how he drank the “Kool-Aid” years ago, when he saw positives from deregulating the natural gas sector.” On the other side, “Fanning said the integration of ‘making, moving and selling energy and single points of responsibility’ is preferred to ‘so-called organized markets.’” And “Crane said that the “competitive market was skewed years ago, when we decided we wouldn’t take a load shape, a demand shape, we would incent based off of a technology.’ To him, a way forward for states that want cleaner energy would be having regional transmission organizations put a price on carbon. He acknowledged that might not happen in the near term. Crane looked back at the polar vortex of 2014, which he said showed the value of nuclear plants. The focus should be on reliability and capacity, he said.”

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