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The Electric Energy Market Competition Task Force

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The Electric Energy Market Competition Task Force REPORT TO CONGRESS ON COMPETITION IN WHOLESALE AND RETAIL MARKETS FOR ELECTRIC ENERGY Pursuant to Section 1815 of the Energy Policy Act of 2005 The Electric Energy Market Competition Task Force The Electric Energy Market Competition Task Force Members: J. Bruce McDonald, Department of Justice Michael Bardee, Federal Energy Regulatory Commission John H. Seesel, Federal Trade Commission David Meyer, Department of Energy Karen Larsen, Department of Agriculture Report Contributors: Robin Allen – Department of Justice Kathleen Barrón – Federal Energy Regulatory Commission Tracey Chambers – Department of Justice Lee-Ken Choo – Federal Energy Regulatory Commission Jade Eaton – Department of Justice Patricia Ephraim – Department of Energy Douglas Hale– Department of Energy; Energy Information Administration John Hilke – Federal Trade Commission Douglas Hilleboe – Federal Trade Commission David Kathan – Federal Energy Regulatory Commission Robin Meigel – Department of Agriculture Richard O'Neill – Federal Energy Regulatory Commission Moon Paul – Federal Energy Regulatory Commission Astrid Rapp – Federal Energy Regulatory Commission Steven Reich – Federal Energy Regulatory Commission Janelle Schmidt – Department of Energy Harry Singh – Federal Energy Regulatory Commission Michael Wroblewski – Federal Trade Commission (left the FTC in June 2006) David Zlotlow – Department of Justice This report was prepared by the Task Force with the assistance of the Department of Justice, Federal Energy Regulatory Commission, Federal Trade Commission, Department of Energy, and Department of Agriculture. The Task Force assumes full responsibility for the report and the views expressed herein. TABLE OF CONTENTS Table of Contents...................................................................................................................... i Executive Summary ................................................................................................................. 1 Chapter 1. Industry Structure, Legal and Regulatory Background, Trends and Developments ................................................................................................... 10 Chapter 2. Context for the Task Force’s Study of Competition in Wholesale and Retail Electric Power Markets ........................................................................................... 44 Chapter 3. Competition in Wholesale Electric Power Markets ............................................... 53 Chapter 4. Competition in Retail Electric Power Markets ....................................................... 84 Appendix A. Index of Comments Received ...........................................................................109 Appendix B. Task Force Meetings with Outside Parties ........................................................116 Appendix C. Annotated Bibliography of Cost Benefit Studies ..............................................117 Appendix D. State Retail Competition Profiles .....................................................................137 Appendix E. Analysis of Contract Length and Price Terms....................................................177 Appendix F. Bibliography of Primary Information on Electric Competition .........................182 Appendix G. Credit Ratings of Major American Electric Generation Companies…………..184 Table 1-1. U.S. Retail Electric Providers, 2004 ....................................................................... 14 Table 1-2. U.S. Retail Electric Sales, 2004 .............................................................................. 15 Table 1-3. U.S. Retail Electric Providers, 2004, Revenues from Sales to Ultimate Consumers ............................................................................................... 15 Table 1-4. U.S. Electricity Generation, 2004 ........................................................................... 16 Table 1-5. U.S. Electric Generation Capacity, 2004 ................................................................ 16 Table 1-6. Power Generation Asset Divestitures by Investor-Owned Electric Utilities, as of April 2000 ............................................................................................................... 43 Table 4-1. Percentage of Utility Ownership of Generation Assets ………………………….. 93 Figure 1-1. U.S. Electric Power Industry, Average Retail Price of Electricity by State, 2004 ............................................................................................................. 26 Figure 1-2. Status of State Electric Industry Restructuring Activity and Retail Competition, July 2006 ......................................................................................... 28 Figure 1-3. RTO Configurations in 2006 ................................................................................. 32 Figure 1-4. Utility and Nonutility Generation Capacity Additions, 1995-2004....................... 35 Figure 1-5. Transmission Construction Expenditures by Investor-Owned Utilities, Actual and Projected, 1975-2009........................................................................... 36 Figure 1-6. National Average Retail Prices of Electricity for Residential Customers, 1960-2005 ............................................................................................................. 38 Figure 1-7. Natural Gas Plants Dominate New Generating Unit Additions ............................ 39 Figure 1-8. Net Generation Shares by Energy Source ............................................................. 40 Figure 1-9. Fossil Fuel Costs for Electric Generators, 2001-2006 .......................................... 41 i Figure 3-1. U.S. Electric Generating Capacity Additions, 1960-2005 .................................... 60 Figure 3-2. Estimate of Annual New York Capacity Values .................................................. 65 Figure 4-1. U.S. Electric Power Industry, Average Retail Price of Electricity by State, 1995……………………………………………………………………. 87 Figure 4-2. States Retail Competition Status, 2003 ................................................................. 91 Figure 4-3. Average Revenues per kWh for Retail Customers, 1990-2005 ............................ 95 Appendix D Tables 1-34....................................................................................................139-174 ii EXECUTIVE SUMMARY A. Congressional Request The Energy Policy Act of 2005 (EPAct 2005)1 was designed to provide a comprehensive long- range energy plan for the United States. Section 1815 of the Act2 created an “Electric Energy Market Competition Task Force”3 (Task Force) to conduct a study of competition in wholesale and retail markets for electricity in the United States. Section 1815(b)(2)(B) required the Task Force to publish a draft final report for public comment at least 60 days prior to submitting the final report to Congress. The Task Force published the draft final report in June 2006 and sought comment on the preliminary observations contained in the draft. Based on those comments, and other input received earlier, the Task Force hereby submits this final report to Congress. B. Task Force Activities In preparing this report, the Task Force undertook several activities, as follows: Section 1815(c) of the EPAct 2005 required the Task Force to “consult with and solicit comments from any advisory entity of the Task Force, the states, representatives of the electric power industry, and the public.” Accordingly, the Task Force published a Federal Register notice seeking comment on a variety of issues related to competition in wholesale and retail electric power markets. Over 80 commenters provided a variety of opinions and analyses in response. These comments are available online for public review in the Task Force docket maintained by the Federal Energy Regulatory Commission (FERC) under Docket No. AD05-17-000. The list of parties who submitted comments is attached as Appendix A.4 The Task Force met and discussed competition-related issues with a variety of representatives of the states, the electric power industry, and other stakeholders in October-December 2005. These groups are listed in Appendix B. The Task Force prepared an annotated bibliography of the public cost/benefit studies that have attempted to analyze the status of wholesale and retail competition. Appendix C contains this bibliography. The Task Force reviewed the status of retail competition in the states and examined in detail the experiences of seven states with active retail competition programs: Illinois, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, and Texas. These 1 Pub. L. No. 109-58, 119 Stat. 594 (2005). 2 Pub. L. No. 109-58, § 1815, 119 Stat. 594, 1128 (2005). 3 The Task Force consists of five members: (1) one employee of the Department of Justice, appointed by the Attorney General of the United States; (2) one employee of the Federal Energy Regulatory Commission, appointed by the Chairperson of that Commission; (3) one employee of the Federal Trade Commission, appointed by the Chairperson of that Commission; (4) one employee of the Department of Energy, appointed by the Secretary of Energy; and (5) one employee of the Rural Utilities Service, appointed by the Secretary of Agriculture. 4 Abbreviations for those parties are also listed in Appendix A. 1 states have taken a variety of approaches to introducing retail competition. Appendix D profiles these retail competition programs, updating information prepared by the Federal Trade Commission (FTC) staff.
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