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PJM Begins Campaign for 'Fuel Security' Payments

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PJM Begins Campaign for 'Fuel Security' Payments ISSN 2377-8016 : Volume 2018/Issue 4045 November,October 2, 6 2018 PJM Begins Campaign for ‘Fuel Security’ Payments Returning Chair Pledges study in December to Protect FERC’s By Rich Heidorn Jr. and Michael Brooks and plans to introduce Independence WASHINGTON — PJM on Thursday began its a problem statement campaign to compensate generators based on and issue charge in the Chatterjee Praises McIntyre’s first quarter of 2019, their “fuel security,” releasing an eight-page Leadership, Influence summary of a study that showed the RTO could with the filing of any face outages under extreme winter weather, proposed market rule By Michael Brooks changes with FERC in gas pipeline disruptions and “escalated” re- PJM CEO Andy Ott early 2020. WASHINGTON — It was little more than a source retirements. presents the RTO’s fuel year ago that FERC Chairman Neil Chat- At a press conference security study at the The study, which evaluated more than 300 terjee gathered reporters at commission at the National Press National Press Club in winter scenarios, was a “stress test … intended headquarters to assuage worries that Ener- Building, CEO Andy D.C. | © RTO Insider to discover the tipping point when the PJM gy Secretary Rick Perry’s recent proposal to Ott said the study was system begins to be impacted,” the RTO said. compensate coal and nuclear plants would intended to address the concerns of governors destroy the markets. (See “It is clear that key elements, such as availabil- and other policymakers about how soon the FERC Chair Praises ity of non-firm gas service, oil deliverability, Perry’s ‘Bold Leadership’ on NOPR.) pipeline design, reserve level, method of Continued on page 31 Much has happened since: Kevin McIntyre dispatch and availability of demand response took over as chair; the commission unani- become increasingly important as the system mously rejected Perry’s proposal; and, on comes under more stress,” it said. PJM Flexible on Capacity Rules, Ott Tells Oct. 24, McIntyre relinquished the chair OPSI Meeting back to Chatterjee while staying on as a PJM said it will publish a paper detailing the (p.27) commissioner. ENERGY BAR ASSOCIATION’S MID-YEAR ENERGY FORUM Continued on page 39 MICROGRID 2.0 Microgrid Industry Discusses Getting out of Regulatory Limbo (p.10) NECBC ENERGY TRADE & TECHNOLOGY CONFERENCE FERC Commissioner Richard Glick addresses the Energy Bar Association’s Mid-Year Energy Forum. | © RTO Insider Nearing 1-Year Mark, Glick Rejects PSEG, GridLiance Spar over Order 1000 ‘National Security’ Grid Risk (p.8) (p.5) Ratemaking Rules Pose Challenge for Tx Canada, New England Talk Trade, Politics Overheard at EBA’s Mid-Year Energy Forum Technology and Clean Energy (p.6) (p.9) (p.15) ©2018 RTO Insider LLC 10837 Deborah Drive ª Potomac, MD 20854 ª (301) 299-0375 ª [email protected] ª www.rtoinsider.com ª RTO Insider: Your Eyes & Ears on the Organized Electric Markets November 6, 2018 ª Page 2 In this week’s issue Counterflow GreenHat: (Some of) the Rest of the Story . 3 Energy Bar Association’s Mid-Year Energy Forum Nearing 1-Year Mark, Glick Rejects ‘National Security’ Grid Risk .............5 Overheard at EBA’s Mid-Year Energy Forum ..................................6 PSEG, GridLiance Spar over Order 1000 . .8 Editorial Ratemaking Rules Pose Challenge for Tx Technology . .9 Editor-in-Chief / Co-Publisher Microgrid 2.0 Rich Heidorn Jr. 202-577-9221 Microgrids Seek Path out of Regulatory Limbo ...............................10 Deputy Editor / Senior Correspondent CAISO/WECC Robert Mullin 503-715-6901 FERC OKs CAISO Changes to EIM Bid Adders . 11 Art Director Mitchell Parizer 718-613-9388 Expanding Western EIM Reports Record Benefits ...........................12 Edison Takes Partial Blame for Wildfire in Earnings Call ......................13 Associate Editor / D.C. Correspondent Michael Brooks 301-922-7687 ERCOT Associate Editor ERCOT Takes Healthy Reserves into Winter, Spring..........................14 Shawn McFarland 570-856-6738 ISO-NE CAISO/West Correspondent Canada, New England Talk Trade, Politics and Clean Energy .................15 Hudson Sangree 916-747-3595 MISO ISO-NE/NYISO Correspondent MISO Pivots to Near-term Resource Availability Fixes .......................17 Michael Kuser 802-681-5581 MISO Foresees Manageable 2018/19 Winter . .18 MISO Correspondent Few Clear Lines in MISO Storage as Tx Plan . 19 Amanda Durish Cook 810-288-1847 MISO Tariff Changes Target Cybersecurity Data Sharing ....................21 PJM Correspondent FERC OKs MISO External Capacity Zones, Dispute Deadlines . .22 Rory D. Sweeney 717-679-1638 FERC Again Denies MISO Wind Developers’ Queue Complaint . .23 SPP/ERCOT Correspondent Tom Kleckner 501-590-4077 NYISO NY Task Force Talks LBMPc, Residuals, Hedge Effects . .24 Subscriptions NYISO Management Committee Briefs.......................................26 Chief Operating Officer / Co-Publisher 2018 OPSI Annual Meeting Merry Eisner 240-401-7399 PJM Flexible on Capacity Rules, Ott Tells OPSI Meeting . 27 Account Executive Germany’s Generation Shift Unlikely in US, Panelists Say ....................29 Marge Gold 240-750-9423 PJM Technical Director Ben Gardner PJM Begins Campaign for ‘Fuel Security’ Payments ...........................1 FERC OKs Adjusted Rate for Disputed Transource Line .....................33 RTO Insider LLC SPP 10837 Deborah Drive Potomac, MD 20854 SPP Regional State Committee Briefs: Oct. 29, 2018 . 34 (301) 299-0375 SPP Board of Directors/Members Committee Briefs . 35 Subscription Rates: FERC Sets GridLiance’s Zonal Placement for Hearing . .38 Payment PDF-Only PDF & Web FERC/Federal Frequency Returning Chair Pledges to Protect FERC’s Independence . .1 Annually: $1,350.00 $1,650.00 Quarterly: 380.00 475.00 Entergy Share Price Jumps with Solid Quarter ...............................41 Monthly: 150.00 175.00 Briefs Company Briefs . .41 See details and Subscriber Agreement at Federal Briefs . .42 rtoinsider.com. State Briefs . 42 ª www.rtoinsider.com ª RTO Insider: Your Eyes & Ears on the Organized Electric Markets November 6, 2018 ª Page 3 COUNTERFLOW By Steve Huntoon GreenHat: (Some of) the Rest of the Story If you’re as old as me you may remember the movie “Body Heat” from 1981. That last scene with Kath- leen Turner on an exotic island beach somewhere.1 Yeah, you know what I’m talking about.2 That brings us to the GreenHat Energy debacle, with the stakehold- er tab running around $185 million.3 Folks seem to think the GreenHat principals lost everything as their PJM financial trans- mission rights portfolio deteriorated in value. Bloomberg’s headline: “Ex-JPMorgan Traders Lost Millions on Bad Bets in Power Market.”4 I don’t think so. I suspect the GreenHat prin- cipals, Andrew Kittell, John Bartholomew and Kevin Ziegenhorn, are sipping blender drinks on island beaches just like Kathleen Turner.5 Kathleen Turner in the movie “Body Heat” The Stage sell “in the money” positions to third parties. Now remember PurpleHat is selling winners GreenHat would prefer that the overall value for cash to third parties and will default on the But first let’s set the stage. Two of the Green- of its portfolio increase over time, but that losers. So PurpleHat can make wads of money Hat principals, Kittell and Bartholomew,6 are isn’t necessary for GreenHat to make money even if its overall portfolio of winners and fresh off the JPMorgan market manipulation because GreenHat can sell positions with losers goes down in value. Got it? in California from 2010 to 2012 for which value, and default on the rest. Indeed, Green- JPMorgan “agrees to pay a civil penalty of Hat would want to buy every possible FTR The Collateral That Wasn’t $285,000,000 [and] agrees to disgorge alleged with zero incremental collateral requirement, Beyond this big picture, here’s a remarkable unjust profits of $125,000,000.”7 Kittell and regardless of whether it expected those FTRs part of the story: As the GreenHat portfolio Bartholomew themselves paid nothing. to make money. deteriorated in value, and some FTR partici- pants raised red flags with PJM,9 PJM asked As recounted in a detailed RTO Insider story, Let me give you an example that is so simple GreenHat for more collateral. they set up shop in 2014 as GreenHat Energy.8 even I can understand it. Let’s say PurpleHat Energy joins PJM and puts up $600,000 credit. GreenHat purported to provide that, in June “Green hat” in Chinese basically means some- PurpleHat buys long-term FTRs with no addi- 2017, in the form of pledging $62 million in one is getting screwed. So at least they had a tional credit requirement: let’s say FTR 1 from future revenue from FTR sales agreements sense of humor. source A to sink B for $10, and say FTR 2 from that GreenHat had with a third party, which Over several years, they accumulate the larg- source C to sink D for $6. we now know is Shell Energy North Ameri- est FTR portfolio in PJM history — 890 million ca10 (“Pledge Agreement”). Here is how PJM As time goes on, FTR 1 decreases in value from MWh — backed by only $600,000 in collateral. described it: “Mr. Kittell worked with PJM to $10 to $7, and FTR 2 increases in value from establish a dedicated depository account and $6 to $8. PurpleHat bundles up FTR 2 and It isn’t clear that PJM connected the dots of represented that GreenHat would request the thousands of other FTRs that have increased Kittell and Bartholomew to the JPMorgan third party to deposit the revenues from the in value (i.e., “in the money”) and goes looking market manipulation, though the connection bilateral contracts into a bank account that for a buyer of these “winners.” Now the buyer was hiding in plain sight in FERC’s eLibrary PJM had access to and from which PJM would looks at FTR 2, for example, and is thinking via a word search on “Andrew Kittell” or “John execute automated clearing house withdrawals that if the current $8 value is maintained to Bartholomew.” to cover net losses that accumulated in Green- settlement, PJM will pay me $8.
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