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The Changing Structure of the Electric Power Industry 2000: an Update

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The Changing Structure of the Electric Power Industry 2000: an Update DOE/EIA-0562(00) Distribution Category UC-950 The Changing Structure of the Electric Power Industry 2000: An Update October 2000 Energy Information Administration Office of Coal, Nuclear, Electric and Alternate Fuels U.S. Department of Energy Washington, DC 20585 This report was prepared by the Energy Information Administration, the independent statistical and analytical agency within the Department of Energy. The information contained herein should not be construed as advocating or reflecting any policy position of the Department of Energy or of any other organization. Contacts This report was prepared by the staff of the Electric Suraj P. Kanhouwa, Chief, Electric Market Assessment Market Assessment Team, Electric Power Division, Team, by telephone at (202) 426-1257 or by Internet at Office of Coal, Nuclear, Electric and Alternate Fuels, [email protected]. Specific questions Energy Information Administration. Questions about regarding the preparation and content of this report this publication, as well as other energy inquiries, may should be directed to William D. Liggett, Project be directed to the National Energy Information Center at Manager, by telephone at (202) 426-1139 or by Internet (202) 586-8800 or via Internet e-mail at at [email protected]. [email protected]. This report is accessible via the Internet at http://www.eia.doe.gov/cneaf/electricity/ Editing and production assistance for this report was page/pubs.html. provided by Terry Varley, Sarah Loats, and Terri Thigpen. General information regarding this publication may be obtained from Robert M. Schnapp, Director, Electric Questions regarding specific chapters of the report Power Division, by telephone at (202) 426-1211 or by should be directed as follows: Internet at [email protected], or from Dr. Chapter Author Telephone Internet Chapter 1 William D. Liggett (202) 426-1139 [email protected] Chapter 2 Rebecca A. McNerney (202) 426-1251 [email protected] Chapter 3 Rebecca A. McNerney (202) 426-1251 [email protected] Chapter 4 Rebecca A. McNerney (202) 426-1251 [email protected] Chapter 5 Ronald S. Hankey (202) 426-1188 [email protected] Chapter 6 Rebecca A. McNerney (202) 426-1251 [email protected] Chapter 7 William D. Liggett (202) 426-1139 [email protected] Chapter 8 Ronald S. Hankey (202) 426-1188 [email protected] Chapter 9 William D. Liggett (202) 426-1139 [email protected] ii Energy Information Administration/ The Changing Structure of the Electric Power Industry 2000: An Update Preface Section 205(a)(2) of the Department of Energy Organiz- The legislation that created EIA vested the organization ation Act of 1977 (Public Law 95-91) requires the Admin- with an element of statutory independence. EIA does istrator of the Energy Information Administration (EIA) not take positions on policy questions. EIA's respon- to carry out a central, comprehensive, and unified energy sibility is to provide timely, high-quality information data information program that will collect, evaluate, and to perform objective, credible analyses in support of assemble, analyze, and disseminate data and information deliberations by both public and private decision relevant to energy resources, reserves, production, makers. Accordingly, this report does not purport to demand, technology, and related economic and statistical represent the policy positions of the U.S. Department of information. To assist in meeting these responsibilities in Energy or the Administration. the area of electric power, EIA has prepared this report, The Changing Structure of the Electric Power Industry 2000: This report can be accessed and downloaded as a An Update. The purpose of this report is to provide a Portable Document Format (PDF) file from EIA’s web comprehensive overview of the structure of the U.S. site by connecting a web browser (i.e., Netscape, MS electric power industry, focusing on the past 10 years, Internet Explorer, etc.) to EIA’s Home Page at with emphasis on the major changes that have occurred, http://www.eia.doe.gov. Once connected, click on their causes, and their effects. It is intended for a wide “Electric” to go to the “Electric Page.” Then, move to the audience, including Congress, Federal and State agen- Publications menu and click on the publication title to cies, the electric power industry, and the general public. begin the download process. Energy Information Administration/ The Changing Structure of the Electric Power Industry 2000: An Update iii Contents Page Executive Summary ............................................................................. ix 1. Introduction .............................................................................. 1 Part I: The U.S. Electric Power Industry as a Regulated Monopoly ...................................... 3 2. Historical Overview of the Electric Power Industry ............................................. 5 3. The U.S. Electric Power Industry Infrastructure: Functions and Components ....................... 9 Introduction ............................................................................ 9 Generation .............................................................................. 9 Transmission ........................................................................... 13 Distribution ............................................................................ 15 The Components of Electricity Supply % Utilities and Nonutilities ............................... 16 4. The Federal Statutory Background of the Electric Power Industry ................................ 29 Introduction ........................................................................... 29 The Public Utility Holding Company Act of 1935 ............................................. 29 The Public Utility Regulatory Policies Act of 1978 ............................................ 31 The Energy Policy Act of 1992 ............................................................. 33 Part II: The U.S. Electric Power Industry in Transition to Competition ................................. 39 5. Factors Underlying the Restructuring of the Electric Power Industry ............................. 41 Introduction ........................................................................... 41 Price Differences ........................................................................ 42 Technological Advances ................................................................. 44 6. Federal Legislative Initiatives .............................................................. 47 Introduction ........................................................................... 47 Major Issues Under Debate ............................................................... 48 The Administration’s Comprehensive Electricity Competition Proposal .......................... 52 7. Wholesale Power Markets and Restructuring the U.S. Power Transmission System ................ 61 Introduction ........................................................................... 61 FERC Promotes Wholesale Competition and Transmission Efficiency ............................ 61 Status of Regional Transmission Organizations ............................................... 74 Wholesale Electricity Trading Hubs and Power Exchanges ..................................... 78 Market Power In Wholesale Electricity Markets .............................................. 78 Conclusion ............................................................................. 79 8. The Role of the States in Promoting Competition ............................................. 81 Case Studies ........................................................................... 82 9. Mergers, Acquisitions, and Power Plant Divestitures of Investor-Owned Electric Utilities .......... 91 Energy Information Administration/ The Changing Structure of the Electric Power Industry 2000: An Update v Contents (Continued) Page Appendices A. History of the U.S. Electric Power Industry, 1882-1991 ......................................... 109 B. Historical Chronology of Energy-Related Milestones, 1800-2000 (Not available electronically) C. Pending Federal Restructuring Legislation ................................................... 131 D. Electric Power Industry Statistics ........................................................... 149 Tables 1. Percentage Change Between Various Electric Power Industry Statistics From The Great Depression Through World War II, 1932-1945 .............................................................. 7 2. Major Characteristics of U.S. Electric Utilities by Type of Ownership, 1998 ........................... 17 3. Number of Electric Utilities by Class of Ownership and NERC Region, 1998 ......................... 18 4. Energy Supply Participants and Their Operations, 1998 ........................................... 19 5. Major Characteristics of U.S. Nonutilities by Type ............................................... 22 6. Relative Size of Registered Holding Companies as of December 31, 1998 ............................. 30 7. Total Projected Additions of Electricity Generating Capability for Electric Generators by Technology Type, 1999-2020 ................................................................................. 45 8. Proposed Legislation Influencing the Restructuring of the Electric Power Industry Introduced into the 106th Congress as of May 1, 2000 ............................................................
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