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News
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LCG, April 17, 2025--The Federal Energy Regulatory Commission (FERC), the North American Electric Reliability Corporation (NERC), and its Regional Entities today issued a joint staff report concluding that the nation’s Bulk-Power System (BPS) "performed well during successive cold weather events in January 2025, without major issues in either the natural gas or electric systems."
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LCG, April 15, 2025--Matrix Renewables announced today the successful commissioning of the Pleasant Valley Solar 1 power generation facility in Ada County, Idaho. The 200-MWac solar facility includes a Power Purchase Agreement (PPA) that was secured through negotiation with Meta and Idaho Power. Matrix Renewables states the facility is the largest operational solar facility in Idaho Power's system. Sundt Renewables, the Engineering, Procurement, and Construction (EPC) services provider, completed construction of the project on March 2nd.
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Industry News
Enron Admits Padding Profits by $591 Million
LCG, Nov. 9, 2001--Enron Corp. admitted yesterday that it had padded its reported profits by $591 billion over the past four and three-quarters years and said its earnings reports would have to be restated."Financial statements for and the audit reports relating to the year-end financial statements for 1997 through 2000 should not be relied upon," the company said. The first three quarters of 2001 were also off the mark.Should not be relied upon? It is more difficult to produce financial statement which should not be relied upon than it is to simply post the numbers fair and square. Moreover, a lot of people have to sign off on those financial statements -- the company's financial executives, its chief executive and its independent auditors.Enron's chief executive, Jeff Skilling, resigned in August, saying he needed a change in lifestyle. In October, the company sacked its chief financial officer, Andrew Fastow. Both Skilling and Fastow had made a lot of money, over and above their regular compensation.As to the padded profits, Enron says it should have reported 1997 earnings as $9 million, and not $105 million. Earnings for 1998 should have been reported as $590 million, and not $703 million. In 1999, the company earned $643 million and not $893 million. Last year, earnings should have been reported as $847 million and not $979 million. So far this year, Enron has reported earnings of $211 million, but has actually earned $216 million, the company now says.Enron told the Securities and Exchange Commission, which is investigating the company's dealings with partnerships controlled by Fastow, that the confusion stemmed from accounting for profits earned in transactions with those partnerships. By way of explanation, Enron offered this less than edifying bit of foggy English:"Many of these transactions involve 'special purpose entities,' or 'SPEs.' Accounting guidelines allow for the non-consolidation of SPEs from the sponsoring company's financial statements in certain circumstances. Accordingly, certain transactions between the sponsoring company and the SPE may result in gain or loss and/or cash flow being recognized by the sponsor, commonly referred to by financial institutions as 'monetizations.'"During the period Enron overstated its profits, its shares enjoyed a spectacular run-up on the New York Stock Exchange. Skilling is said to have made an extra $84.5 million between 1996 and 2000, before he became chief executive. Fastow, according to people close to the company but not part of it, earned more than $100 million from transactions between Enron and the partnerships he controlled.The bloodletting at Enron is not over. Yesterday, the company said it was terminating the employment of Ben Glisan, managing director and treasurer of Enron Corp., and Kristina Mordaunt, a managing director and counsel of an Enron division. The company said it believes that these two employees, along with four other former Enron employees, were involved as partners in one of Fastow's partnerships that had dealings with Enron.In recent years, support for Enron in the investment community has been an article of faith -- sort of like belief in Tinker Bell or the tooth fairy. The Internet version of Forbes Magazine, had this comment:"During the fat years, Enron's books were known for being as complex as a Thomas Pynchon novel. Even those who actually read them had trouble understanding. But everyone--whether or not they deciphered what was going on--seemed confident they were in the presence of genius and felt good about themselves, too."
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UPLAN-NPM
The Locational Marginal Price Model (LMP) Network Power Model
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UPLAN-ACE
Day Ahead and Real Time Market Simulation
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UPLAN-G
The Gas Procurement and Competitive Analysis System
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PLATO
Database of Plants, Loads, Assets, Transmission...
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