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LCG Publishes 2024 Annual Outlook for Texas Electricity Market (ERCOT)

LCG, October 10, 2023 – LCG Consulting (LCG) has released its annual outlook of the ERCOT wholesale electricity market for 2024, based on the most likely weather, market, transmission, and generator conditions.

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LCG Publishes 2024 Annual Outlook for Texas Electricity Market (ERCOT)

LCG, October 10, 2023 – LCG Consulting (LCG) has released its annual outlook of the ERCOT wholesale electricity market for 2024, based on the most likely weather, market, transmission, and generator conditions.

Read more

Industry News

Mexican Firm Gets California Power Contract

LCG, Dec. 11, 2001--The California Department of Water Resources said yesterday it had signed a long-term power contract with Intercom Energy, a Mexican company that is planning to build a power plant in the northern part of the state.

Oscar Hidalgo, a spokesman for the water agency, said "They are looking to actually put steel in the ground in northern California. We are obviously intrigued by that because of the need for peak time energy in northern California."

The contract with Intercom is for 200 megawatts for two years at an average price of $45 per megawatt-hour. That price compares very favorably with about $43 billion in long term contracts negotiated last spring at an average of about $69 per megawatt-hour.

But those earlier contracts were negotiated when the state thought it was facing years of rolling blackouts because of an insuffiency of supply and soaring prices on the volatile wholesale electricity spot market.

The commissioning of new power plants is taking care of the supply problem and prices on the spot market are currently about $25 per megawatt-hour.

The state has been attempting without much success to get power producers to renegotiate those earlier contracts but Hidalgo said that the Bonneville Power Administration, the federal utility based in Portland, Ore., had agreed to reduce to price of power on an 18 megawatt contract that runs through the end of next year from $55 per megawatt-hour to $29 per megawatt-hour.

Hidalgo noted that the Bonneville contract, unlike those with independent power producers, had a clause permitting termination without giving any reason.

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