Energy market restructuring and its ethical challenges
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“Energy Market Restructuring and Its Ethical Challenges”. William F. Hederman, Director Office of Market Oversight and Investigations Federal Energy Regulatory Commission.

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Energy market restructuring and its ethical challenges

“Energy Market Restructuring and Its Ethical Challenges”

William F. Hederman, DirectorOffice of Market Oversight and Investigations

Federal Energy Regulatory Commission

Presented to:“Ethics and Changing Energy Markets: Issues for Engineers,Managers and Regulators”University of Notre DameOctober 28, 2004

WH-10-21-04


Energy market restructuring and its ethical challenges

Electricity and Gas Milestones

2004

Blackout2003

20021st FERC- approved RTO: MISO

OMOI established2002

2001California MMCP175

Enron bankruptcy (12/02)2001

California “melt-down”2000

1999Order 2000

NPC forecast: 30 Tcf1999

1997PJM: 1st FERC- approved ISO

Last nuclear plant online1996

1996Order 888

California “Bluebook”1994

1992EPACT; Order 636

1990CAAA90

EVENTS

Chernobyl1986

1985Maryland People’s Counsel Decision

1985Order 436

“Gas Bubble”1980s

Three Mile Island1979

1978NGPA, PURPA

POLICY ACTIONS

1977DOE, FERC created

1977Clean Air Act Amendments (CAAA)

OPEC Oil Embargo – energy crisis1973-74

1970Clean Air Act

Natural gas shortages1970s

1968NERC established

Northeast Power Blackout 1965

1st commercial nuke1957

1954Phillips Decision

1938Natural Gas Act

Hoover Dam1936

1935PUHCA: Public Utility Holding Company Act

Utility Holding

Company

Abuses1920s

1935FPA: Federal Power Act

1920

2


Energy market restructuring and its ethical challenges

3


Energy market restructuring and its ethical challenges

The FERC strategy to provide dependable, affordable energy through sustained competitive markets has 3 elements.

Infrastructure

Effective Rules

Strategic

Approach

Rules

Competitive

Markets

Just & Reasonable

Outcomes

Enforcement


Role of ethics in energy industry recovery

Role of Ethics in Energy Industry Recovery

  • Restore order

  • Restore integrity

  • Restore confidence in the integrity


Energy market restructuring and its ethical challenges

The energy industry, with the Enron legacy, is different.

6


Market integrity is everyone s business

Market Integrity is Everyone’s Business

FERC Hotline:

1-888-889-8030


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