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Energy Options in a Hybrid Market World

Energy Options in a Hybrid Market World. William F. Hederman, Director Office of Market Oversight and Investigations Federal Energy Regulatory Commission. Presented to: 23 rd National Regulatory Conference Marshall-Wythe School of Law Williamsburg, VA May 12, 2005. WH-5/05/05. Outline.

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Energy Options in a Hybrid Market World

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  1. Energy Options in a HybridMarket World William F. Hederman, DirectorOffice of Market Oversight and Investigations Federal Energy Regulatory Commission Presented to:23rd National Regulatory Conference Marshall-Wythe School of LawWilliamsburg, VAMay 12, 2005 WH-5/05/05

  2. Outline • Review of FERC’s Strategic Plan • Overview of Current State of Energy Markets • Electric Power Markets: A Complex Mix • Natural Gas Markets: A Regulatory Restructuring Success • Interaction of Physical and Financial Energy Markets • Key Issues/Market Outlook • (Views expressed are Hederman’s not the Commission’s.)

  3. FERC Has 3-Prong Strategy Infrastructure Effective Rules Strategic Approach Rules Competitive Markets Just & Reasonable Outcomes Enforcement

  4. Energy Market Progress Requires: Integrity ANDPublic Confidence In That Integrity

  5. We Are Working To Empower Responsible Participants

  6. The Relevant Energy Markets Are Complex Natural Gas & Electric Market Space Nat Gas & Electric Derivatives Nat Gas & Electric Clearing Trading Venues Futures (NYMEX) Electronic Platforms Physical Nat Gas Phys Electric Power Voice Brokers Bilateral Trading RTO’s & ISO’s Generation Gas Supply Players Transmission & Pumped Storage Pipelines & Storage Price Contributors • Fixed price buyers & sellers • Speculators Price Takers -Indexed price buyers & sellers Delivered Market Delivered Market Gas to fuel power generation Source: FERC-OMTR&OMOI 7

  7. Reading List • Standards of Conduct OrderStandards of Conduct for Transmission Providers, III FERC Stats. & Regs., Regulations Preambles 31, 155 (2003) (Order No. 2004), reh’g, III FERC Stats. & Regs., Regulations Preambles 31, 161 (2004) (Order No. 2004-A), reh’g, 108 FERC 61, 118 (2004) (Order No. 2004-B), reh’g, 109 FERC 61, 325 (2004) Order No. 2004-C), reh’g, 110 FERC 61, 320 (2005) (Order No. 2004-D) • Behavior Rules Order Investigation of Terms and Conditions of Public Utility Market-Based Rate Authorizations 105 FERC 61, 218 (2003) (Market Behavior Rules Order) • State of Markets Report January 2004www.FERC.gov • Summer Outlook, May 4, 2005www.FERC.gov

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