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Jerrold Oppenheim DRAFT New England Electricity Restructuring Roundtable 110 Boston April 3, 2009

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Pursuing Sustainable Energy in New England: the Promise of Stimulus Funds and the Reality of Recession – a Low-Income Perspective. Jerrold Oppenheim DRAFT New England Electricity Restructuring Roundtable 110 Boston April 3, 2009. “America sees 18% of Wealth Vanish”.

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slide1

Pursuing Sustainable Energy in New England: the Promise of Stimulus Funds and the Reality of Recession – a Low-Income Perspective

Jerrold Oppenheim

DRAFT

New England Electricity Restructuring Roundtable 110

Boston

April 3, 2009

america sees 18 of wealth vanish
“America sees 18% of Wealth Vanish”

www.DemocracyAndRegulation.com

only top 20 had significant income increases
Only top 20% had significant income increases

www.DemocracyAndRegulation.com

new england
New England

CBPP

www.DemocracyAndRegulation.com

unemployment 8 1 10 in ca mi nv nc or ri sc
Unemployment 8.1%>10% in CA, MI, NV, NC, OR, RI, SC

January 2009 (US: 7.6%)

www.DemocracyAndRegulation.com

liheap
LIHEAP

DHCD

www.DemocracyAndRegulation.com

regional differences
Regional differences

http://www.creditslips.org/photos/uncategorized/2008/04/15/bankruptcyfilingratemapapr2008small.jpg

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slide8
.

www.DemocracyAndRegulation.com

other headline impacts of the great recession
Other Headline Impacts of The Great Recession
  • Millionaire Population Falls

The numbers are in: Millionaires are getting clobbered by the financial crisis. … the latest survey from Spectrem Group showed that the number of U.S. millionaires fell 27% last year. wsj.com/marketbeat March 14, 2009

  • Citigroup Climbs to $1.78 / Bank\'s Stock Solidly Over $1 Apiece After Nearly Closing Under It Recently wsj.com/Large Stock Focus March 14, 2009

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rate increases
RATE INCREASES
  • T&D
  • Generation
  • Natural Gas commodity
  • Financing
  • Carbon management

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transmission and distribution

Investment Including Smart Grid (2010-2030)

$581.5

600

400

$297.8

Billions of Dollars (Nominal)

$184.4

200

$113.4

0

Transmission

Distribution

? 230 kV

< 230 kV

Transmission and Distribution

Source: Transforming America’s Power Industry: The Investment Challenge, The Brattle Group, November 2008

EEI

value of reliability
Value of reliability

Estimated Cost-per-Outage-per-Customer (U.S.)1

Duration Residential Commercial Industrial

0 sec $2.18 $605 $1,893

1 hour $2.70 $886 $3,253

Sustained Interruption

$2.99 $1,067 $4,227

1 Costs shown in U.S. 2002 CPI-weighted dollars

Source: Kristina HamachiLaCommare and Joseph H. Eto ,Understanding the Cost of Power Interruptions to U.S.

Electricity Consumers (LBL, 2004), Table 10, http://eetd.lbl.gov/ea/EMP/EMP-pubs.html

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generation
Generation

Frank Graves, The Brattle Group, at The Santa Fe Conference 2009

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natural gas futures
Natural Gas Futures

Synapse Energy Economics

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eia gas forecasts
EIA Gas Forecasts

Synapse

Energy

Economics

www.DemocracyAndRegulation.com

financing costs eei
Financing costs (EEI)

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impact is not uniform
Impact is not uniform

DOE

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carbon
Carbon

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range of potential impacts from climate legislation eei
Range of Potential Impacts From Climate Legislation (EEI)
  • Cost per household $446 - $2927 in 2020 / year
  • Electricity prices 21% - 35% in 2020
  • Natural gas prices 20% - 39% in 2020
  • GDP 0.7% - 1.74% (~ $336B out of $~19.2T GDP)
  • Employment 1.1 - 2.78 million in 2020
  • Coal consumption 42% - 66% in 2020
  • Permit prices ($ / ton CO2 equivalent) $18 - $48 / ton in 2020
  • Total US GHG emission (mmtCO2-equivalent) 4887 – 6654 in 2030 (“Business As Usual” 9672 in 2030)
slide20
CO2

World

Resources

Institute

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slide21
CO2

D. Burtraw et al., RFF, Sep. 2008

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new england1
New England

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cap and trade rebates
Cap and Trade rebates?

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consumers
Consumers

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energy burden
ENERGY BURDEN

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controlling low income bills
CONTROLLING LOW-INCOME BILLS
  • Stimulus
  • Efficiency
  • Demand management?
  • LIHEAP
  • Arrearage management
  • Low-income rates

www.DemocracyAndRegulation.com

stimulus
Stimulus
  • Energy efficiency / Renewables
    • Energy Efficiency and Renewable Energy Programs - $16.8 Billion
    • Renewable energy project / transmission loan guarantees - $6 Billion
    • Federal building efficiency - $4.5 Billion
    • Weatherization - $5 Billion
    • State block grants for energy projects - $6.3 Billion
  • Transmission
    • Federal loans for transmission (WAPA and BPA) - $6.5 Billion
    • Electric transmission loan guarantees - $2 Billion
  • Smart Grid - $4.5 Billion Smart Appliances - $300 Million
  • PHEV
    • Fuel efficient vehicles - $300 Million States, $300 Million Fed
    • PHEV charging infrastructure - $400 Million
    • Advanced battery manufacturing - $2 Billion
  • Carbon Capture and Storage - $3.4 Billion

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efficiency
Efficiency

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slide29
WAP

WAPTAC

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new england2
New England

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massachusetts
Massachusetts

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demand management
Demand management

www.gridpoint.com/curve/overview/

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liheap1
LIHEAP

LIHEAP

Clearinghouse

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renewables
Renewables

Cocoa bean shells

(PSNH-Lindt experiment

At Schiller Station,

Portsmouth)

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slide35
.

www.

DemocracyAndRegulation.com

+1-978-283-0897

[email protected]

DemocracyAndRegulation.com

Theo MacGregor & Jerrold Oppenheim

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35

about the speaker
About theSpeaker

Jerrold Oppenheim is an independent consultant and attorney who has advised and represented low-income and other utility consumer advocates, government agencies, labor, and utilities across the country for more than 35 years. A graduate of Harvard College and Boston College Law School, he led utility litigation and argued precedent-setting cases for four Attorneys General in New York State and Massachusetts; for Legal Services in Boston, Chicago and New York City; and for the National Consumer Law Center. He is a member of the Center for Public Utilities Advisory Council, New Mexico State University, andhas spoken and published on four continents, including Democracy And Regulation with Theo MacGregor and Greg Palast, published by Pluto Press (London) and winner of the ACLU Upton Sinclair Award.

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