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“Energy Market Restructuring and Its Ethical Challenges”

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“Energy Market Restructuring and Its Ethical Challenges”

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  1. “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

  2. 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

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  4. 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

  5. Role of Ethics in Energy Industry Recovery • Restore order • Restore integrity • Restore confidence in the integrity

  6. The energy industry, with the Enron legacy, is different. 6

  7. Market Integrity is Everyone’s Business FERC Hotline: 1-888-889-8030