rff rggi auction workshop july 20 2006 n.
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RFF RGGI Auction Workshop July 20, 2006 PowerPoint Presentation
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RFF RGGI Auction Workshop July 20, 2006 - PowerPoint PPT Presentation

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RFF RGGI Auction Workshop July 20, 2006
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  1. RFF RGGI Auction Workshop July 20, 2006

  2. Stakeholder Views 1 Market Dynamics Auction Views Summary 2 3

  3. 1 Market Dynamics Asset Manager Perspective • Liquid market sooner rather than later • Accurate market signals and information flow • Allocate many years of known quantities • Rule consistency across states for competition • Ensure market functions (power trading, fuel trading, investment) – currently broken • Sales require matching power, fuel & emissions • New facilities require 10-15 year PPA’s to get built • Contracted facilities provisions for cost recovery

  4. 2 Auctions Views • Small Volume Auctions • High participation • Supplement / Low disruption of OTC markets • Accurate pricing signals • Large Volume Auctions • Low participation • High cash/credit requirements, off timing to revenues • Inaccurate pricing signals • Absent a fair allocation methodology a transfer of ownership can be expected for generating assets • Shattered secondary markets

  5. 3 Summary / Conclusions • Frequent consistent smaller auctions • Provide clarity and transparency for credibility • Allocate known quantities as far into future as possible • Accurate price signals enable investment • Enable markets to develop and function