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Managing Risks of Generating Assets in LMP Markets

From Burns & McDonnell
 

 
Today there are about 720 gigawatts (GW) of power generation in the United States. As shown in Figure 1, much of the U.S. is divided into distinct regions in which the use of the electric transmission grid is controlled by Independent System Operators (ISO). In the next few years, as shown in the table below, about 60 percent of that U.S. electricity capacity, or about 440 GW, will be operating in regions incorporating Locational Market Prices (LMP). As a large number of generating assets begin operating in LMP markets, there is an increasing need to develop operating strategies which mitigate risk and increase the profitability of individual units. This is particularly true of assets such as combined cycle units which, due to higher natural gas prices, are being dispatched less today than what was expected when they were put into service. As a result, these units are much more likely to be "on the margin" when it comes to today's dispatch hierarchy.
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