Report On the Economic Impacts on Western Utilities and Rate

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1、REPORTONTHEECONOMICIMPACTSONWESTERNUTILITIESANDRATEPAYERSOFPRICECAPSONSPOTMARKETSALESNote:ThispubliclyreleasedversionofthereportdoesnotincludeaconfidentialAppendixAcontainingcommerciallysensitiveinformation.PreparedbytheStaffoftheFederalEnergyRegulatoryCommi

2、ssionJanuary31,2002REPORTSubmittedtotheUnitedStatesCongressPreparedbytheStaffoftheFederalEnergyRegulatoryCommissionTheEconomicImpactsonWesternUtilitiesandRatepayersofPriceCapsonSpotMarketSalesJanuary31,2002TableofContentsExecutiveSummary.....................

3、........................................3I.BACKGROUND........................................................5A.ThePurposeofThisReport...........................................5B.DescriptionofKeyElementsoftheCommission'sProspectiveMitigationandMonitoringPro

4、gram............................5II.REQUESTSFORINFORMATION..........................................8III.SUMMARYSTATISTICS................................................10IV.MARKETCONDITIONSINTHEWESTDURING2001.......................14V.ECONOMICIMPACTSONWEST

5、ERNUTILITIESANDRATEPAYERS.........18VI.ASSESSMENTOFWHOLESALEPRICECURVES...........................20VII.PRINCIPALCONCLUSIONS............................................23Appendices:AppendixA–ConfidentialKeyIdentifyingtheWesternUtilities......................

6、.....24AppendixB–CopyofStaffDataRequeststotheWesternUtilities........................25-3-ExecutiveSummaryThisReportwaspreparedbytheStaffoftheFederalEnergyRegulatory1Commission(Commission)pursuanttotheconferencereportaccompanyingtheFY20022EnergyandWaterDevel

7、opmentAppropriationsAct(Act).TheconferencereportdirectstheCommissiontosubmittoCongress,byJanuary31,2002,areportontheeconomic34impactsonWesternutilitiesandratepayersassociatedwithpricecapsondailyspot5marketpowersales.Thesedailyspotmarkettransactionsinvolvethe

8、resaleofenergypurchasedunderlong-termforwardpowercontractswhensuchenergybecomessurplustosystemneeds.ThisReportfocusesontheeconomicimpactoneightWesternload-servingutilitiesandtheirratepayersofpri