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Energy Options in a Hybrid Market World

Discover FERC's strategic plan and the current state of energy markets, from electric power to natural gas. Explore the interplay between physical and financial markets, key issues, and market outlook for responsible participants in this complex market space.

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Energy Options in a Hybrid Market World

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  1. Energy Options in a HybridMarket World William F. Hederman, DirectorOffice of Market Oversight and Investigations Federal Energy Regulatory Commission Presented to:23rd National Regulatory Conference Marshall-Wythe School of LawWilliamsburg, VAMay 12, 2005 WH-5/05/05

  2. Outline • Review of FERC’s Strategic Plan • Overview of Current State of Energy Markets • Electric Power Markets: A Complex Mix • Natural Gas Markets: A Regulatory Restructuring Success • Interaction of Physical and Financial Energy Markets • Key Issues/Market Outlook • (Views expressed are Hederman’s not the Commission’s.)

  3. FERC Has 3-Prong Strategy Infrastructure Effective Rules Strategic Approach Rules Competitive Markets Just & Reasonable Outcomes Enforcement

  4. Energy Market Progress Requires: Integrity ANDPublic Confidence In That Integrity

  5. We Are Working To Empower Responsible Participants

  6. The Relevant Energy Markets Are Complex Natural Gas & Electric Market Space Nat Gas & Electric Derivatives Nat Gas & Electric Clearing Trading Venues Futures (NYMEX) Electronic Platforms Physical Nat Gas Phys Electric Power Voice Brokers Bilateral Trading RTO’s & ISO’s Generation Gas Supply Players Transmission & Pumped Storage Pipelines & Storage Price Contributors • Fixed price buyers & sellers • Speculators Price Takers -Indexed price buyers & sellers Delivered Market Delivered Market Gas to fuel power generation Source: FERC-OMTR&OMOI 7

  7. Reading List • Standards of Conduct OrderStandards of Conduct for Transmission Providers, III FERC Stats. & Regs., Regulations Preambles 31, 155 (2003) (Order No. 2004), reh’g, III FERC Stats. & Regs., Regulations Preambles 31, 161 (2004) (Order No. 2004-A), reh’g, 108 FERC 61, 118 (2004) (Order No. 2004-B), reh’g, 109 FERC 61, 325 (2004) Order No. 2004-C), reh’g, 110 FERC 61, 320 (2005) (Order No. 2004-D) • Behavior Rules Order Investigation of Terms and Conditions of Public Utility Market-Based Rate Authorizations 105 FERC 61, 218 (2003) (Market Behavior Rules Order) • State of Markets Report January 2004www.FERC.gov • Summer Outlook, May 4, 2005www.FERC.gov

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