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Utility Seeks Authority To Conduct Default Service Auction While New SOS Plan Pending, In Order To Avoid Later Lump Procurement
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AEP Ohio has sought authority from the Public Utilities Commission of Ohio to conduct an auction in November 2023 Standard Service Offer supplies for the period beginning June 1, 2024
As previously reported, supplies for June 1, 2024, including a contemplated November 2023 auction, are addressed in a pending non-unanimous stipulation for a new electric security plan at AEP Ohio.
PUCO has not yet ruled on the stipulation, and AEP Ohio said that holding an interim auction in November 2023 is preferable to awaiting a PUCO order and acquiring all of the needed supply in the contemplated spring 2023 auction
"Continuing with the November and March auction schedule that the Commission previously
approved in the ESP III and ESP IV cases aims to minimize uncertainty and rate volatility for
SSO customers. It will also provide certainty to suppliers interested in participating in the
Company’s SSO auctions. Additionally, an auction held in November 2023 would capture any
favourable [sic] market conditions that may presently exist," AEP Ohio said
Notably, AEP Ohio proposed to hold the sought November 2023 auction under the most recent auction rules and design, and not any auction changes proposed in the ESP stipulation
Notably, this means that the November 2023 auction would not include a capacity proxy price for years in which the PJM BRA price is not known
Rather, AEP Ohio proposed to only procure 12-month tranches in the November 2023 auction, and not 24-month products as was planned in the still-pending ESP stipulation
"In light of the PJM delays, AEP Ohio proposes to
procure 50 tranches of a 12-month product (with product term June 1, 2024, through May 31,
2025) in its November 2023 auction instead of 33 tranches of a 24-month product and 17
tranches of a 12-month product," AEP Ohio said
Case No. 23-23-EL-SSO
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Instant Auction Would Follow Current Rules, Not Proposed Changes
September 15, 2023
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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