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Long-Term Contracts and Electric Utilities: Balance of Benefits and Traps

✍ Scribed by Kaplan, Stan

Publisher
John Wiley and Sons
Year
2008
Weight
774 KB
Volume
10
Category
Article
ISSN
0743-5665

No coin nor oath required. For personal study only.

✦ Synopsis

n the 1970s and 1980s, long-term contracts got a I deservedly bad name. Twenty-and thirty-year commitments proved to be worth less than the paper they were written on as buyers, government, and sellers a11 struggled to get out of suddenly uneconomic deals. Public service commissions pushed electric utilities to put their use of the spot market at a maximum. Long-term contracts were seen as a regulatory danger rather than an asset. Now the worm is turning again, as rising prices and low rig counts are convincing policy makers that some level of long-term commitment is needed by buyers if the sellers are to have enough gas to meet demand. This abrupt swing in the pendulum is characteristic of energy policy. It carries the risks of past swings: of developing into a march in the new "energy-correct" direction, only to turn into disaster when changed circumstances put a cliff in the way.

Long-term contracts are not a magic bullet that will solve the price and supply-security concern of utilities on the one hand, or the desire for assured sales volumes and revenues by sellers on the other. The litigation and prudence problems that accompanied long-term contracts in the past can only be avoided in the future if buyers and sellers enter into the agreements with a clear idea of what those contracts can and cannot accomplish. This article will try to lay out the Stan Kaplan Is director of energy market analysis for The balance of risks and Neldston Company, Inc., a benefits that long-Washington, OC, consulting term Contracts present to electric flrm.

Copyright 63 1993 by Executive Enterprises utilities. It is hoped that the article will benefit utilities that are thinking of entering into multiyear agreements and sellers that are seeking to understand the needs of potential customers.

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