The Federal Energy Regulatory Commission (FERC) is evaluating the SEEM proposal, which is backed by Duke Energy, Southern Company, Dominion Energy, and TVA, among others. The 15-member utilities claim that the new bilateral market would “materially benefit” the approximately 5 million households within the proposed coverage region by enhancing opportunities for competition and access to lower-cost energy.
Utilities would be unlikely to reach 100% decarbonization targets under SEEM, according to the new report. Duke Energy Carolinas and Duke Energy Progress would reduce their emissions by 16.7% and 21%, respectively, by 2040, while Southern Company would reduce its emissions by 15%.
The study highlights an RTO as producing the greatest cost savings and emissions reductions, when compared to the SEEM framework, through expanded transmission and capacity. An RTO would also create more than 1 million jobs, the authors wrote.
Jeff Dennis, managing director and general counsel for Advanced Energy Economy, joined Renewable Energy World’s John Engel to discuss the latest back-and-forth between SEEM and FERC, and what comes next. Before joining AEE, Dennis spent over a decade at FERC.