Resource Insight - Representative Work Products

Resource Insight co-authored this study of performance-based regulation for NARUC in 1997. The study considers recent examples, possible objectives, and implications of restructuring for performance-based regulation. You may view the PBR report.

In this testimony Resource Insight’s president, Paul Chernick, details how to value the losses from past imprudence of the Central Vermont Public Service Company. You may download the testimony from the Vermont Department of Public Service.

In this testimony Resource Insight President Paul Chernick discusses dangers posed by market power in wholesale gas markets. The efficiency of these markets has implications for both gas and electricity supply. Resource Insight found parallels between proposed gas restructuring in New Jersey and electric-industry restructuring in California. You may view the testimony.

Resource Insight’s president prepared this testimony in a docket about the proposal to sell Millstone nuclear unit 2 and a majority share of Millstone 3, which is jointly owned. The author discusses the market for nuclear assets and such issues as the optimal structure of auctions, the value of minority-owner rights (such as rights of first refusal), and the timing of divestiture. You may view the testimony.

In this testimony, Resource Insight’s president discusses the problems in a proposed mechanism for sharing excess earnings and gas-cost reductions between gas-utility ratepayers and shareholders. You may view the testimony.

In this testimony Resource Insight President Paul Chernick examines the merger of Scottish Power and Pacificorp, reviewing proposed performance standards and discussing valuation of performance. The discussion primarily emphasizes network-performance standards, which deal with system-reliability issues. The testimony also reviews proposed low-income assistance. You may view the testimony.

Resource Insight provided this concise description of how to incorporate demand-side management into T&D planning for the Vermont Department of Public Service. The guidelines are part of the Department’s comprehensive energy-efficiency plan, which subsequently lead to the establishment of the nation’s first stand-alone energy-efficiency utility. (Resource Insight also wrote Part 4 and Appendix 4 of the plan.) You may download the guidelines from the Department. You may also download the entire report.

This detailed calculation of avoided electric and gas supply costs formed the basis for an agreement among parties to Massachusetts’s restructuring docket. Today this work, periodically revised, is used to design and screen demand-side-management programs in all six New England states. The methods and assumptions for these calculations are set forth in detail. You may view the report.

In this 1996 study of Massachusetts stranded costs Resource Insight articulated the now widely accepted principle that stranded costs should be calculated net of any gains that utilities realize from restructuring. The report also estimates the market value of power plants, based on the present value of future profits. Resource Insight has since used this methodology in many other jurisdictions. You may view this report.

This paper finds that least-cost resource planning is compatible with electricity markets that have been restructured to allow for competition among generators. The authors describe the resource-planning process in a competitive environment, with special attention to the aspects most important to the design and implementation of energy-efficiency programs. You may view the report.

Resource Insight led this investigation into electric-industry restructuring in Maryland in 1997. Its findings on market structure, industry structure, public benefits, stranded costs, rate unbundling, and tax issues are generally applicable to other U.S. jurisdictions. The report discusses market power, universal service, demand-side management, environmental quality, stranded costs, and other issues. You may view the report.

In 2003 Resource Insight prepared this integrated resource plan to help the City of New York use its influence and its purchasing and land-use-planning powers to secure electrical-energy resources for residents and businesses. The firm identified energy needs, resources (including distributed resources), and costs, and compared alternatives. You may view the study. (This work also informed the 2004 report of the City’s Energy Policy Task Force.)

The failure of industry restructuring to create robust competitive power markets in Ohio has led policy makers there to consider long-range power-supply plans. Resource Insight’s 2006 work for the Office of the Ohio Consumers’ Counsel explores a framework for integrated resource planning as part of this process, comprehensively incorporating and comparing the costs of all energy resources, including energy efficiency. You may view the study.

This comprehensive revision of the original 1999 detailed calculation of avoided electric and gas supply costs provides new results based on recent changes in regional markets and energy prices. Today this work is used to design and screen demand-side-management programs in all six New England states. You may view the supplement.

This position paper explains why defects in wholesale electricity markets make functioning retail markets impossible. You may view the comments.

This paper published by the International Association for Energy Economics discusses the broader applicability of Resource Insight’s 1996 study of Massachusetts’s stranded costs to other jurisdictions and to restructuring in general. You may view the paper.

Resource Insight Inc. Representative Work Products A more-comprehensive catalog of Resource Insight’s work can been found in the professional vitae of the firm’s senior staff members. You may also view this list of links to representative work products in narrative form.
Biewald, Bruce, Tim Woolf, Peter Bradford, Paul Chernick, Susan Geller, and Jerrold Oppenheim. 1997. “Performance-Based Regulation in a Restructured Utility Industry.” Washington: NARUC Resource Insight co-authored this study of performance-based regulation for NARUC in 1997. The study considers recent examples, possible objectives, and implications of restructuring for performance-based regulation. You may view the PBR report.
Chernick, Paul. 2001. “Direct Testimony of Paul Chernick” Vt. PSB Dockets Nos. 6460 and 6120. In this testimony Resource Insight’s president, Paul Chernick, details how to value the losses from past imprudence of the Central Vermont Public Service Company. You may download the testimony from the Vermont Department of Public Service.
Chernick, Paul. 2001. “Direct Testimony of Paul Chernick” N.J. BPU Docket No. GM00080564. In this testimony Resource Insight President Paul Chernick discusses dangers posed by market power in wholesale gas markets. The efficiency of these markets has implications for both gas and electricity supply. Resource Insight found parallels between proposed gas restructuring in New Jersey and electric-industry restructuring in California. You may view the testimony.
Chernick, Paul. 2000. “Direct Testimony of Paul Chernick on behalf of the Office of Consumer Counsel” Conn. DPUC Docket No. 99-09-12. Resource Insight’s president prepared this testimony in a docket about the proposal to sell Millstone nuclear unit 2 and a majority share of Millstone 3, which is jointly owned. The author discusses the market for nuclear assets and such issues as the optimal structure of auctions, the value of minority-owner rights (such as rights of first refusal), and the timing of divestiture. You may view the testimony.
Chernick, Paul. 2000. “Direct Testimony of Paul Chernick on behalf of the Office of Consumer Counsel” Conn. DPUC Docket No. 99-09-03. In this testimony, Resource Insight’s president discusses the problems in a proposed mechanism for sharing excess earnings and gas-cost reductions between gas-utility ratepayers and shareholders. You may view the testimony.
Chernick, Paul. 1999. “Direct Testimony of Paul L. Chernick on behalf of the Public Counsel Section Office of the Attorney General” Wash. UTC Docket No. UE-981627. In this testimony Resource Insight President Paul Chernick examines the merger of Scottish Power and Pacificorp, reviewing proposed performance standards and discussing valuation of performance. The discussion primarily emphasizes network-performance standards, which deal with system-reliability issues. The testimony also reviews proposed low-income assistance. You may view the testimony.
Chernick, Paul. 1997. “Planning Guidelines for Integrating DSM with T&D Planning.” Appendix 5 to “The Power to Save: A Plan to Transform Vermont’s Energy-Efficiency Markets.” Montpelier: Vermont Department of Public Service. Resource Insight provided this concise description of how to incorporate demand-side management into T&D planning for the Vermont Department of Public Service. The guidelines are part of the Department’s comprehensive energy-efficiency plan, which subsequently lead to the establishment of the nation’s first stand-alone energy-efficiency utility. (Resource Insight also wrote Part 4 and Appendix 4 of the plan.) You may download the guidelines from the Department. You may also download the entire report.
Chernick, Paul, Rachel Brailove, Susan Geller, Bruce Biewald, and David White. 1999. “Avoided Energy Supply Costs for Demand-Side Management in Massachusetts.” Northborough, Mass.: Avoided-Energy-Supply-Component Study Group, c/o National Grid Company. This detailed calculation of avoided electric and gas supply costs formed the basis for an agreement among parties to Massachusetts’s restructuring docket. Today this work, periodically revised, is used to design and screen demand-side-management programs in all six New England states. The methods and assumptions for these calculations are set forth in detail. You may view the report.
Chernick, Paul, Susan Geller, Rachel Brailove, Jonathan Wallach, and Adam Auster. 1996. “Estimation of Market Value, Stranded Investment, and Restructuring Gains for Major Massachusetts Utilities.” On behalf of the Massachusetts Attorney General (Boston). In this 1996 study of Massachusetts stranded costs Resource Insight articulated the now widely accepted principle that stranded costs should be calculated net of any gains that utilities realize from restructuring. The report also estimates the market value of power plants, based on the present value of future profits. Resource Insight has since used this methodology in many other jurisdictions. You may view this report.
Chernick, Paul, and Jonathan Wallach. 1996. “The Future of Utility Resource Planning: Delivering Energy Efficiency through Distribution Utilities” 1996 ACEEE Summer Study in Energy Efficiency in Buildings (7.47–55). Washington: American Council for an Energy-Efficient Economy. This paper finds that least-cost resource planning is compatible with electricity markets that have been restructured to allow for competition among generators. The authors describe the resource-planning process in a competitive environment, with special attention to the aspects most important to the design and implementation of energy-efficiency programs. You may view the report.
Chernick, Paul, Jonathan Wallach, Susan Geller, John Plunkett, Roger Colton, Peter Bradford, Bruce Biewald, David Wise. 1997. “Restructuring the Electric Utilities of Maryland.” Baltimore: Maryland Office of People’s Counsel Resource Insight led this investigation into electric-industry restructuring in Maryland in 1997. Its findings on market structure, industry structure, public benefits, stranded costs, rate unbundling, and tax issues are generally applicable to other U.S. jurisdictions. The report discusses market power, universal service, demand-side management, environmental quality, stranded costs, and other issues. You may view the report.
Chernick, Paul, Jonathan Wallach, Susan Geller, Brian Tracey, Adam Auster, and Peter Lanzalotta. 2003. “Energy Plan for the City of New York.” New York: New York City Economic Development Corporation. In 2003 Resource Insight prepared this integrated resource plan to help the City of New York use its influence and its purchasing and land-use-planning powers to secure electrical-energy resources for residents and businesses. The firm identified energy needs, resources (including distributed resources), and costs, and compared alternatives. You may view the study. (This work also informed the 2004 report of the City’s Energy Policy Task Force.)
Chernick, Paul, Jonathan Wallach, William Steinhurst, Tim Woolf, Anna Sommers, and Kenji Takahashi. 2006. “Integrated Portfolio Management in a Restructured Supply Market: A Report to the Office of the Ohio Consumers’ Counsel.” Columbus, Ohio: Office of the Ohio Consumers’ Counsel. The failure of industry restructuring to create robust competitive power markets in Ohio has led policy makers there to consider long-range power-supply plans. Resource Insight’s 2006 work for the Office of the Ohio Consumers’ Counsel explores a framework for integrated resource planning as part of this process, comprehensively incorporating and comparing the costs of all energy resources, including energy efficiency. You may view the study.
Hornby, Rick, Carl Swanson, Michael Drunsic, David White, Paul Chernick, Bruce Biewald, and Jenifer Callay. 2007. “Avoided Energy Supply Costs in New England: 2007 Final Report.” Northborough, Mass.: Avoided-Energy-Supply-Component Study Group, c/o National Grid Company. This comprehensive revision of the original 1999 detailed calculation of avoided electric and gas supply costs provides new results based on recent changes in regional markets and energy prices. Today this work is used to design and screen demand-side-management programs in all six New England states. You may view the supplement.
Wallach, Jonathan. 2001. “Comments of the Maryland Office of People’s Counsel” U.S. FTC Docket No. V010003. This position paper explains why defects in wholesale electricity markets make functioning retail markets impossible. You may view the comments.
Wallach, Jonathan, and Paul Chernick. 1996. “The Price is Right: Restructuring Gain from Market Valuation of Utility Generating Assets” International Association for Energy Economics Seventeenth Annual North American Conference (345–352). Cleveland, Ohio: USAEE. This paper published by the International Association for Energy Economics discusses the broader applicability of Resource Insight’s 1996 study of Massachusetts’s stranded costs to other jurisdictions and to restructuring in general. You may view the paper.
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