**411 E. Huntington Dr., STE 107 -**  **222 Arcadia CA 91006 T:925 -**  **299 -**  **9271 F:925 -**  **299 -**  **0152** July 11 , 201 4 

# Western Power Issues Roundtable Friday , August 1 , 201 4 Offices of Skadden Arps LLP 700 14 th 

### St., N.W. Washington DC 20005 Room 11

- AB; 9 a.m.

– 3:00 p.m. T he Western Power Trading Forum (WPTF) will conduct once again a roundtable on Western Power Issues for the benefit of the trade group members and invited industry guests. The roundtable format has proven highl y s uccessful in airing what otherwise are complex issues in a collegial fashion that allow participants to ask questions and engage in meaningful dialogue. This session will have three broad topics:  CAI SO’s Fifteen Minute Market: As Planned or Unintended Consequences?  EPA’s Proposed Carbon Rules

—Fragmenti ng Electricity Markets?  Electricity

/Gas Coordination in the West Our roundtable format has been well received and the attendees tell me they learn more in a few hours than they

ever thought possible. T he agenda for the August 1 meeting found on page 3, below , will encourage livel y discussion s . A lunch will be hosted b y WPTF , and a reception will be held immediately following the roundtable hosted by Skadden Arps and WPTF . I look forward to seeing you there. Sincerel y, Gary B. Ackerman Executive Dir ector**411 E. Huntington Dr., STE 107 -**  **222 Arcadia CA 91006 T:925 -**  **299 -**  **9271 F:925 -**  **299 -**  **0152 Invited**  **Participants** ***** **designates confirmed participant or observer** 

### Industry Guests * Jeb Stenhouse , EPA * Professor Ben Hobbs, Johns Hopkins * Scott Harvey , FTI Consulting * Brad Bouillon, CAI SO * Brad Cooper, CAISO *Ellen Wolfe, Resero Consulting * Clare Breidenich, WPTF 

### FERC Staff * Arnie Quinn * Steve Rodgers 

### WPTF **Member Participants** * John Estes, Skadden Arps * Harry Singh, Goldman Sachs *Peter Colussy , Xcel Energy * Bruce Bleiweis, DC Energy * Sarah Novasel, Calpine *Brian Theaker, NRG *Michael Evans, Shell * Laura Beane , Ib erdrola * Dede Hapner , PG&E *Mel Christopher, PG&E * Mason Emnett , NextEra * Adam Raphae ly , Noble Americas * Randy Cullison, Tenaska * Steve Huhman, Morgan Stanley *Ron Moulton, WAPA *Steve Eckert , Brookfield * Michael MacD o ugall, Powerex *John Fulkerson, PGE * Paul Borkovich , SoCalGas *Chris Bursaw, Capital Power *Greg Wetstone , Terra

- Gen *Andre Templeman, for LS Power *David Francis, EDF Trading *Mary Ly nch, Exelon/Constellation *Braydon Boulanger, TransAlta 

### Partial List of **Invited Observers**  * Jamie Simler , FERC * Scott Miller, FERC *L en Tao , FERC *Sandra Waldstein , FERC *Ter e nce Burke , FERC * Patricia Schaub, FERC * Jette Gebhart , FERC *Robin Lunt , FERC *Heidi Werntz , FERC *Elizabeth Arnold , FERC *Christina Hayes , FERC *John Shepherd, Skadden Arps *Joel Newton, NextEra *Andrew Sharer, NRG *Taylor Roye, NRG *Joe Cavicchi, Capital Power *Joanna Perry , Capital Power *Mark Bry fogle, Consultant *Mihai Cosman, Exelon *Mike McElhan y, WAPA *Susan Pope, FTI Consulting * Melissa Mitchell, EPSA *Andrew Ulmer , CAI SO *Terri Moreland, CAISO *Julia Berg, Deloitte Services LP *Jay Carriere, Berkshire Hathaway**411 E. Huntington Dr., STE 107**  **- 222 Arcadia CA 91006 T:925**  **- 299**  **- 9271 F:925**  **- 299**  **- 0152**  AGENDA Unless noted otherwise, speakers will be allotted **five minutes** for their remarks to help frame th e issue, and there will be facilitated discussion for each panel’s balance of time. 9 :00 a.m. Opening Remarks (Meeting in Room 11

- AB) 9 :15 a.m. First Panel : Fifteen Minute Market: As Planned or Unintended Consequences? Last May the CAISO inaugurated a new Fifteen Minute Market (FMM) to comply with FERC Order 764 on sub

- hourly scheduling. The early

results have elicited a swarm of comments from market participants that the FFM prices are too unpredictable and yield count er - intuitive results. M any importers are eschewing the FMM. Did the introduction of a new market between the day

- ahead and real

- time transactions impart too much complexity

and unintended consequences. The panelists will be: Ellen Wolfe, Resero

... Laura Beane, Iberdrola ... Mike MacDougall, Powerex ... Brad Cooper, CAI SO. 10 : 30 a.m. Second Panel : EPA’s Proposed Carbon Rules

—F ragmenting Electricity Markets ? U.S. EPA’s proposed carbon rule for existing electric generators provides significant flexibility to individual states in how they meet their emission targets. We are already seeing the impact of California’s carbon regulations on electric ity markets throughout the W est; the possibility

of multiple states imposing different carbon regulations creates even more uncertainty

and complexity

for companies that transact in multiple markets. The panelists for this session will be: Clare Breidenich, WPTF ... Jeb Stenhouse , U.S. EPA ... Peter Colussy , Xcel. 12: 00 p.m.: Hosted Lunch 1 Keynote Speaker: John Estes III: Update on Power Industry Trends 1:00 p.m. Third Panel: Electricit y/ Gas Coordination in the West Scheduling practices for natural gas rest upon the timelines employed b y different balancing authorities and gas pipelines. Under normal operating conditions the coordination is seamless. However, extremely cold day s have caused disruptions in the natural gas pipeline s ys tem, and ensuing power plant curtailments. The promise of greater dependence on renewable energy also leads to greater dependence on natural

- gas generation for swing capacity in order to maintain grid reliability . How are the grid operators in the West handling these issues? Panelists will be: Mel Christopher, PG&E ... Brad Bouillon, CAI SO ... Paul Borkovich , SoCalGas. 2: 30 p.m. Participants: The Most Important Thing IL earned Today and Adjourn 3:00 p.m. Reception hosted by WPTF (In Room 11

- 311)

1 Anyone requiring an invoice for the lunch and the reception will be provided such allowing government employees to reimburse WPTF by check.