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6. ELECTRIC RESTRUCTURING AND CHANGING MARKET CONDITIONS Major changes in the electricity market led to management decisions to pursue gas turbine development. There are four main reasons why electrical restructuring is helping to drive the turbine market: • the changing and new market conditions favor power plants with lower capital costs and shorter payback periods. • restructuring benefits projects with short construction lead times. • high efficiency plants are likely to thrive in a competitive market. • generation competition leads to more dynamic and fast-changing power markets which are well suited by combustion turbines. All four of these major effects create circumstances in which gas and combined cycle turbines may win favor if they are reliable and efficient. Indeed, the emergence of gas turbines is partially attributable to restructuring in addition to technological developments. To understand how they interact, it is important to begin with some background on the structure of the power market. Electric restructuring refers to the partial deregulation of the electric power industry. The power industry has historically consisted of regulated monopolies which controlled vertically integrated markets. As such, utilities controlled the generation, transmission, and distribution of electric power in a certain geographic region. In the US, these utilities were regulated primarily by state authorities which controlled the rates that utilities could charge to customers. The utilities retained monopolistic benefits because they had a guaranteed set of customers. Consumers maintained some leverage through the state regulation which prevented price gouging. The system worked because the power industry was generally deemed to be a “natural monopoly” since it would produce more efficiently if competing utilities were not battling for customers by haphazardly building power lines everywhere or inputting whatever power they could into the grid and causing system congestion. Under regulation, coal and nuclear plants were generally favored for electric power generation. The only exception for gas turbines took place in the peak power market. Gas turbines gained favor for peak power generation after 1965, when the Great Northeast Blackout occurred. This incident in the US and similar blackouts in other countries forced utilities to recognize the need to acquire additional peak power capacity for emergencies or periods of high demand. Steam turbines tend to be reliable, but do not start or stop quickly or cheaply. In contrast, gas turbines are ideal peaking units because they take only a few hours to start and can be put on-line quickly. Predictably, gas turbine orders increased in the 1970s as a result of greater concern for peaking needs. However, management strategy for baseload generation remained unchanged with the continuance of regulation. Coal and nuclear plants used to dominate the market for three main reasons. First, they benefited from economies of scale. Coal and nuclear plants were large and successful in an era when demand was growing rapidly and electricity was cheaper to produce if it was generated in bulk. 27PDF Image | Energy RD Performance: Gas Turbine Case Study
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