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Second, the fuel costs for these types of power stations were low. Coal and nuclear fuel materials were not lacking in the US and could readily be used to generate cheap power. Finally, utilities did not have to be concerned about large capital outlays or long payback periods. Regulation allowed them to pass costs onto consumers without fear that their customers could leave them in favor of another power generator. Making fast returns on their investments were not an overriding factor in the decisions of most utilities. Regulated rates of return allowed them to avoid making traditional business decisions regarding the benefits of their investments and power generation purchases. In contrast, gas turbine generation was generally shunned by US utilities under regulation. They were used almost exclusively for peak power, and even then only after emergencies convinced utilities that gas turbines were necessary and useful. Simple cycle gas turbines were embryonic and inefficient relative to large coal plants. Furthermore, gas was not always readily available. When it was, the cost per Btu of gas became higher than that of coal since 1975 and has remained higher ever since. These reasons kept gas turbines from reaching their potential during this regulated period. The era of complete electric utility regulation has come to an end. The introduction of non-utility power producers helped to increase consumer awareness that the generation market might not be a natural monopoly. In the US, passage of the Public Utilities Regulatory Policies Act (PURPA) in 1978 opened the door to non-utility generation of power and showed that this electricity could successfully be integrated into existing power grids. The act also provided incentives for alternative power sources. The resulting entrance of new, non-utility qualifying facilities and independent power producers (IPPs) into the electricity market would later lead to consumer demand for cheaper power through competition in electric power generation. The 1992 Energy Policy Act opened the door for electric restructuring in the US. Similar restructuring forces were at work in other countries. Great Britain, parts of Canada, Norway, Chile, and even New Zealand led the charge in electric restructuring. Although restructuring efforts vary worldwide, a basic scheme remains; the vertically integrated monopoly is to become a relic of the past. Although transmission and distribution may remain regulated, restructuring is introducing competition into the electric power generation market. This unbundling process is providing new opportunities for gas and combined cycle turbines which did not exist previously. As the era of generation regulation ends, the high capital costs of large power plants have become huge liabilities for utilities. Utility management has been burned by the US nuclear experience, in which utilities were urged through incentives to build nuclear power plants. As noted in the previous section, regulations stemming from safety and environmental concerns increased costs for these types of plants. Nuclear plants now require enormous capital and fixed operation costs and represent stranded costs for utilities which can no longer simply pass costs to consumers in an unregulated market. Similar capital cost problems plague coal-fired turbine power plants. With coal plant sizes varying from a few hundred megawatts to well over a gigawatt each, these plants are necessarily large and 28PDF Image | Energy RD Performance: Gas Turbine Case Study
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