On this episode of Know Power, we sit down with Caitlin Smith, Vice President, Policy & Corporate Communications for Jupiter Power to unravel the mysteries of energy storage growth in the markets today.

Discover the implications of recent events like the Texas Freeze and gain insights into batteries on the grid, real-time data, market design, and the complex issue of contract revenues in the energy market. This episode is an exciting journey into technology, regulation, and the future trajectory of our grid.

In today’s episode we discuss ERCOT’s Independent Market Monitor (IMM). To clarify, Caitlin used to be the attorney at ERCOT’s IMM.

Guest bio: Caitlin Smith, Vice President of Policy and Corporate Communications for Jupiter Power, is an energy professional with thirteen years of experience in electricity market policy, regulatory and government affairs. For the last ten years, she has focused on electricity market design and has worked both as an advocate for policies that enhance competitive energy markets and as an advisor on the commercial and financial impacts of energy policy. In her current role, Caitlin has responsibility over Jupiter Power's policy positions related to the commercial operations of utility scale energy-storage in power markets throughout North America and leads the company’s corporate communications and public relations.

Caitlin has specific in-depth experience with the ERCOT market and was the first in-house counsel for the Independent Market Monitor to ERCOT. She is the current Vice Chair of ERCOT’s Technical Advisory Committee, the highest committee comprised of stakeholders, which makes recommendations to the ERCOT Board. She founded the Texas Energy Storage Coalition and is an active advocate in front of the Texas Public Utility Commission and the Texas Legislature.

Caitlin is dedicated to promoting women in energy and policy and has been active in volunteering with the Gulf Coast Power Association’s EmPOWERing Women Program, with the Women of Renewable Energy and Sustainable Industries, and as a contributor to Pink Granite, a network and foundation that promotes women in policy and politics in Texas. Caitlin founded Jupiter Power’s Women’s Professional Development Initiative in 2022.

Caitlin holds a Bachelor of the Arts in Economics from the University of Texas, a Juris Doctor from Pennsylvania State University and a Master of Laws in Environmental & Natural Resource Law and Policy from the University of Denver.

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[00:00:45] Overview of Caitlin’s background

[00:01:06] Caitlin's instrumental role in shaping Texas's energy market

[00:02:28] Jupiter Power's focus on utility-scale battery energy storage and their project pipeline

[00:03:21] Caitlin's career trajectory and her extensive experience in the energy sector

[00:09:16] ERCOT's energy-only market structure

[00:12:17] The rapid development and integration of battery storage technology in ERCOT

[00:14:36] Impact of the Inflation Reduction Act on Jupiter Power and energy storage development

[00:17:36] Winter storm Yuri and its implications

[00:30:52] Regulatory and political fallout post-Yuri in Texas's energy market

[00:37:27] Texas's standalone energy model versus interconnection with neighboring grids

[00:46:41] Operational characteristics and challenges of modeling energy storage

[00:50:00] ERCOT's standalone model and the benefits and drawbacks of interconnection

[00:53:06] Predictions for the future of the energy market and grid evolution

[00:59:34] Significant events and developments in ERCOT since the initial recording

[01:16:02] The relationship between energy storage, market design, and regulatory frameworks

[01:30:03] Need for improved collaboration between state and...

On this episode of Know Power, we welcome Abe Silverman, our special guest. Abe delves into the world of energy and power, focusing on MISO, the largest US-integrated market ISO RTO, and its challenges with transmission constraints. We also explore the nascent offshore wind industry, the role of regional transmission organizations, and Abe's program for clean energy. Abe shares insights on New Jersey's offshore wind progress and the importance of efficient transmission planning. Join us as we discuss the significance of investing in the transmission system for decarbonization, reliability, and cost reduction, all while transcending political divisions. Don't miss this episode as we unravel the intricacies of transmission infrastructure and its role in the clean energy transition on Know Power!

Guest bio: Abe Silverman is a clean energy advocate who believes that achieving clean energy goals is not solely dependent on technological innovations. With a focus on the period between now and 2030, Abe has been working on identifying the non-technical aspects of the clean energy transition that can accelerate progress. Instead of relying on new technologies, Abe emphasizes the importance of deploying existing solutions on a large scale. In his new program, he aims to prioritize short-term goals that do not require major breakthroughs and pave the way toward a cleaner energy future.

He joined the Center as the Director of the Non-Technical Barriers to the Clean Energy Transition initiative. The Non-Technical Barriers initiative is designed to identify major legal and regulatory bottlenecks to the clean energy transition and then provide state and federal policy makers pragmatic solutions to address those challenges. Major focus areas include Legal and Regulatory Barriers at the state and federal level, Market Rules and Economic Incentives, and Social Acceptance & Just Deployment of Infrastructure. Before joining the Center, Abe served at the New Jersey Board of Public Utilities as the General Counsel and Executive Policy Counsel. Abe’s portfolio included developing offshore wind, solar, electric vehicle, energy storage, and interconnection reform programs, along with quantifying and managing ratepayer impacts of the clean energy transition. Abe also led the State’s engagement with PJM Interconnection, the regional grid operator for New Jersey, on topics such as implementing New Jersey’s first-in-the-nation offshore wind transmission solicitation, resource adequacy, clean energy market design, and transmission policy.

[00:02:09] Overview of Abe’s professional background

[00:10:12] Policies and regulations delaying the transition to clean energy

[00:12:15] Siding, transmission, and affordability for clean energy transition

[00:19:19] Offshore wind industry in early stages. Value beyond cost is considered for success

[00:27:34] Offshore wind has been around for a while. Learn from past experiences to overcome barriers. New Jersey is building offshore wind infrastructure

[00:33:48] Clean energy transmission is caught up in political debates in the US. More transmission leads to a reliable grid and lower prices. Investing in clean energy promotes energy independence

[00:38:05] MISO is a large market for energy

[00:44:10] Reliability is important; ERCOT lacks transfer capability

[00:49:24] Electric industry must prioritize justice in infrastructure implementation. 

[00:59:24] Efficient ways to achieve social and environmental goals

[01:01:04] Regulators balance markets and political considerations

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Noha Sidhom

In today's episode, we have a special guest joining us, JC Kneale, who is here to discuss traditional clearing models and the role of a clearing house. Not only does JC bring a wealth of knowledge on this topic, but he also owns and operates multiple clearing houses themselves. Get ready to learn about the key players in traditional clearing models and how they facilitate transactions between individuals and companies. JC will also shed light on the changing dynamics of the solar power industry, including the challenges of generating power at night. We'll also explore the exciting developments in the global gas market and its impact on energy trading.

Guest bio: JC Kneale is a visionary entrepreneur who revolutionized the energy market in the late 90s. With a background in building power plants, JC recognized the need for transparent prices and timely information in the industry. He took it upon himself to digitize and democratize the market, making prices accessible to as many people as possible. Starting from scratch, JC initially funded the project himself, managing the operation from his checkbook. Beta versions were rolled out to selected US electricity and natural gas customers as the project gained momentum. The overwhelmingly positive response led to exponential growth for the business. With the launch taking place in March, JC and his small team quickly expanded their customer base and established a prominent presence in the market. JC's forward-thinking approach and dedication to transparency have forever transformed the energy industry, earning him a reputation as an influential figure.

[00:01:33] How Intercontinental Exchange (ICE) evolved from power trading to globally running futures and equities markets

[00:09:06] Intercontinental Exchange acts as a neutral platform, facilitating secure transactions between buyers and sellers through clearing houses

[00:12:50] ICE provides a transparent trading platform, vetted by clearing members, ensuring all parties are financially secure

[00:15:51] How ICE and ISOs operate symbiotically, each providing unique services that foster market confidence and efficiency in energy trading

[00:21:01] Why energy transitions demand market adaptation for changing investment needs and risk management

[00:24:57] Why Balancing renewables and traditional sources is critical for investor confidence and market stability

[00:30:59] How futures markets like ICE extend investment horizons

[00:40:22] Efficiency and transparency in energy markets are becoming more international, affecting both gas and electricity prices

[00:48:10] ICE's future is customer-driven, with potential expansion into environmental products and freight

[00:57:12] If JC could wave a magic wand to remove one challenge, what would that challenge be

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Noha Sidhom

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Mike Borgatti

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Gabel Associates