PacifiCorp 2007 Integrated Resource Plan (May 30, 2007)
PacifiCorp 2007 Integrated Resource Plan (May 30, 2007)
PacifiCorp 2007 Integrated Resource Plan (May 30, 2007)
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<strong>PacifiCorp</strong> – <strong>2007</strong> IRPTable Of ContentsTABLE OF CONTENTSTable of Contents......................................................................................................................................iIndex of Tables.......................................................................................................................................viiIndex of Figures .......................................................................................................................................x1. Executive Summary ...............................................................................................................................1Introduction..............................................................................................................................................1<strong>Plan</strong>ning Principles and Objectives..........................................................................................................1The <strong>Plan</strong>ning Environment ......................................................................................................................1<strong>Resource</strong> Needs Assessment....................................................................................................................3<strong>Resource</strong> Options .....................................................................................................................................5Modeling and Risk Analysis Approach ...................................................................................................5Modeling and Portfolio Selection Results................................................................................................7Action <strong>Plan</strong>.............................................................................................................................................102. IRP Components, <strong>Plan</strong>ning Principles, Objectives, and Approach ................................................11Introduction............................................................................................................................................11<strong>2007</strong> <strong>Integrated</strong> <strong>Resource</strong> <strong>Plan</strong> Components .........................................................................................12The Role of <strong>PacifiCorp</strong>’s <strong>Integrated</strong> <strong>Resource</strong> <strong>Plan</strong>ning .......................................................................12<strong>Plan</strong>ning Principles ................................................................................................................................13Key Analytical and Modeling Objectives..............................................................................................14<strong>Integrated</strong> <strong>Resource</strong> <strong>Plan</strong>ning Approach Overview...............................................................................16Analytical Process............................................................................................................................. 16Public Process ................................................................................................................................... 17Stakeholder Engagement........................................................................................................................18MidAmerican Energy Holdings Company IRP Commitments..............................................................19Treatment of Customer and Investor Risks............................................................................................24Stochastic Risks ................................................................................................................................ 25Capital Cost Risks............................................................................................................................. 25Scenario Risks................................................................................................................................... 253. The <strong>Plan</strong>ning Environment.................................................................................................................27Introduction............................................................................................................................................28Marketplace and Fundamentals..............................................................................................................28Electricity Markets............................................................................................................................ 29Natural Gas Supply and Demand Issues ........................................................................................... <strong>30</strong>Future Emission Compliance Issues ......................................................................................................31Currently Regulated Emissions......................................................................................................... 32Climate Change................................................................................................................................. 32Impacts and Sources ......................................................................................................................33International and Federal Policies..................................................................................................33Regional Initiatives ........................................................................................................................34State Initiatives ..............................................................................................................................35Corporate Greenhouse Gas Mitigation Strategy ............................................................................41Renewable Portfolio Standards..............................................................................................................42California .......................................................................................................................................... 42Oregon............................................................................................................................................... 43Washington ....................................................................................................................................... 44Federal Renewable Portfolio Standard.............................................................................................. 44Transmission <strong>Plan</strong>ning...........................................................................................................................44<strong>Integrated</strong> <strong>Resource</strong> <strong>Plan</strong>ning Perspective ........................................................................................44i
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