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FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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ISO-NE Load Forecast Methodology April 2003 Forecast of Energy and Seasonal Peaks For NEPOOL, States, and RTEP03 Sub-areas Presentation to the MA DTE David J. Ehrlich Principal Analyst Load Forecasting, System Planning June 19, 2003
DISCLAIMER
"This presentation is intended to describe ISO-NE's load forecasting process. As this process is conducted on an ongoing basis, depending upon a variety of factors and data which may be updated from time to time, any specific forecast values included in this presentation represent only the current and best estimate by ISO-NE at this time and may be changed in the future.
Finally, ISO-NE cautions that this presentation may be misleading if read out of context of explanations provided, statements made, and questions addressed, at the June 19 Technical Conference."
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ISO-NE Load Forecast Review: NEPOOL Load Forecast Committee New England Utility Load Forecasters Professional & Collegial Review Assumptions, methodologies, and forecasts Frequent meetings NEPOOL Reliability Committee Review of NEPOOL forecast by broader audience NEPOOL Transmission Expansion Advisory Committee Open to all Stakeholders Assumptions, methodologies, and forecasts
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New England Long-Run Energy Forecast
Overview
The regional energy forecast for New England, representing participants in the New England Power Pool (NEPOOL), is derived by summing the results fromEnergy forecasts for the six New England states.
The six state energy models published in April 2003, are based on regressing historical Energy Per Household (1980-2002) against a variety of variables thatgenerally include annual Degree Days, real Price in Cents/kWh and Real PersonalIncome per Household. Depending on the model, the independent variables may beLagged and ARMA (Auto-Regressive Moving Average) terms may be added. Resultsfrom the long-run models are reconciled to the weather-normalized results of the short-run forecast prior to being published.
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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MASSACHUSETTS State Energy Model
Independent Variable Statistics
3.4700.650AR(1)
13.2470.168rPINC/HH[-1]
-4.481-35.275rPrice[-1]
13.58213.293Constant
t-StatCoefficientsVariable
3.4700.650AR(1)
13.2470.168rPINC/HH[-1]
-4.481-35.275rPrice[-1]
13.58213.293Constant
t-StatCoefficientsVariable
Variable DefinitionsrPrice[-1] = One year lag on Real Price in Cents/kWhrPINC/HH[-1] = One year lag on Real Personal Income per HouseholdAR(1) = Autoregressive process on Dependent Variable (Y) with one period lag
and the general form Y(t) = a * Y(t-1) + e(t), where e = error.
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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NoDSM NEL Forecast forStates & New England Indexed to 2002
0.90
0.95
1.00
1.05
1.10
1.15
1.20
1.25
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Ind
exe
d to
20
02
CT ME MA NH RI VT NE
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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Basecase NEL Forecast forStates & New England Indexed to 2002
0.90
0.95
1.00
1.05
1.10
1.15
1.20
1.25
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Ind
exe
d to
20
02
CT ME MA NH RI VT NE
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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Net Energy For Load Indexed to 1991Actual 1991-2002, WthrNrml 2002, and Forecast 2003-2012
1.00
1.05
1.10
1.15
1.20
1.25
1.30
1.35
1.40
1991 1993 1995 1997 1999 2001 2002 2004 2006 2008 2010 2012
MASS NEPOOL
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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4/03 DSM Impacts on Net Energy for Load (GWH)
500
1500
2500
3500
4500
5500
6500
7500
8500
1990 1993 1996 1999 2002 2005 2008 2011
MASS NEPOOL
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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ECONOMY.COM ECONOMIC & DEMOGRAPHIC DRIVERS
1999 2000 2001 2002 2003 2012
MASSACHUSETTS Population 6322.6 6360.4 6380.7 6393.9 6411.6 6528.3Households 2425 2445 2455.7 2458.7 2469.4 2590.1NonMan Emp 2594.3 2675.8 2698 2679.7 2709.7 2996Manu Emp 433.8 437.4 423.4 403.7 405.1 404Real GDP 251482 269308 268625.3 272046.6 281805.8 365930.9Real Income 204766 217720.3 217614.4 217665 220313.1 260350.4RealInc/HH 84.4 89 88.6 88.5 89.2 100.5Percent Changes Population 0.6 0.3 0.2 0.3 0.2Households 0.8 0.4 0.1 0.4 0.5NonMan Emp 3.1 0.8 -0.7 1.1 1.2Manu Emp 0.8 -3.2 -4.7 0.4 0Real GDP 7.1 -0.3 1.3 3.6 3.3Real Income 6.3 0 0 1.2 2RealInc/HH 5.5 -0.5 -0.1 0.8 1.4
NEW ENGLANDPopulation 13851.5 13954.8 14030.2 14088.7 14139.5 14492.4Households 5341.5 5391.8 5426.9 5444.4 5472.3 5777.2NonMan Emp 5408 5568.8 5609 5611.3 5669.3 6310.9Manu Emp 1017.7 1015.1 980 934.7 938.4 933.3Real GDP 517222 549372 552828.6 564437.2 583285.2 753895.6Real Income 432626.7 453233.2 454002.9 455493.6 461585.2 552797.9RealInc/HH 81 84.1 83.7 83.7 84.4 95.7Percent Changes Population 0.7 0.5 0.4 0.4 0.3Households 0.9 0.7 0.3 0.5 0.6NonMan Emp 3 0.7 0 1 1.3Manu Emp -0.3 -3.5 -4.6 0.4 -0.1Real GDP 6.2 0.6 2.1 3.3 3.2Real Income 4.8 0.2 0.3 1.3 2.2RealInc/HH 3.8 -0.5 0 0.8 1.5
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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The NEPOOL short-run forecast of seasonal and monthly peaks are derived from forecasts of weekly distributions of typical daily peak loads. These are based on: The changes in response to temperature/humidity (CLI/HLI) and economic/demographic factors (CBLI/HBLI). The relationship of daily peaks to temperature/humidity and economic/demographic factors given the changes in system response…over 10 years of historical daily peak loads. Historical weekly temperature/humidity at time of peak distributions (over 35 years of data).
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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COOLING LOAD INDEX COMPARISON
1.00
1.25
1.50
1.75
2.00
2.25
2.50
1992 1995 1998 2001 2004 2007 2010 2013
TREND-MA OBSERVED-MA TREND-NE OBSERVED-NE
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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COOLING BASE LOAD INDEX COMPARISON
0.96
1.01
1.06
1.11
1.16
1.21
1.26
1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012
OBSERVED-MA TREND-MA OBSERVED-NE TREND-NE
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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Base and CoolingLoad As Percent of Total Summer Peak LoadCooling Grows from 34 to 44 % of Peak, a 30% Increase (Base -15%)
30
40
50
60
70
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Base-MA (in 2002 6340MW) Cooling-MA (in 2002 4880MW) Base-NE Cooling-NE
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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NEPOOL Summer Peak Load FactorEnergy / (8760*Summer Peak)
56
58
60
62
64
66
68
70
1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002
Actual WeatherNormal
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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Regression Results from Short-run Forecast Model
Seasonal May June July August September
Coefficients:
MASSBaseLoadNel 1.65 1.68 1.59 1.58 1.47 1.82Tempr/Humi Index 3.81 2.78 3.81 4.05 4.2 3.36
NEPOOLBaseLoadNEL 1.68 1.62 1.69 1.55 1.56 1.83Tempr/Humi Index 7.92 5.80 7.76 8.65 8.70 6.79Monday 53.9 82.5 45.4 150.0 27.5 10.8Friday -87.8 -22.3 -116.2 -17.9 -171.5 -116.3Constant -647.1 -152.2 -736.9 253.2 255.1 -1761.0May -144.3Early July -238.3Late July 214.5August 167.6September 73.9
R Squared 0.90 0.92 0.95 0.95 0.96 0.94
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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4/03 NEPOOL CELT FORECAST Reference Case: 50% Chance of Being Exceeded
WthrNormal Forecast2002 2003
NEL 126329 127840
Summer PeaksMonthly Regression 24590 25120
10% case 26750Seasonal Regression 24390 24900
10% case 26280
Winter Peaks 21490 21730
10% case 22600
4/02 CELTNEL 126193 128300
Summer Peak 24200 2476010% case 25530 26150
Winter Peak 21470 2176010% case 22620
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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Nepool Summer Peak Loads
14000
16000
18000
20000
22000
24000
26000
1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002
Actual + OP4 WeatherNormal
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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2002 Summer Peak Load Weather Normalization MASSSorted Weather Normalized Daily Peaks June - August
10250
10450
10650
10850
11050
11250
11450
11650
11850
12050
12250
1 5 9 13 17 21 25 29 33 37 41 45 49
Daily Median 11302 Upper 11510 Low er 11094 WthrNrml 11224
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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Nepool Temperature & WTHI & THI at Time of Summer PeakTHI : Temperature & Humidity Index
75
80
85
90
95
100
1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002
Temperature THI WTHI Expected 90
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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New England Weather at the Time of the Summer PeakA Three Day Weighted Temperature-Humidity Index
75
77
79
81
83
85
1 4 7 10 13 16 19 22 25 28 31
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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New England Summer Extreme Weather DistributionA Three Day Weighted Temperature-Humidity Index
75
77
79
81
83
85
1 11 21 31 41 51 61 71 81 91 101
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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DAILY WEATHER AT TIME OF 50/50 PEAK LOAD DISTRIBUTIONSWinter:Temperature Summer:Temperature/Humidity
1
11
21
31
41
51
61
71
81
1 5 9 13 17 21 25 29 33 37 41 45 49
Weeks of Year
NEW ENGLAND SOUTHERN NORTHERN
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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MASS Weekly Peak Load DistributionsReference Forecast: 50/50 Seasonal, 20/80 Monthly
7000
8000
9000
10000
11000
12000
13000
20/80 (Monthly) 50/50 (Seasonal) 80/20 90/10
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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The NEPOOL long-Run forecast of
Seasonal peaks use long-run energy forecast and last year of short-run forecast seasonal load factor Monthly peaks based on last year of short-run Monthly to seasonal peak relationship Hourly load forecasts are “constructed” with a historical load profile (1995) and the seasonal and monthly peak forecasts.
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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4/03 CELT Reference Forecast: States and NEPOOL as Sum of States
Percent Changes CAGR LOAD FACTOR2002 2003 2004 "02-03" "03-04" 2012 "03-12" 2002 2004+
Energy (GWH) NEPOOL 126329 127841 129743 1.2 1.5 145098 1.4
CT 32749 33191 33477 1.3 0.9 36994 1.2ME 11400 11317 11555 -0.7 2.1 12799 1.4MA 57217 58149 59118 1.6 1.7 66172 1.4NH 10716 10862 11074 1.4 2.0 12936 2.0RI 8148 8216 8336 0.8 1.5 9246 1.3
VT 6099 6106 6183 0.1 1.3 6951 1.5
Summer Peak (MW) NEPOOL 24589 25121 25690 2.2 2.3 28709 1.5 58.6 57.7
CT 6774 6915 7040 2.1 1.8 7721 1.2 55.2 54.7ME 1842 1849 1897 0.4 2.6 2098 1.4 70.7 69.6MA 11224 11498 11768 2.4 2.4 13221 1.6 58.2 57.1NH 2056 2113 2177 2.8 3.0 2533 2.0 59.5 58.3RI 1695 1734 1774 2.3 2.3 1969 1.4 54.9 53.6
VT 998 1012 1035 1.4 2.3 1163 1.6 69.8 68.2
Winter Peak (MW) NEPOOL 21730 22011 22296 1.3 1.3 25166 1.5 67.2 66.8
CT 5857 5928 5972 1.2 0.7 6671 1.3 64.7 64.3ME 1856 1881 1905 1.4 1.2 2114 1.3 69.6 70.1MA 9773 9907 10065 1.4 1.6 11372 1.5 67.9 67.3NH 1892 1921 1952 1.6 1.6 2302 2.0 65.5 65.6RI 1335 1348 1363 1.0 1.1 1534 1.4 70.3 69.8
VT 1017 1025 1040 0.9 1.4 1180 1.6 68.6 68.2
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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SECTION I - SummariesSeasonal Peak Load Forecast Distributions for 2003-2012
Reference Forecast at Expected
Peak Load Forecast at Milder Than Expected Weather Weather Peak Load Forecast at More Extreme Than Expected Weather
Summer (MW)2003 24090 24300 24490 24810 25120 25420 25680 26100 26630 27070
2004 24620 24830 25040 25370 25690 26000 26270 26710 27260 27710
2005 24910 25130 25330 25670 26000 26310 26580 27030 27590 28050
2006 25190 25410 25620 25960 26290 26610 26890 27340 27910 28370
2007 25510 25730 25940 26290 26620 26940 27220 27680 28260 28730
2008 25860 26090 26300 26650 26990 27320 27600 28060 28650 29130
2009 26250 26480 26690 27050 27390 27720 28010 28480 29080 29560
2010 26660 26890 27110 27470 27820 28150 28450 28930 29530 30020
2011 27080 27320 27540 27910 28270 28610 28900 29390 30000 30500
2012 27510 27750 27980 28350 28710 29060 29360 29850 30470 30970
WTHI (1) 78.8 79 79.3 79.7 80.1 80.5 80.8 81.4 82 82.5
Dry-Bulb Temperature (2) 88.5 88.9 89.2 89.9 90.4 91.2 92.2 92.9 94.2 95.4
Probability of Forecast Being 90% 80% 70% 60% 50% 40% 30% 20% 10% 5%
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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MA SUMMER AND WINTER PEAKSACTUAL 1991-2002 AND WthrNrml FORECAST 2002-2011
7894
8894
9894
10894
11894
12894
SUMMER WINTER
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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4/03 DSM Impacts on Summer Peak Load (MW)
200
400
600
800
1000
1200
1400
1600
1800
2000
1990 1993 1996 1999 2002 2005 2008 2011
MASS NEPOOL
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
30
Load Response programs: Interruptible Load & Distributed Generation Economic (Price) or Reliability (Demand) Based As of June 1, 2003 228/82/21 Active Assets 95/36/28 MW of Economic Based 120/23/8 MW of Reliability Based Experience has shown only a small percentage of enrolled have participated (Economic) Reliability LRP were not called in Summer 2002 (but reserves for operational contingencies) Load Forecasting will track enrolled/participating LRP Issue of “behind the meter” DG – cogeneration – large installations generally known – potential for small customer unknown – major load forecast project in 2004,2005
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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ISO-NE Sub-Area Forecast Methodology Based on: ISO-NE: State 2003-2012 seasonal and monthly peak forecasts State and Operating Company 2002 weather normalized seasonal peaks Operating Company 1995 hourly loads FERC 715: Operating Company 2003 and 2008 seasonal peak forecasts by bus
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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ISO-NE Sub-Area Forecast Methodology For Each State: Sum FERC 715 Operating Company bus seasonal peak forecasts Calculate the FERC 715 Operating Company seasonal peak growth rates (annualized) Apply FERC 715 Operating Company growth rates to ISO-NE weather normalized seasonal peaks Sum ISO-NE Operating Company forecasts and calculates Operating Company proportions of total Share ISO-NE seasonal and monthly peak forecasts using ISO-NE Operating Company proportions
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
33
ISO-NE Sub-Area Forecast Methodology For each Operating Company: Calculate FERC 715 Operating Company 2003 and 2008 bus seasonal peaks as proportions of sum of FERC 715 Operating Company busses Interpolate for 2004-2007, use 2008 proportions for 2009-2012 Apply FERC 715 Operating Company bus proportions to ISO-NE Operating Company seasonal and monthly peaks
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
34
ISO-NE Sub-Area Forecast Methodology For each Sub-Area: Identify which FERC 715 busses are in each Sub-area Aggregate ISO-NE bus seasonal and monthly peak forecasts to Sub-areas Develop ISO-NE Sub-area shares by Operating Company using ISO-NE bus seasonal peaks Develop ISO-NE Sub-area 1995 hourly loads using ISO-NE Operating Company 1995 hourly loads and ISO-NE Sub-area shares Create ISO-NE Sub-area hourly load forecasts by adjusting 1995 hourly loads using ratio of forecasted to 1995 seasonal/monthly peaks
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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ISO Forecasting MethodologyStates to Operating Companies to Busses to Sub-areas
States Operating Co. Busses Sub-AreasISO ISO Levels FERC715 Sum of Busses
FERC715 Growth Within CompanyDistribution
Bus1 N-CTCLP Bus2
CT UI Bus3 SW-CTCMEEC Bus4
BusN NorStME
MA
NH
RI
VT
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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Summer Peaks for States & Selected Operating Companies
ISO: State peaks & Operating Company 2002 Weather Normal
FERC715: Operating Company 2003 & 2008 Forecasts
2003 2008 CAGR%
CONNECTICUT: 6900 7253 1.0CMEEC 328 343 0.9UI 1367 1460 1.3CLP 4682 4880 0.8
MAINE: 1970 2114 1.4BHE 316 308 -0.5CMP 1833 1804 -0.3
MASSACHUSETTS: 11510 12468 1.6BECO 3233 3563 2.0EED 691 729 1.1MECO 3980 4277 1.4WMECO+HWP 773 803 0.7
NEW HAMPSHIRE: 2110 2326 2.0UNITIL 260 306 3.3GSE 182 202 2.1PSNH 1472 1508 0.5
RHODE ISLAND: 1730 1851 1.4BVE 343 354 0.7NEC 125 137 1.9NECO 1334 1418 1.2
VERMONT: 975 1020 1.9VELCO 975 1102 2.5
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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2003 RTEP03 Summer PeaksReference Case and MW Increment of High case (10%)
0
1000
2000
3000
4000
5000
Increment 13 39 21 126 72 299 102 116 150 142 210 144 79
Reference 312 956 533 1617 1203 5222 1634 1963 2550 2266 3350 2263 1251
BHE
C-ME
S-ME
NH
VT
Bosto
CMA/
W-MA
SEMA
RI
N-CT
SW-
NORS
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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NY-NE – 1550w/o Cross
Sound Cable
SEMA – 2300
Norwalk-Stamford – 1100
Surowiec South - 1150ME-NH – 1400
North-South – 2700
Boston – 3600
SEMA/RI – 3000
NBOrrington South – 1050
NB-NE - 700HQHighgate - 210 Phase II - 1500
CSC -300
S-MELoad 5331516 MW
MELoad 956956 MW
BHELoad 312942 MW
SEMALoad 25503356 MW
RILoad 22665140 MW
W-MALoad 19633681 MW
CMA/NEMA
RTEP03 Peak Load and Installed Capacity MW by Sub-Area – 2003
(Peak Loads – 50/50 F/C)
VTLoad 1203 839 MW
NY
NHLoad 16174006 MW
BOSTON
CTLoad 33504437 MW
SWCTLoad 2263 2036 MW
NORLoad 1251
444 MW Under Construction
Other Studies Required
RTEPLoad
Capacity
KEY:Connecticut Import– 2200 Regional Transmission
Expansion Plan Sub-area
Priority Studies Required
South West CT – 2000
East-West – 2400
Load 52223613 MW
Load 1634 206 MW
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
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4/03 RTEP Reference Summer Peak Load Forecast
MASS Utilities in RTEP03 BOSTON Sub-area BOSTON Sub-area
NEPOOL MASS BECO COMEL MECO MUNI-6 MUNI-7 Boston Northshore
2003 25121 11498 3309 1202 3901 442 269 4109 11132012 28709 13221 3910 1408 4403 565 329 4831 1302
CAGR 1.5 1.6 1.9 1.8 1.4 2.8 2.3 1.8 1.8
% Boston 74.3 8.6 14.0 2.7 0.0
% Northshore 0.0 0.0 63.0 27.5 3.6
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
40
BostonReference Summer Peak Load Forecast
5091
5291
5491
5691
5891
6091
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
RTEP03 RKtoMADTE
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
41
NorthshoreReference Summer Peak Load Forecast
1085
1135
1185
1235
1285
1335
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
RTEP03 RKtoMADTE
FORECAST SUBJECT TO CHANGE - SEE SLIDE 2
42
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