Debunking Energy Markets: A Conversation with Caitlin Smith

Know Power

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 federal governments in energy policy and market design

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