Central Electric Power Cooperative, Inc. (Central) of South Carolina will become the 22nd Member of ACES, effective January 1, 2017. Initially, Central began taking load management services as a customer of ACES in 2014 and will continue receiving a variety of energy risk management services from ACES going forward.
“Central Electric provides generation and transmission services to all 20 electric distribution cooperatives in South Carolina, and from a load perspective, is one of the largest G&T cooperatives in the country. ACES currently provides multiple services to Central Electric, including load management coverage on weekends and during off-hours. ACES also assists Central Electric’s staff hedge our fuel cost and provides IT support. ACES has consistently proven to be a good value for Central Electric’s members and there are several significant benefits to being a member. ACES has become a great resource for G&T cooperatives and, through its membership, Central Electric will have access to the knowledge and experience of G&Ts across the country. ACES is recognized as a leader in wholesale energy risk management, and Central Electric will utilize their expertise to better manage its fuel cost to its Member Cooperatives,” stated Rob Hochstetler, President and CEO of Central.
President and CEO of ACES, Mike Steffes, added, “ACES has developed a strong relationship with Central’s staff over the past few years and we look forward to continuing to support them in the future. Central has a strong commitment to serve its members and build on its successes. We share that commitment and know we will be stronger with Central as a Member of ACES. ACES and its Board of Directors are happy to welcome Central as our newest Member.”
ACES will now be owned by twenty-one generation and transmission cooperatives and one independent distribution cooperative. The company assists its Members and Customers in the management of their energy risk. The Members and Customers served by ACES operate in all of the major electricity markets in the United States and have a collective portfolio of over 50,000 MW of both load and resources. Because ACES does not buy or sell energy on its own behalf, it avoids conflicts of interest and ensures alignment with the best interests of the organizations it serves.
Central Electric Power Cooperative, Inc. (Central) was incorporated and organized in 1948, with headquarters located in Columbia, South Carolina. Central provides total wholesale electric service to all of South Carolina’s 20 retail electric cooperatives who serve over 700,000 accounts across all 46 counties in the state. Central’s Member Cooperatives constitute the only truly statewide electric system in South Carolina and serve customers through a network totaling more than 70,000 miles of distribution line.
ACES’ registration as a Commodity Trading Advisor (CTA) was approved by the National Futures Association on June 1, 2015. A CTA is an individual or organization that, for compensation or profit, advises others as to the value or advisability of buying or selling futures, options on futures, or swaps and provides advice based on knowledge of, or tailored to, a client’s particular commodity interest account, commodity interest trading activity, or other similar types of information.
ACES began the CTA registration process in January 2015, submitting applications for over 80 employees and Directors. In addition to submitting applications, certain employees completed the National Commodity Futures Exam, or Series 3, and in some cases the National Branch Manager Exam, or Series 30.
ACES CEO Mike Steffes commented, “Obtaining this level of certification is another milestone for ACES. We think it is important to be a CTA, and believe that it further illustrates our commitment to service excellence for our Members and Customers.”
On March 1, 2014, the Southwest Power Pool’s (SPP) Integrated Marketplace (a two-settlement energy and ancillary market) went live. SPP also combined the Balancing Authorities (BA) within its footprint to form a Consolidated Balancing Authority. SPP’s Integrated Marketplace is expected to have combined benefits to SPP’s Members of up to $100 million annually.
ACES assisted four of its Members; Arkansas Electric Cooperative Corporation (AECC), Golden Spread Electric Cooperative, Inc. (GSEC), Sunflower Electric Power Corporation (Sunflower), and Western Farmers Electric Cooperative (WFEC) with integration into the SPP Integrated Marketplace. The integration of AECC, GSEC, Sunflower, and WFEC was a culmination of over three years of coordinated operational and commercial effort among teams at ACES and each of these Members. ACES would like to thank everyone involved for a successful integration.
On December 19, 2013, the Midcontinent Independent System Operator (MISO) successfully integrated a four state region, referred to as MISO South, into MISO’s existing footprint. ACES assisted with the successful implementation of two of its Members, South Mississippi Electric Power Association (SME) and Arkansas Electric Cooperative Corporation (AECC), into MISO South.
The integration added approximately 40,000 MW of load and generation capacity as well as 18,000 miles of transmission to MISO. AECC and SME will collectively contribute approximately 3,600 MW of load and 5,300 MW of capacity to the MISO South footprint. This integration has made MISO one of the world’s largest energy and operating reserve markets and is expected to result in a more efficient dispatch of resources to meet energy demands.
The integration of AECC and SME was a culmination of over 12 months of coordinated operational and commercial effort among teams at ACES, AECC, SME, and MISO. ACES would like to thank everyone involved for a successful implementation.
September 13, 2013 – Carmel, Indiana
ACES Board Chairman, Clifton Karnei, announced today that Michael T. Steffes has been appointed President and CEO of ACES, effective immediately. Steffes joined ACES in 1999 as Vice President of Marketing and Trading, and was promoted to Senior Vice President and Chief Operating Officer in 2002. Since the departure of ACES’ former CEO David Tudor in May 2013, Steffes has served as Acting President and CEO.
The ACES Board of Managers began the search for its next CEO following Tudor’s resignation. “The Board interviewed internal and external candidates as part of a thorough and deliberate process,” said Karnei. “It was important for us to find a candidate with a vision for the future of ACES that is aligned with that of its Members. Steffes has proven to be a strong leader within the organization. His achievements within the energy industry, along with his commitment to quality of service and standard of care, were crucial in our decision. The Board is confident in its selection and is certain ACES will continue to prosper.” Steffes offers a unique level of management experience in energy trading, having held executive positions with Pennsylvania Power & Light, Valero Energy and Hadson Gas Systems.
Steffes commented, “I am grateful and humbled by the Board’s decision to entrust me with this responsibility. ACES has never been defined by any one individual. Our team is experienced and capable and will continue to provide quality service to our Clients. The success of those we serve ultimately defines the success of ACES.”
ACES is owned by twenty generation and transmission cooperatives and one independent distribution cooperative. The company assists its Members and Customers in the management of their energy risk. The Members and Customers served by ACES operate in all of the major electricity markets in the United States and have a collective portfolio of over 50,000 MW of both load and resources. Because ACES does not buy or sell energy on its own behalf, it avoids conflicts of interest and ensures alignment with the best interests of the organizations it serves.