Power Play: A Conversation with Pat Wood on Market Design and Energy Innovation

In this episode of Know Power, Noha and Mike speak with Pat Wood, a pivotal figure in transforming energy markets through regulatory innovation. With a distinguished career spanning leadership roles at the Public Utility Commission of Texas and the Federal Energy Regulatory Commission, Wood brings a unique perspective on energy policy, market design, and the balance between regulation and innovation. Caitlin Smith, representing Jupiter Power, joins as a co-host, contributing insights from the renewable energy sector.

Guest bio: 

Pat Wood III is the past Chairman of the Federal Energy Regulatory Commission (FERC) and of the Public Utility Commission of Texas (PUCT). The son of a small businessman, Pat has been a forceful advocate throughout his career for robust infrastructure and for customer-centered, technology-unleashing competition.

Today, as CEO of the Hunt Energy Network, Pat and his team are shaping the dependable, decarbonized, democratized, decentralized, diverse and digitalized future of the power grid. By the end of 2028, the team expects to have an 1100 MW portfolio of distributed batteries and peaking generation assets attached to the Texas power grid.

Pat has served as a director of a number of public energy companies: independent power producer Dynegy (Board chairman); solar pioneer SunPower (lead independent director), modular nuclear generation (NuScale) sponsor Spring Valley Acquisition Corp., natural gas producer Memorial Resource Development, and infrastructure contractor Quanta Services. Pat is chairman of the board of Luma Energy, overseeing the Quanta-ATCO joint venture to rebuild and operate the Puerto Rico utility system.

Pat holds a B.S. degree (civil engineering) from Texas A&M University and a J.D. from Harvard Law School. He, and his wife, Kathleen, are raising four sons, and there is never a dull moment.

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[00:02:05] Pat Wood's origins in the energy sector, from Port Arthur to FERC

[00:03:27] Transitioning gas utilities to competitive markets, drawing parallels to electricity

[00:04:30] Market design and the unfinished business of standardization

[00:06:16] The complexity of implementing a standard market design across diverse regions

[00:07:31] Efforts in renewable energy integration and the role of competitive markets

[00:10:05] The dynamic interplay between state and federal energy regulations

[00:18:32] Discussion on grid constraints and integrating new generation resources

[00:22:43] The potential of demand response and distributed energy resources in grid management

[00:27:41] Future outlook on infrastructure development and renewable energy support

[00:34:18] The socio-economic impacts of energy policy and infrastructure development

[00:38:05] Examining successful renewable energy projects and key takeaways

[00:42:22] Technological advancements and their implications for energy storage and distribution

[00:45:37] Strategies for enhancing grid reliability in the face of growing energy demands

[00:49:08] Global energy trends influencing domestic energy policies

[00:53:17] The importance of consumer education in energy conservation and choice

[01:02:09] Energy innovation and the collaborative effort towards a sustainable energy future

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