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New York Is Fertile Ground for Clean Energy

January 12, 2020

The post New York Is Fertile Ground for Clean Energy appeared first on POWER Magazine.

When many people are asked which state is leading the U.S. toward a renewable energy future, California is the first that comes to mind. And while California is worthy of such distinction, it’s not the only state with a progressive clean-energy agenda. New York should also be part of the conversation.

On Jan. 8, New York Gov. Andrew Cuomo gave his 2020 State of the State address, outlining what his office has called a “bold agenda to continue New York’s role as progressive capital of the nation.” Among the many proposals he put forth was a plan to grow New York’s “Green Economy.”

Renewables Growth = Job Growth

In a 318-page book released in conjunction with the address, combatting climate change is the first chapter, and Cuomo believes tackling the issue will be a win-win for the environment and his state. In 2019, the governor signed New York’s Climate Leadership and Community Protection Act (CLCPA).…

Energy Secretary Perry Tells Trump He is Resigning

October 18, 2019

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The post Energy Secretary Perry Tells Trump He is Resigning appeared first on POWER Magazine.

Energy Secretary Rick Perry told President Donald Trump on Oct. 17 that he is resigning his post. Trump confirmed to reporters in Texas, where he and Perry flew Thursday, that the energy secretary will step down, and Trump said he would quickly name a replacement.

DOE Deputy Secretary Don Brouillette is viewed as Perry’s likely successor, probably taking the top spot at DOE before the end of the year. Analysts have said his agenda is likely to be similar to Perry’s, support for financially troubled coal-fired and nuclear power generation, along with exports of U.S. oil and liquefied natural gas.

Media outlets including POWER magazine reported on Oct. 4 that Perry was planning to step down, possibly by the end of the year. A Department of Energy (DOE) spokeswoman at that time would not confirm those reports. Perry himself earlier Thursday told a Dallas, Texas, radio station that “[Media has] been reporting [he would resign] for eight or nine months now.…

Distress and Deals Continue to Persist in Energy Sector

October 8, 2019

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The post Distress and Deals Continue to Persist in Energy Sector appeared first on POWER Magazine.

At the end of last year, the power market began to lose steam. The credit market wasn’t as strong as it was at the start of the year and many people began speculating “doom and gloom” for the market. However, over the last few months, the power market has picked up and is beginning to show resiliency. As we explore below, there has also been a healthy amount of merger and acquisition (M&A) activity, highlighting that investor confidence is returning, even if only slightly.

The second quarter (Q2) of 2019, in particular, saw strong deal value compared to Q1, according to a recent report from PwC. The report notes that although overall deal volume decreased in Q2, deal value increased by nearly 55%, making it the highest-value quarter since Q2 2018. This was influenced by the absence of mega-deals ($ 5 billion or more) for the fourth consecutive quarter.…

How Nevada Is Leading the Renewable Energy and Battery Storage Charge [PODCAST]

August 6, 2019

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Renewable energy and battery storage are hot topics in the U.S. today. Lawmakers throughout the country debated various new energy policies during the 2019 legislative session. Nevada is among the states leading the way forward. Several new laws were passed in the state that will affect power companies and consumers for years to come.

Curt Ledford, a Nevada-based attorney who is a partner with Davison Van Cleve PC, was a guest on The POWER Podcast. Ledford’s practice is focused on utility, administrative, corporate, cooperative, and regulatory law, as well as general matters affecting energy developments, generation facilities, renewable energy, and Nevada’s utilities.

On the podcast, Ledford touched on several legal and legislative developments that occurred recently. Among the topics were changes to Nevada’s fundamental utility ratemaking structure and changes to the state’s open access for large customers. He also elaborated on an update to the state’s renewable portfolio standard, which requires 50% of Nevada’s energy to come from renewable sources by 2030.…

Investments in Energy Storage Grow as Battery Costs Fall

July 31, 2019

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A new report released July 31 details continued growth in global energy storage, driven by lower costs for lithium-ion batteries.

Research company BloombergNEF (BNEF) in its latest forecast published Wednesday said energy storage installations worldwide will grow across the next two decades, from the 9 GW/17 GWh of capacity deployed as of last year, to 1,095 GW/2,850 GWh by 2040, as battery costs fall by half by 2030 compared to today’s levels. It said two markets—stationary storage and electric vehicles—will drive demand for batteries.

BNEF said most of the new energy storage capacity for the power market is likely to be grid-scale.

Yayoi Sekine, a co-author of the report, in a news release said the latest research has “two big changes,” noting that “this year … we have raised our estimate of the investment that will go into energy storage by 2040 by more than $ 40 billion,” with BNEF forecasting $ 662 billion will be invested in storage over the next 20 years.…

New York Enacts 100% Clean Energy Law, Secures 1.7 GW of Offshore Wind

July 19, 2019

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New York on July 18 enacted the Climate Leadership and Community Protection Act (CLCPA), law that requires the state to produce 100% of its power from renewables and nuclear by 2040. The legislation includes agreements to build two offshore wind projects worth a combined 1.7 GW by 2025, the single largest renewable energy procurement in the nation.

The CLCPA signed by Gov. Andrew Cuomo (D) on Thursday codifies ambitions proposed under his “Green New Deal,” a climate change program that he claims is “the most aggressive” in the nation. Specifically, it mandates that New York slash its greenhouse gas (GHG) emissions by 40% by 2030 and 85% by 2050, relative to 1990s levels, effectively setting the state on a definitive course to achieve an energy transition to renewables.

The law will seek to achieve the stringent GHG emission cuts through the installation of 9 GW of offshore wind by 2035, 6 GW of distributed solar by 2025, and 3 GW of energy storage by 2030.…