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CAISO Plan Calls for $30.5 Billion for Transmission—and More Renewable Energy

February 4, 2022

California’s power grid continues to evolve and will look much different by 2040, according to a 20-year draft transmission plan released by the California Independent System Operator (CAISO). The plan calls for significant additional renewable energy resources, along with a $ 30.5-billion build-out of the transmission grid.

The outlook, developed by the grid operator along with the California Public Utilities Commission (CPUC) and the California Energy Commission (CEC), provides details about how the state will meet increased demand for electricity. The plan said the state will need about 120 GW of new power generation resources added to the CAISO system by 2040, including energy storage, utility-scale solar, offshore wind, and imports of clean energy from other states.

“There is a critical need for more proactive, long-term transmission planning and coordination,” said Elliot Mainzer, CAISO president and CEO, in a statement released Feb. 1. “In developing the 20-year Outlook, we have worked closely with the California Energy Commission (CEC), California Public Utilities Commission (CPUC) and a diverse group of stakeholders to begin delineating the long-term architecture of the California grid and better align power and transmission planning, resource procurement and interconnection queuing.…

Iowa Utility Proposes $3.9 Billion Renewable Energy Project

January 22, 2022

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A subsidiary of billionaire Warren Buffett’s Berkshire Hathaway Energy has announced it plans to invest another $ 3.9 billion into renewable energy in Iowa, with a project that would add more than 2 GW of wind power to the state.

Des Moines-based MidAmerican Energy on Jan. 19 said the Wind PRIME project also includes solar power generation, and exploration of what the utility called new technologies, which could include small modular nuclear reactors (SMRs). The company said the project will advance MidAmerican’s transition to net-zero greenhouse gas emissions. MidAmerican said construction of the project, after approval from state regulators, could begin as soon as 2024.

Kelcey Brown, CEO and president of MidAmerican, in a statement said, “As MidAmerican continues to progress toward delivering 100% renewable energy to our customers, we are also preparing to meet an important milestone of net-zero greenhouse gas emissions. The Wind PRIME project will position us and our customers for a sustainable future, while ensuring we continue to deliver affordable and reliable energy.”…

Emerson Merging Software Business with AspenTech in $11 Billion Deal

October 11, 2021

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Emerson Electric Co. said it will merge its software business with rival Aspen Technology (AspenTech) in an $ 11 billion deal that will bring together both companies’ expertise in industrial software applications. It’s the latest move by Emerson to support the rapid growth of digitization in the power generation industry.

“We saw an attractive opportunity to accelerate our software strategy to capitalize on the rapidly evolving industrial software landscape and advance Emerson’s high-value portfolio journey,” Emerson CEO Lal Karsanbhai said in a statement Oct. 11. AspenTech shareholders will receive $ 87 a share in cash and 0.42 share of stock in the new company, the companies said Monday. Emerson will contribute $ 6 billion of cash to the new venture, taking a 55% stake.

“Our customers are increasingly seeking partners to help realize stronger performance as they automate workflows in their facilities to optimize operations,” said Karsanbhai. “New AspenTech will become an engine for both acquisition and organic growth.”

Emerson, a technology and engineering company based in Ferguson, Missouri, continues its efforts to become an industrial software supplier.…

$8 Billion Proposals Could Bring New Gas-Fired Plants to Texas

April 28, 2021

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The post $ 8 Billion Proposals Could Bring New Gas-Fired Plants to Texas appeared first on POWER Magazine.

An energy investment group told Texas regulators the company has a plan to help solve some of that state’s electricity reliability issues, proposing a plan similar to one put forth by billionaire Warren Buffett’s Berkshire Hathaway Energy in March.

Starwood Energy Group on April 23 sent the state’s Public Utility Commission a proposal to build 11 natural gas-fired power plants, investing more than $ 8 billion to develop and construct the facilities. Representatives from Berkshire Hathaway Energy last month met with Texas lawmakers and said their group was prepared to spend about $ 8.3 billion to build 10 gas-fired plants across the state.

Starwood, based in Greenwich, Connecticut, in an April 23 letter from CEO Himanshu Saxena to the Texas PUC (PUCT) and the board of the Electric Reliability Council of Texas (ERCOT), the state’s main grid operator, said it wanted to outline “a compelling proposal to solve ERCOT’s reliability issues as was demonstrated by the energy crisis that occurred in February 2021.”…

BP Buying $1.1 Billion Stake in U.S. Offshore Wind

September 13, 2020

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The post BP Buying $ 1.1 Billion Stake in U.S. Offshore Wind appeared first on POWER Magazine.

The move by major oil and gas exploration companies into renewable energy has taken another significant step, as BP announced a $ 1.1 billion deal to buy the U.S. offshore wind power assets of Norway’s Equinor.

BP in announcing the deal on Sept. 10 said it is taking a 50% stake in Equinor’s Empire Wind project off New York, and a similar position in Equinor’s Beacon Wind development off Massachusetts (Figure 1). Equinor will continue to hold a half-interest in both projects and will remain the operator. The deal is expected to close in early 2021.

Bernard Looney, CEO of the British energy giant, in August said BP would cut its oil and gas output by 40% over the next 10 years, while spending as much as $ 5 billion annually to build its renewable energy business, as the company pivots from fossil fuel development.…

Wind Energy Group Says $43 Billion at Risk from COVID-19

March 23, 2020

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The post Wind Energy Group Says $ 43 Billion at Risk from COVID-19 appeared first on POWER Magazine.

Energy groups continue to assess the industry disruption caused by the coronavirus, with the American Wind Energy Association (AWEA) on March 19 saying the global pandemic is putting $ 43 billion of wind industry investments and payments at risk.

Utilities, grid operators, and other have been altering their routines as state and local governments call for the closures of many non-essential businesses. Energy companies have instituted travel bans, have shuttered their offices—asking many employees to work remotely—and changed how they will interact with customers.

Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association, earlier this week said the virus has caused “a pretty significant crisis” for the solar industry, disrupting supply chains and likely creating labor shortages. Tom Kiernan, CEO of AWEA, on Thursday acknowledged the challenges the coronavirus is causing for the wind energy industry, going so far as to ask for Congress to intervene to protect jobs and economic investment in the sector.…