On June 1, 2021, Senate Bill 65became effective which decreased the Maryland solar RPS and increased the ACP. SREC prices immediately gravitated toward the new ACP schedule, and are expected to remain at about 98% of ACP for the foreseeable future.
Read Full ReportPower Advisory LLC continues to closely track the Northeast electricity markets and support the development of clean energy projects. Find a summary of the latest news from the Maine Public Utilities Commission below, with the approval of term sheets from the 2021 Maine Tranche 2 RFP for renewables this morning.
Read Full ReportAddressing the climate crisis has renewed focus in Canada and across the globe. On the heals of announcing a strengthened climate plan with a goal of net-zero emissions by 2050, Prime Minister Trudeau announced that Canada will enhance its commitment to the Paris Agreement by reducing emissions to 40-45% below 2005 levels by 2030 during the World Leaders Climate Summit.
Read Full ReportThe environmental attributes associated with renewable energy projects can be an important part of project economics. Thus, having an opinion on the outlook for the value of these attributes is necessary. Power Advisory models the supply and demand for REC (Renewable Energy Credit) and SREC (Solar Renewable Energy Credit) markets; and we provide price forecasts for as long as 30 years.
Read Full ReportOn April 15th PJM will begin soliciting transmission proposals that would expand its network and identify system improvements to enable the interconnection of New Jersey’s 7,500 MW OSW target. This is the first “market test” in the US where transmission developers will compete for the right to develop the transmission need to realize a state or region’s OSW goals. Transmission developers will submit competing transmission proposals to PJM.
Read Full ReportThe figure below shows the various New York State transmission projects that are being developed to respond to NYSERDA’s Tier 4 RFP. The Tier 4 RFP requires that qualifying RECs, which include incremental hydro at existing dams, be generated in or delivered to NYISO’s Zone J (NYC), with delivery occurring over new transmission facilities. When the Tier 4 concept was originally announced there were only a few eligible transmission projects. See what the prospect of a 25-year contract has engendered.
Read Full ReportOver the past decade, we have witnessed rapid growth in corporate PPAs as companies and institutions seek operational savings and to achieve sustainability objectives. Even in their dramatic growth from the early 2010s, corporate PPAs and the needs they fill for companies have evolved and will continue to do so. Recently, there have been a number of notable changes and advancements made to corporate PPAs foreshadowing additional changes to come.
Read Full ReportEarlier this month there was a compelling presentation by Dr. Stojkovska, Technical Manager Offshore Coordination at National Grid, that reviewed work completed by National Grid identifying the benefits of coordinated development of offshore transmission in the UK. The study estimated that potential savings in transmission investment to be 18% (US$8 billion) with 60 GW of additional offshore wind (OSW) development, with the number of landfalls reduced by 70%.
Read Full ReportLast week, the UK Crown Estates concluded its fourth round of offshore wind (OSW) leasing. The results of this auction offer some potential insight into forthcoming BOEM OSW lease auctions. First of all, the option fees paid to secure leases were at record levels (e.g., up to $214/kW). This is explained in part by the relatively modest amount of capacity covered by the lease areas offered (8 GW) relative to the UK’s OSW ambitions (an incremental 60 GW by 2050).
Read Full ReportOn August 14 and 15, 2020, California’s Independent System Operator (CAISO) directed utilities to initiate rotating outages (i.e., load-shedding) due to constrained grid conditions, which resulted in hundreds of thousands of Californians experiencing rolling blackouts. Subsequently, CAISO, California Public Utilities Commission (CPUC), and California Energy Commission (CEC) jointly released the Preliminary Root Cause Analysis: Mid-August 2020 Heat Storm on October 6, 2020 at the request of Governor Newsom.
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