On 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.
Read Full ReportRecent announcements in Texas and Alberta are signalling the coming of age of energy storage – particularly battery energy storage systems (BESS) in North American power markets. This is demonstrated by the increasing amount of large, grid-connected BESS being financed and developed on a merchant basis rather than relying on utility off-take agreements.
Read Full ReportWhen the electric vehicle charger company ChargePoint went public on September 24, 2020 through a reverse merger, there were a lot of investors celebrating the $2.4 billion valuation (enterprise value) that the company achieved. The company had backers from the oil & gas, utilities and automotive industries including US firms Chevron and AEP and European firms Daimler, BMW and Siemens. There was also a wide range of venture capital and private equity investors including GIC and Canada Pension Plan Investment Board.
Read Full ReportWhile the announcement of combined solicitations for 4,000 MW of offshore wind (NYSERDA) and land based renewables (NYSERDA & NYPA) on July 21, 2020 was historic, this is the continuation of a ramp up in renewables procurement in New York State and indicative of what is required for the state to meet its goals established in the Climate Leadership and Community Protection Act. In the last three years, 2017-2019, NYSERDA has contracted about 6,000 MW of large scale renewables. The state’s procurement will not stop in 2020. NYS will continue to be an attractive market for clean energy development offering opportunities for long term contracts.
Read Full ReportLast month the New York State Energy Research and Development Authority (NYSERDA) and New York Department of Public Service (DPS) published a White Paper on Clean Energy Standard Procurements to Implement New York’s Climate Leadership and Community Protection Act. This White Paper aims to provide a framework to better align the state’s Clean Energy Standard (CES) with its Climate Leadership and Community Protection Act (CLCPA) passed in 2019 while also utilizing the existing CES procurement structure to achieve the state’s target of 70% renewable energy by 2030.
Read Full ReportWhile most Class I REC markets across the country are generally oversupplied, the smaller New England Class I REC market stands apart as recent events have driven prices dramatically higher over the last year (Figure 1). In fact, 2019 vintage Class I RECs have climbed all the way from $7/REC a year ago to about $40/REC today, a stunning 5.7x increase. This suggests a shortage of RECs available in the marketplace to compliance entities who need to meet state Renewable Portfolio/Energy Standards.
Read Full ReportToronto, Ontario, November 6, 2019 – Power Advisory LLC (Power Advisory) has initiated the procurement process for an in-stream tidal energy demonstration project in Nova Scotia, which offers one of the largest tidal energy resources in the world.
Read Full ReportPower Advisory LLC, a leading North American management consulting firm that specializes in electricity sector matters and solutions, is pleased to announce the addition of Andrew Kinross as Director based in Boston. Andrew will be augmenting the leadership team at Power Advisory, helping to grow the firm’s business across the US and Canada.
Read Full ReportOn August 7th and 9th, the Massachusetts Department of Energy Resources (DOER) held informational meetings on the development of the Clean Peak Standard (CPS), which would require retail energy suppliers to procure a portion of their supplies from clean energy resources produced (either through generation or energy storage) during defined peak periods.
Read Full ReportTwo weeks ago New York State announced that they were negotiating contracts with two OSW projects totaling 1,696 MW, with 2024 commercial operation dates (COD), a year when additional 1,348 MW is scheduled to enter commercial operation: Ørsted US Offshore Wind’s (Ørsted’s) 1,100 MW Ocean Wind Project and US Wind’s 248 MW Maryland project. With this the US Northeast/Mid-Atlantic has awarded or is anticipated to award this year OSW contracts representing over 6,000 MW. These are shown by their anticipated COD and developer below.
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