Our April 2023 Power Generation & Supply Market Recap is a snapshot of the data and information we curate. We share industry drivers, notable projects, recent mergers and acquisitions, interesting reads, and updates on upcoming meetings and conferences.
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Industry Drivers
Our data team tracks new and updated industry drivers. Here are some recent drivers we have been following this month:
California ISO 2022-2023 Transmission Plan
Status: Proposed
Organization: California Independent System Operator
Summary: On April 3, 2023, the California Independent System Operator (CAISO) released its draft 2022-2023 Transmission Plan, which includes 46 transmission projects, 24 of which are required for grid reliability and 22 for renewable energy requirements. The plan, estimated to cost $9.29 billion, reflects California’s commitment to meeting its clean energy goals, including electrifying the transportation sector and building the environment. According to CAISO, the state will need to add over 40 GW of new resources to the grid by 2032 and over 70 GW by 2033 due to its clean energy goals, climate change impacts, and the electrification of transportation and buildings. In addition, CAISO’s draft plan includes a more proactive approach to aligning transmission planning with resource procurement and interconnection queuing. The California Public Utilities Commission (CPUC) will provide the grid operator with resource planning information. The ISO will develop a final transmission plan, begin project work, and communicate areas with transmission capacity to power providers.
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Texas SB 6 - Establishing of the Texas Energy Insurance Program
Status: Effective
Organization: Texas State Legislature
Summary: On April 5, 2023, the Texas State Senate passed SB 6, which would establish the $10 billion Texas Energy Insurance Program (TEIP), which would provide funding mechanisms for constructing and operating electric generating facilities capable of delivering 10,000 MW. The bill is designed to promote the development of new power plants and improve the state's energy infrastructure by increasing investment in these projects. Additionally, the legislation aims to provide insurance to cover the risks associated with building and operating these facilities. Surcharges on retail electric bills and other sources, such as state appropriations and private donations, would fund the program. Finally, the bill includes oversight and reporting requirements provisions to ensure the program's transparency and effectiveness.
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EPA Proposes to Strengthen the Mercury and Air Toxics Standards for Power Plants
Status: Proposed
Organization: U.S. Environmental Protection Agency (EPA)
Summary: On April 5, 2023, US Environmental Protection Agency (EPA) proposed strengthening and updating the Mercury and Air Toxics Standards (MATS) for coal-fired power plants. The proposed rule aims to reduce hazardous air contaminant emissions and implement updated air pollution control and emission monitoring technologies.
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Maryland SB 781 - Offshore Wind Energy – State Goals and Procurement (Promoting Offshore Wind Energy Resources Act)
Status: Proposed
Organization: Maryland State Legislature
Summary: On April 10, 2023, Maryland State Senate passed SB 781, also known as the Promoting Offshore Wind Energy Resources Act, which aims to promote the development of Maryland offshore wind energy resources. The bill sets ambitious goals for procuring offshore wind energy, installing 1,200 megawatts (MW) of capacity by 2030 and 5,000 MW by 2035. The bill requires the Maryland Public Service Commission to establish a competitive process for procuring offshore wind energy resources, with a preference for projects that create jobs and economic development opportunities in the state. It also includes provisions for a workforce development program to support the training and employment of Maryland residents in the offshore wind industry. To finance the procurement of offshore wind energy, the bill authorizes the issuance of ratepayer-backed bonds and establishes a Green Energy Fund to support the development of renewable energy resources in the state.
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Clean Energy Future Plan
Status: Proposed
Organization: Michigan State Legislature
Summary: On April 12, 2023, the Clean Energy Future Plan was introduced before the Michigan's Senate. The plan includes range of measures, such as phasing out the electrical grid by phasing out coal-fired electricity generating plants by 2030, developing a 100% clean energy standard by 2035, and achieving at least 2% annual energy efficiency savings. The plan also seeks to expand the purview of the Michigan Public Service Commission, and adopt a Clean Fuels Standard. Additional bills are being developed, including legislation to promote purchasing and using electric vehicles (EVs) and make energy more affordable for Michiganders.
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Notable Projects
FirmoGraphs tracks notable projects from the proposal stage to becoming effective. Here are some of the recent notable projects we have been tracking.
$1 Billion High Banks Wind Project
Type: Generation - Onshore Wind
Status: Effective
Organization: NextEra Energy Resources, LLC
Region: Kansas
Summary: NextEra Energy Resources, LLC has been helping fuel Kansas state's economic growth and quality of life and moving the county toward energy independence. They have invested $1.8 billion in Kansas, including eight operational wind energy centers like High Banks Wind. The approved Project is an innovative wind project proposed for Washington and Republic Counties in Kansas that will have a capacity of approximately 600 megawatts of clean, renewable energy. The Project consists of Up to 233 GE wind turbines capable of generating around 600 megawatts (MW) of clean, renewable energy. The Project started on January 01, 2023, and is expected to be completed on December 31, 2023, costing $1 billion.
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$700 Million Brown NGCC Project
Type: Compressor Station
Status: Proposed
Organization: LG&E and KU Energy, LLC
Region: Kentucky
Summary: LG&E and KU Energy, LLC submitted filings on December 15, 2022, to the Kentucky Public Utilities Commission for the Brown NGCC. The proposed Project is constructing a 621 megawatts net summer rating natural gas combined cycle (NGCC) unit utilizing the latest advanced J or H-Class gas turbine technology in a 1x1 configuration at Mill Creek and E.W. Brown for a total installed capacity of 1,242 megawatts net summer rating. The construction is expected to be completed on June 01, 2028, costing $700 million.
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$662 Million Mill Creek NGCC Project
Type: Pipeline- Gas
Status: Proposed
Organization: LG&E and KU Energy, LLC
Region: Kentucky
Summary: LG&E and KU Energy, LLC submitted filings on December 15, 2022, to the Kentucky Public Utilities Commission for the Mill Creek NGCC. The proposed Project is constructing a 621 megawatts net summer rating natural gas combined cycle (NGCC) unit utilizing the latest advanced J or H-Class gas turbine technology in a 1x1 configuration at Mill Creek and E.W. Brown for a total installed capacity of 1,242 megawatts (MW) net summer rating. The construction is expected to be completed on June 1, 2027, costing $662 million.
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$535 Million Double Black Diamond Solar Power Project
Type: Generation - Solar
Status: Proposed
Organization: Double Black Diamond Solar Power, LLC
Region: Illinois
Summary: Double Black Diamond Solar Power, LLC submitted filings on March 16, 2023, to the Federal Energy Regulatory Commission for Double Black Diamond Solar Power. The proposed Project is an approximately 593 megawatts nameplate capacity solar-powered electric generation facility in Morgan County and Sangamon County, Illinois. The Facility will comprise photovoltaic panels and associated structures, facilities, and equipment necessary for power generation at wholesale. The construction will start on June 21, 2023, and is expected to be completed on December 31, 2024, costing $535 million.
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$290 Million Five Wells Storage Project
Type: Energy Storage, BESS, Stand-alone
Status: Proposed
Organization: Five Wells Solar Center LLC
Region: Texas
Summary: Five Wells Solar Center LLC submitted filings on March 17, 2023, to the Texas Public Utilities Commission for the proposed Five Wells Storage Project in Bell County, Texas. The Project comprises 82 inverters rated at 3.594 megavolt-amperes (MVA), each with a total nameplate capacity of 294.71 MVA. The gross output for the Project will be 262.5 megawatts (MW) at generator terminals and 260 MW at the 34.5 kilovolts (kV) bus, with a 259 MW output at Point of Interconnection. The Project's commercial operation is expected to begin on December 29, 2023. According to the 2021 Annual Technology Baseline (ATB), stand-alone energy storage projects will cost $ 1,119 per kW. Based on this value, FirmoGraphs estimates the Project will cost $290 million.
Contact FirmoGraphs to See the Document
Notable M&A
The following M&A transactions in the Power Generation and Supply Industry stand out in the month of April:
- On April 6, 2023, Eneon ES announced it is joining US Clean Energy, a clean energy platform and holding company. The strategic move broadens Eneon’s reach into the rapidly expanding US battery energy storage market, increases its access to capital, and accelerates its growth.
- On April 13, 2023, Greenwood Sustainable Infrastructure (GSI), the North American renewable energy subsidiary of Libra Group, announced the acquisition of the solar and battery development portfolios of Saturn Power, including its team of seasoned developers and 1.4-gigawatt (GW) pipeline of early to late-stage solar and energy storage projects in five U.S. states and two Canadian provinces.
What We Are Reading
Here are some recent articles our team has been reading:
- NY moves toward public ownership, operation of renewable power in budget negotiated by state leaders
- Biden is offering $8 billion to whoever can figure out how to produce clean hydrogen energy
- Homer City — Pa.’s largest coal-fired power plant — will close in July
- Biden offers $450M for clean energy projects at coal mines
- PacifiCorp plans to reach 7.4 GW of storage by 2029, 20 GW of wind and solar by 2032 in latest resource plan
- Montana court vacates air permit for NorthWestern Energy’s $275M Laurel power plant
- Puerto Rico’s utility requests $8.2B in federal investment for grid reliability projects: LUMA
- 7 Northeast states submit $1.25B proposal for federal hydrogen hub
- New York wind farm gets final approval to start construction…
- $2.8 billion sale of Eastern Kentucky power company will not go forward
- New Solar and Energy Storage Projects Approved for Dominion Energy Virginia Customers
- Duke Energy Florida completes two new solar facilities
- Regulators approve 150 MW solar facility for Ameren Missouri
- Drake Power Plant Demolition Public Meeting
- West Virginia delivers second-largest amount of coal in United States
- The U.S. is on track to close half of its coal-fired generation capacity by 2026
- Bechtel nixes $1B power plant after years of permitting battles
- Biden-Harris Administration Announces New Investments to Support and Accelerate Community Solar Across America
- Michigan's largest wind park opens, spanning Midland, Saginaw counties
- NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY: During Earth Week, Governor Hochul Announces Completion Of Eight New Large-Scale Renewable Energy Infrastructure Projects
- Dominion says coal ash pond cleanup underway at Chesterfield
- CON EDISON RELEASES SUSTAINABILITY REPORT: POWERING NEW YORK'S CLEAN ENERGY TRANSITION
- DOE Announces New Effort to Power Colorado's Federal Facilities with 100% Clean Energy by 2030
- Clock ticking for plan to keep West Virginia coal plant open
- Xcel Energy signs deal with DOE to provide carbon-free electricity
- Largest coal plant in Pennsylvania to cease operations
- U.S. coal shipments increased slightly in 2022 as power plants replenished stockpiles
Meeting Planner
In this over-digitized age, there is no replacement for face-to-face meetings with your prospects and customers! We track meetings of interest to our customers serving the US power generation and supply industry so you won’t miss upcoming meetings and deadlines. Also, FirmoGraphs has recently implemented a free-of-charge service for tracking notable infrastructure events.
Meetings in May and June 2023
|
Name Organization |
Name Meeting Key |
Date Start |
Date End |
|
Energy Central |
2023-05-10 |
2023-05-12 |
|
|
Smart Electric Power Alliance |
SEPA RE+ Southeast |
2023-05-17 |
2023-05-18 |
|
American Wind Energy Association |
2023-05-22 |
2023-05-25 |
|
|
American Council on Renewable Energy |
2023-06-07 |
2023-06-08 |
|
|
Energy Central |
2023-06-07 |
2023-06-08 |
Early Bird Registration
- Event: IEEE - PES Transportation Electrification Conference And Expo
Dates: June 21-23, 2023
Deadline for Early Registration: May 15, 2023