Our April 2024 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 in April:
DOE Finalizes Energy Efficiency Standards for Distribution Transformers That Protect Domestic Supply Chains and Jobs, Strengthen Grid Reliability, and Deliver Billions in Energy Savings
Status: Effective
Organization: Joint Office of Energy and Transportation
Summary: On April 4, 2024, the U.S. Department of Energy (DOE) finalized new energy efficiency standards for distribution transformers to enhance the power grid's resiliency and efficiency. These standards are expected to save $824 million annually in electricity costs and boost demand for grain-oriented electrical steel (GOES). The standards will primarily be met with GOES, with a small portion met by amorphous alloy, both expected to be manufactured in the U.S. Over 30 years, the standards could save over $14 billion in energy costs and reduce carbon dioxide emissions by nearly 85 million metric tons. Additionally, a $75 million grant for furnace upgrades will help make the U.S. GOES among the lowest emissions in the world. The final rule reflects a shift from a 95% market reliance on the amorphous alloy to 75% with GOES, giving manufacturers the flexibility to meet efficiency targets.
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BLM Announced Final Rule for Clean Energy on Public Lands
Status: Effective on July 1st, 2024
Organization: Bureau of Land Management (BLM)
Summary: On April 11, 2024, the Bureau of Land Management (BLM) finalized its regulations, a significant stride in fostering renewable energy development on public lands. The final rule introduces several key changes: substantial reductions in acreage rents and capacity fees, an improved application process, and enhanced predictability for future project authorizations. These updates, made under the authority of the Energy Act of 2020, are designed to encourage and support renewable energy development. Importantly, the rule reduces capacity fees by 80% through 2035, with a 20% reduction continuing thereafter, offering long-term stability and security for the industry and its stakeholders.
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S 4151: Fusion Energy Act of 2024
Status: Proposed
Organization: U.S. Senate
Summary: On April 17, 2024, the U.S. Senate introduced the Fusion Energy Act of 2024, which aims to accelerate the commercial development of fusion energy. This move is expected to streamline federal regulations and support the development of commercial fusion energy facilities. Key aspects of the bill include:
- Codifying the Nuclear Regulatory Commission's (NRC) authority over fusion energy.
- Fostering the commercialization of fusion energy.
- Promoting innovation in clean energy technologies.
The legislation also mandates the NRC to report to Congress within a year on the potential licensing of commercial fusion machines and considerations for streamlining the process.
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S 4140: GRIData Act of 2024
Status: Proposed
Organization: U.S. Senate
Summary: On April 17, 2024, the U.S. Senate introduced the GRIData Act of 2024, aiming to enhance the reliability and resilience of the electric grid in the United States. This bill directs the Secretary of Energy to identify, analyze, and share relevant data to improve grid operations, especially in rural, low-income, and disadvantaged communities. The Secretary is tasked with collaborating with various entities to gather and analyze grid reliability and resilience data. The act also proposes the creation of websites to share this data and the establishment of a steering committee to guide these activities. Moreover, to fund these activities, the bill authorizes $10,000,000 for the first fiscal year after its enactment.
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HR 8085: Expediting Generator Interconnection Procedures Act
Status: Proposed
Organization: U.S. Senate
Summary: On April 19, 2024, the U.S. Congress introduced the Expediting Generator Interconnection Procedures Act, which requires the Federal Energy Regulatory Commission (FERC) to establish regulations that would accelerate the interconnection of electric generation and storage resources to the transmission system. The legislation addresses the current delays and complexities associated with connecting new power plants to the national power grid. The bill seeks to lower energy costs for families, improve electricity grid reliability, and support integrating new energy projects.
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U.S. Department of Energy Announces Final Rule to Propel Federal Buildings Toward Zero Emissions
Status: Proposed
Organization: U.S. Department of Energy
Summary: On April 24, 2024, the U.S. Department of Energy announced a final rule to propel federal buildings toward zero emissions. Under this new rule, new constructions or significant renovations starting between fiscal years 2025 and 2029, there is a mandate to achieve a 90% reduction in fossil fuel use. By 2030, the rule requires completely eliminating on-site fossil fuel usage. The DOE estimates the rule will reduce carbon emissions from federal buildings by 2 million metric tons and methane emissions by 16 thousand tons over the next 30 years. Additionally, this initiative is expected to lower infrastructure costs.
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DOE Announces Final Transmission Permitting Rule and Latest Investments To Accelerate the Build Out of a Resilient, Reliable, Modernized Electric Grid
Status: Proposed
Organization: U.S. Department of Energy
Summary: On April 25, 2024, the U.S. Department of Energy announced the finalization of a transmission permitting rule and significant investments to enhance the U.S. electric grid's resilience, reliability, and modernization. This includes a new Federal Permitting Rule designed to halve the timelines for transmission review while maintaining the integrity of the environmental review process. An additional investment of $331 million is aimed at adding over 2,000 megawatts of grid capacity across the Western U.S. DOE has established the Coordinated Interagency Transmission Authorizations and Permits (CITAP) Program to streamline Federal environmental reviews and permitting processes for qualifying transmission projects. This program is expected to consolidate these processes into a standard two-year schedule, enhancing engagement with Tribes, local communities, and stakeholders.
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Public Utility Commission of Texas Adopts Second Rule for Implementation of the Texas Energy Fund
Status: Effective
Organization: Public Utility Commission of Texas (PUCT)
Summary: On April 25, 2024, the Public Utility Commission of Texas (PUCT) adopted a new rule to implement the Texas Energy Fund Completion Bonus Grant Program. This initiative aims to bolster the Electric Reliability Council of Texas (ERCOT) grid by incentivizing the construction or expansion of dispatchable electric generation facilities. Facilities eligible for this program must add at least 100 MW to the ERCOT grid and meet specific performance and planning criteria set by the rule. The grants provided by this program will be distributed over ten years, with the amount based on the added generation capacity, the facility's interconnection date, and available funding. This program is part of the broader Texas Energy Fund, established under the Powering Texas Forward Act by Senate Bill 2627 in 2023.
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DOE Reduces Regulatory Hurdles For Energy Storage, Transmission, and Solar Projects
Status: Effective
Organization: Public Utility Commission of Texas (PUCT)
Summary: On April 25, 2024, the U.S. Department of Energy (DOE) introduced updated guidelines for environmental reviews under the National Environmental Policy Act (NEPA). These changes are designed to expedite the deployment of clean energy technologies, particularly energy storage systems, transmission line upgrades, and solar photovoltaic systems. The primary goal is to significantly reduce the time and cost associated with environmental analysis, thereby fostering the growth of the energy industry while minimizing environmental impact.- Energy Storage Systems: The DOE is simplifying the environmental review for projects like battery and flywheel energy storage systems, mainly when they are situated in or near previously developed areas.
- Transmission Line Upgrades: By removing the length limitations for existing power lines eligible for streamlined NEPA reviews and allowing for relocation within designated lands, the DOE is promoting the modernization of the nation’s power grid.
- Solar Photovoltaic Systems: The DOE is increasing the size limits for solar projects that qualify for the simplest environmental reviews under NEPA.
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EPA Finalizes Suite of Standards to Reduce Pollution from Fossil Fuel-Fired Power Plants
Status: Effective
Organization: Public Utility Commission of Texas (PUCT)
Summary: On April 25, 2024, the U.S. Environmental Protection Agency (EPA) announced a comprehensive suite of final rules to reduce pollution from fossil fuel-fired power plants. The rules are designed to significantly cut climate, air, water, and land pollution from the power sector. Key aspects of this suite of regulations include:
- Carbon Pollution Standards: New rules limit carbon emissions from existing coal-fired and new natural gas-fired power plants, mandating modern technologies to reduce climate pollution.
- Mercury and Air Toxics Standards (MATS): The EPA has strengthened MATS for coal-fired power plants, reducing the mercury emissions limit and controlling for toxic metals more stringently. This update aims to reduce health risks associated with these emissions, particularly for children and communities near power plants.
- Water Pollution from Power Plants: New standards reduce toxic metal discharges and other pollutants from coal-fired power plants, safeguarding water sources and ecosystems.
- Management of Coal Ash: The EPA has finalized rules for the safe management of coal combustion residuals (coal ash) at active and inactive facilities, addressing concerns about groundwater and surface water contamination and ensuring community and ecosystem safety.
These rules are expected to deliver substantial health benefits and environmental improvements, particularly for communities disproportionately affected by pollution from power plants.
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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.
$4 Billion Attentive Energy Two Project
Type: Generation - Wind
Status: Approved
Organization: Joint Venture between TotalEnergies and Corio Generation
Region: New Jersey
Summary: In January 2024, the New Jersey Board of Public Utilities approved and awarded the Attentive Energy Two Project, a joint venture between TotalEnergies and Corio Generation, a 20-year contract in New Jersey’s third offshore wind solicitation. The Project is an up to 1,342 megawatts (MW) clean and renewable offshore wind energy project that is expected to power more than 650,000 homes and generate $3.1 billion in economic activity state-wide. The Project will be located in BOEM Lease OCS-A 0538, approximately 42 miles east of Seaside Heights, New Jersey. The wind farm is expected to be commissioned in 2031. According to the 2023 Annual Technology Baseline (ATB), Offshore Wind projects will cost $3,034 per kW. Based on this value, FG estimates the Project will cost $4.07 billion.
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$2.1 Billion Aypa Solar Project
Type: Generation - Solar
Status: Proposed
Organization: Vegas Valley Solar, LLC
Region: Nevada
Summary: Vegas Valley Solar, LLC filed an application for approval on March 20, 2024, to the Nevada Public Utilities Commission to construct the proposed Aypa Solar Project. The Project consists of an up to 1 gigawatt (GW) solar electric generating facility, a battery energy storage system, 230 kilovolts (kV) or 500kV transmission line, and associated facilities to be located on approximately 6,500 acres on land in Clark County, Nevada. According to the 2023 Annual Technology Baseline (ATB), Solar projects with battery storage will cost $2,130 per kW. Based on this value, FG estimates the Project will cost $2.13 billion.
Contact FirmoGraphs to See the Document
$650 Million Pulaski Solar Project
Type: Generation - Solar
Status: Proposed
Organization: Pulaski Solar, LLC
Region: Illinois
Summary: Pulaski Solar, LLC and Vistra Corp will construct the proposed Pulaski Solar Project. The Project is a solar facility with 405 megawatts (MW) of alternating current located south of the Village of Karnak, at the eastern boundary of Pulaski County, costing approximately $650 million to construct.
Contact FirmoGraphs to See the Document
$258 Million Amber Meadow Solar Project
Type: Generation - Solar
Status: Proposed
Organization: NextEra Energy Resources
Region: Georgia
Summary: Alabama Power Company, a subsidiary of NextEra Energy Resources, submitted filings on February 20, 2024, to the Federal Energy Regulatory Commission for the proposed Amber Meadow Solar Project. The Project is a 200 megawatts (MW) solar facility located in Irwin County, Georgia. The construction is expected to start in the third quarter of 2024 and conclude in the fourth quarter of 2026. According to the 2023 Annual Technology Baseline (ATB), Solar projects will cost $1,290 per kW. Based on this value, FirmoGraphs (FG) estimates the Project will cost $258 million.
Contact FirmoGraphs to See the Document
$187.2 Million Weirs Creek Solar Project
Type: Generation - Solar
Status: Proposed
Organization: Weirs Creek Solar, LLC
Region: Kentucky
Summary: Weirs Creek Solar, LLC, a subsidiary of NextEra Energy Resources, submitted filings on April 15, 2024, to the Kentucky Public Service Commission for the proposed Weirs Creek Solar Project. The Project is a 150 megawatts (MW) solar facility located in Webster County and Hopkins County, Kentucky, and an approximately 0.85-mile nonregulated transmission line to the Hopkins - Reid 161 kV line in Webster County, Kentucky. FirmoGraphs (FG) estimates that construction will commence in the fourth quarter of 2025 and conclude in the fourth quarter of 2026. According to the 2023 Annual Technology Baseline (ATB), Solar projects will cost $1,248 per kW. Based on this value, FirmoGraphs (FG) estimates the Project will cost $187.2 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 2, 2024, Curtiss-Wright Corporation announced that it has completed the acquisition of WSC, Inc. for approximately $34 million in cash. WSC is a leading provider of state-of-the-art simulation technology that supports the design, commissioning, and reliable operation of commercial nuclear power generation and process plants worldwide with an installed base of over 225 plant simulators.
- On April 3, 2024, Mountain V Oil and Gas, announced the acquisition of AXP Energy, an Australian oil and gas company with assets in Tennessee, Kentucky and Virginia. The $4 million purchase solidifies Mountain V's position as a reliable and sustainable producer of oil and gas that maintains a diversified commodity mix.
What We Are Reading
Here are some recent articles our team has been reading:
- OGE Energy Corporation - OG&E 2024 Integrated Resource Plan
- New solar projects approved for Dominion Energy Virginia customers
- CAISO proposes $6.1B transmission plan, mainly for offshore wind
- DOE Releases First Ever Federal Blueprint to Decarbonize America’s Buildings Sector
- Tennessee Valley Authority plans to retire Kingston Fossil Plant
- New England Offshore Wind Farm Latest to Win Biden Approval
- New transmission line in Wyoming approved
- Texas, California dominated wind and solar power generation in 2023: Report
- AEP OHIO PLAN TO MAKE ELECTRIC GRID IMPROVEMENTS, OFFER NEW CUSTOMER SAVINGS PROGRAMS APPROVED
- Con Edison, NGV propose offshore wind project for New Jersey
- PacifiCorp submits updated 20-year plan weighing federal, state energy policy changes
- Construction Begins at Avangrid's First California Solar Farm
- FERC approves PJM’s $5.1B cost-share plan for transmission to be built by Dominion, others
- Grid interconnection queues jumped 27%, to 2.6 TW, in 2023, led by solar, storage: DOE lab
- U.S. CO2 emissions down 17% since 2005, despite 2022 increase
- Equinor jumps into ERCOT market with 110 MW of merchant battery projects
- CIP acquires 1.3 GW of New York onshore wind projects
- DOE Releases New Report on Accelerating Deployment of Grid Solutions to Lower Costs and Improve Reliability
- Georgia Power receives approval to add 1.4 GW of natural gas generation
- DOE Releases New Report Outlining Solutions to Meet Growing Electricity Demand
- US EPA issues air quality permits for three New England offshore wind projects
- DOE issues road map for speeding, improving grid interconnections to unlock 2.6-TW backlog
- FirstEnergy Ohio reaches settlement on grid modernization plan
storage Arevon Announces Agreement with MCE for 250 MW Energy Storage Project - Black Hills Corp. Recommends 400 MW of New Renewable Resources in Colorado
- Biden announces $7 billion in federal solar power grants
- PG&E Customers' Electricity 100% Greenhouse Gas-Free in 2023
- Report: Three offshore wind projects cancelled off New York
- Climate plan for energy-rich North Dakota ignores fossil fuels. Here's why.
- Louisiana PSC approves first phase of Entergy Louisiana’s five-year grid resilience plan
- Cumberland County Approves Hecate Energy's 150 MW Solar Energy Facility in Virginia
- After offshore wind cancellations, New York releases clean energy action plan
- Interior unveils plans for up to 12 offshore wind lease sales through 2028
- Largest Offshore Wind Project in U.S. History Receives Full Federal Environmental Permitting Approval
- Florida Power & Light doubles planned storage deployments to more than 4 GW over 10 years
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 2024
|
Name Organization |
Name Meeting Key |
Date Start |
Date End |
|
Midwest Renewable Energy Association |
2024-05-20 |
2024-05-22 |
|
|
American Council on Renewable Energy |
2024-06-04 |
2024-06-05 |
|
|
Edison Electric Institute |
2024-06-18 |
2024-06-20 |
|
|
IEEE Power & Energy Society |
IEEE - PES Transportation Electrification Conference And Expo |
2024-06-19 |
2024-06-21 |
|
Midwest Renewable Energy Association |
MREA Annual Energy Fair: Clean Energy + Sustainable Living for All |
2024-06-22 |
2024-06-22 |
|
American Wind Energy Association |
2024-06-26 |
2024-06-28 |
Early Bird Registrations
- Event: ACEEE Summer Study on Energy Efficiency in Buildings
Dates: August 4, 2024 - August 9, 2024
Deadline for Early Registration: June 4, 2024 - Event: AWEA Offshore WINDPOWER Conference and Exhibition
Dates: October 28, 2024 - October 30, 2024
Deadline for Early Registration: May 11, 2024 - Event: PE HydroVision International
Dates: July 15, 2024 - July 18, 2024
Deadline for Early Registration: May 16, 2024