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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Our data team tracks new and updated industry drivers. Here are some recent drivers we have been following in April:
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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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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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:
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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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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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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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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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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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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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.Click Here for More Information
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:
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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FirmoGraphs tracks notable projects from the proposal stage to becoming effective. Here are some of the recent notable projects we have been tracking.
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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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.
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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.
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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.
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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.
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The following M&A transactions in the Power Generation and Supply Industry stand out in the month of April:
Here are some recent articles our team has been reading:
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.
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Name Organization |
Name Meeting Key |
Date Start |
Date End |
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Midwest Renewable Energy Association |
MREA Midwest Solar Expo |
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 |