Our December 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 in December:
Seattle City Council Passes Landmark Building Emissions Standards Law to Combat Climate Crisis, Pollution
Status: Effective
Organization: City of Seattle
Summary: On December 12, 2023, the Seattle City Council unanimously passed a climate policy to transition large buildings from fossil fuels to clean electricity. The Building Emissions Performance Standard (BEPS) policy requires buildings over 20,000 square feet to reduce their greenhouse gas emissions (GHG) to zero by 2050, using performance-based standards and incentives. The policy is expected to protect public health and slash Seattle's building emissions by 27% and total emissions by about 10%.
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SEEC Clean Energy Deployment Task Force Co-Chairs Introduce a House Democratic Consensus Permitting and Transmission Bill
Status: Proposed
Organization: U.S. House of Representatives Sustainable Energy & Environment Coalition (SEEC)
Summary: On December 13, 2023, Co-Chairs of the House Sustainable Energy and Environment Coalition (SEEC) Clean Energy Deployment Task Force introduced the Clean Electricity and Transmission Acceleration (CETA) Act to address key permitting challenges hindering the clean energy transition in the United States. CETA aims to connect renewable energy generation to increased demand from widespread electrification. The Act promotes the development of transmission lines to transport electricity efficiently, fostering grid reliability and resilience against extreme weather events. Additionally, the legislation prioritizes robust community engagement to address concerns early, preventing potential legal issues. CETA proposes amendments to the Federal Power Act for improved interregional planning, a 30% transmission investment tax credit, incentives for renewable energy development on public lands, reforms for offshore wind deployment, and enhanced consultation with disadvantaged communities during the permitting process.
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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.
$3.1 Billion CPV Shay's Electric Generating Facility and a High-Voltage Electric Transmission Line Project
Type: Generation - Gas
Status: Proposed
Organization: CPV Shay, LLC
Region: West Virginia
Summary: CPV Shay, LLC submitted filings on December 01, 2023, to the West Virginia Public Service Commission for the proposed Electric Generating Facility and a High-Voltage Electric Transmission Line. The Project is a power-generating facility with up to 2,060 megawatts (MW) of natural gas-fired combined cycle gas turbine power and a nine-mile dedicated 500-kilovolt interconnecting transmission line. The Project will occupy an estimated 54 acres on an approximately 230-acre parcel in Doddridge County, West Virginia. Construction-related activities of the Project are set to begin in the second quarter of 2026, costing approximately $3.1 billion.
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$1.56 Billion Sierra Solar Phase I Project
Type: Generation - Solar
Status: Proposed
Organization: NV Energy
Region: Nevada
Summary: Nevada Power Company and Sierra Pacific Power Company, a subsidiary of NV Energy, submitted filings on December 5, 2023, to the Nevada Public Utilities Commission for the proposed Sierra Solar Phase 1 Project. The Project is an up to 400 megawatts (MW) solar electric generating facility, a 400 MW battery energy storage system, two 345 kilovolts (kV) generation-tie lines, and associated facilities that will be situated on private and federally-managed land in Churchill County, Nevada. The storage component of the Project is projected to be completed in July 2026, and the power generation component is slated to be completed in April 2027, costing approximately $1.56 billion.
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$402.9 Million Great Plains Energy Storage Project
Type: Generation - Solar
Status: Proposed
Organization: Boxcar Solar South, LLC
Region: Texas
Summary: Great Plains Energy Storage, LLC submitted filings to the Kansas Corporation Commission on November 22, 2023, for the proposed Great Plains Energy Storage Project. The Project will have a nameplate capacity of approximately 300 megawatts (MW) on a 17-acre site located approximately 10 miles east of the City of Parsons in Labette County, Kansas. The Project will interconnect to Evergy’s 345 kilovolt (kV) Neosho Substation via a 345 kV generation tie transmission line. Commercial operation is currently planned to occur before December 31, 2027. According to the 2023 Annual Technology Baseline (ATB), Energy Storage projects will cost $1,343 per kW. Based on this value, FirmoGraphs estimates the Project will cost $402.9 million.
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$258 Million Pleasant Valley Solar Project
Type: Generation - Solar
Status: Proposed
Organization: Pleasant Valley Solar, LLC
Region: Idaho
Summary: Pleasant Valley Solar, LLC submitted filings to the Federal Energy Regulatory Commission on November 21, 2023, for the proposed Pleasant Valley Solar Project. The Project is a 200 megawatts (MW) solar facility consisting of solar photovoltaic modules, inverters, and associated facilities and equipment necessary to sell electric energy at wholesale. The Project will also include electric interconnection facilities necessary to effectuate the Company’s wholesale power sales from the Facility. This will be interconnected with the transmission system owned and operated by Idaho Power and located on a site in Ada County, Idaho. The Project is expected to generate electricity in the first quarter of 2025. According to the 2023 Annual Technology Baseline (ATB), Solar projects will cost $1,290 per kW. Based on this value, FirmoGraphs estimates the Project will cost $258 million.
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$129 Million Bedington Energy Facility Project
Type: Generation - Solar
Status: Proposed
Organization: Torch Clean Energy
Region: West Virginia
Summary: Bedington Energy Facility, LLC, a subsidiary of Torch Clean Energy, submitted filings on December 08, 2023, to the West Virginia Public Service Commission for the proposed Bedington Energy Facility. The Project is a 100-megawatt (MW) solar facility totaling 250,000 modules. It will be constructed primarily on the Potomac River Works Site, a former Dupont manufacturing center on the Potomac River in Berkeley County, West Virginia. The construction is expected to start in the fourth quarter of 2024 and conclude in the second quarter of 2026. According to the 2023 Annual Technology Baseline (ATB), Solar projects will cost $1,290 per kW. Based on this value, FirmoGraphs estimates the Project will cost $129 million.
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Notable M&A
The following M&A transactions in the Power Generation and Supply Industry stand out in the month of December:
- On December 11, 2023, Occidental announced it entered into an agreement to acquire Midland-based oil and gas producer CrownRock L.P., a joint venture of CrownQuest Operating LLC and Lime Rock Partners, for cash and stock in a transaction valued at approximately $12 billion.
- On December 15, 2023, Rockcliff Energy II, a portfolio company of Quantum Energy Partners, announced the entry into a definitive agreement with TG Natural Resources (TGNR), in which TGNR will acquire 100% of the membership interests in Rockcliff for US$ 2.7 billion.
What We Are Reading
Here are some recent articles our team has been reading:
- U.S. leads coalition to triple nuclear power by 2050 in effort to address climate change
- American Pacific Group Completes Investment in Spark Power
- U.S. Department of Energy Announces Clean Energy Achievements at COP28
- US approves Rhode Island's $1.5B offshore wind farm
- Colorado Approves Xcel Plan With More Gas, Less Renewables
- Vestas and Mitsubishi get green light to take offshore wind into US oil and gas heartland
- PSC Approves Offshore Wind Transmission Line Project
- Louisiana issues its first-ever state offshore wind energy leases
- Diablo Canyon / Regulators Vote To Extend California Nuclear Station Operation Until 2030
- Colorado PUC delays 2.1 GW of Xcel wind and solar, citing cost concerns
- ENGIE Completes Sun Valley Battery Storage
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 January and February 2024
|
Name Organization |
Name Meeting Key |
Date Start |
Date End |
|
Energy Storage North America |
ESNA Energy Storage North America and Intersolar North America Conference and Expo |
2024-01-17 |
2024-01-19 |
|
Power Engineering |
2024-01-23 |
2024-01-25 |
|
|
American Coal Ash Association |
2024-02-06 |
2024-02-07 |
|
|
American Wind Energy Association |
2024-02-21 |
2024-02-23 |
|
|
Power Engineering |
2024-02-26 |
2024-02-27 |
|
|
Energy, Utility, Environment Conference |
2024-02-27 |
2024-02-29 |
Early Bird Registration
- Event: PE PowerGen International
Dates: January 24, 2024 - January 25, 2024
Deadline for Early Registration: January 21, 2024 - Event: ACAA Winter Membership Meeting
Dates: February 6, 2024 - February 7, 2024
Deadline for Early Registration: January 29, 2024