Our June 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 June:
Nevada AB 524 - An Act Relating to Energy
Status: Effective
Organization: Nevada State Legislature
Summary: On June 15, 2023, Nevada Legislature passed AB 524, which aims to revise certain provisions related to energy in the state. Some of the main changes proposed by the bill are:
- Revision of the definition of "facility for the storage of energy from renewable generation" to include certain facilities not directly connected to a renewable energy system.
- Requirement for electric utilities to submit an integrated resource plan every three years that includes at least one scenario that uses dedicated energy resources in Nevada or is delivered through firm transmission and provides detailed information and evaluation of each scenario.
- Allowing electric utilities to submit an integrated resource plan more frequently than once every three years and requiring them to schedule a consumer session before filing an integrated resource plan or an amendment.
The bill is intended to ensure the affordability, availability, and reliability of Nevada's electricity supply and support the development of renewable energy and energy storage facilities in the state.
Click Here for More Information
H.R. 4151 - The Production Tax Credit Reform Act
Status: Proposed
Organization: Colorado State Legislature
Summary: On June 16, 2023, Colorado Legislature proposed the Production Tax Credit Reform Act, requiring energy companies to remove decommissioned wind turbines from leased land before receiving federal tax credits. Currently, property owners, typically farmers and ranchers, are responsible for removing wind turbines once they are decommissioned. The lawmakers argue that this burden should not fall on landowners and that energy companies should be responsible for disposing of the turbines. The number of abandoned wind turbines in the United States is still being determined, with estimates ranging from 15,000 to much lower numbers. The American Wind Energy Association claims that owners are contractually obligated to remove the turbines at their own cost. Still, there have been cases of overestimated salvage value and underestimated removal costs. The proposed legislation aims to relieve landowners of the financial burden and ensure that energy companies take responsibility for retired turbines.
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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.
$2 Billion Longship Solar Project
Type: Generation - Solar
Status: Proposed
Organization: EDF Renewables Development
Region: Nevada
Summary: EDF Renewables Development, Inc. submitted filings on May 1, 2023, to the Nevada Public Utilities Commission for the Longship Solar Project on 8,365 acres in Mineral County, Nevada. The project is a solar facility with approximately 1,500 megawatts (MW) consisting of solar arrays, a battery energy storage system (BESS), and 120 kilovolts (kV) or 230 kV generation tie line. The construction will commence in the fourth quarter of 2027 and is expected to be completed in the fourth quarter of 2028. According to the 2022 Annual Technology Baseline (ATB), data from the National Renewable Energy Laboratory (NREL), solar projects will cost $1,352 per kilowatt (KW). Based on this value, FirmoGraphs estimates the Project will cost $2 billion.
Contact FirmoGraphs to See the Document
$800 Million Randolph Solar Project
Type: Generation - Solar
Status: Proposed
Organization: SolUnesco
Region: Virginia
Summary: SolUnesco will develop the approved Randolph Solar Project on 21,000 acres in Virginia. The project is a solar facility with an 800 megawatts (MW) capacity that begin construction in the second quarter of 2025 and is expected to be completed in 2030, costing $800 million.
Contact FirmoGraphs to See the Document
$750 Million Winston Solar Project
Type: Generation - Solar
Status: Proposed
Organization: Winston FC Solar, LLC
Region: Nevada
Summary: Winston FC Solar, LLC submitted filings on March 28, 2023, to the Nevada Public Utilities Commission for the proposed Winston Solar Project. The Project is a solar facility with approximately 600 megawatts (MW) capacity located on 2,350 acres of private land in Lyon County, Nevada. It will also include a 230 kilovolt (kV) generation tie-line interconnecting to the NV Energy Fort Churchill Substation. The construction will commence in the fourth quarter of 2028 and is expected to enter commercial operation in the fourth quarter of 2030. According to the 2022 Annual Technology Baseline (ATB), solar projects will cost $1,258 per kilowatt (KW). Based on this value, FirmoGraphs estimates the Project will cost $750 million.
Contact FirmoGraphs to See the Document
$510 Million White Pine Solar 1 Project
Type: Generation - Solar
Status: Proposed
Organization: White Pine Solar, LLC
Region: Nevada
Summary: White Pine Solar, LLC submitted filings on April 21, 2023, to the Nevada Public Utilities Commission for the White Pine Solar 1 Project on approximately 5,785 acres in White Pine County, Nevada. The project is a solar facility with 350 megawatts (MW) capacity comprising a battery energy storage system (BESS) and a 115 kilovolts (kV) generation tie line. Construction will commence in the fourth quarter of 2026 and be completed in the fourth quarter of 2028. According to the 2022 Annual Technology Baseline (ATB), solar projects will cost $1,446 per kilowatt (KW). Based on this value, FirmoGraphs estimates the Project will cost $510 million.
Contact FirmoGraphs to See the Document
$380 Million Gulf Star Storage SLF Project
Type: Energy Storage - Stand Alone
Status: Proposed
Organization: GulfStar Power, LLC
Region: Texas
Summary: GulfStar Power, LLC submitted filings on April 26, 2023, to the Texas Public Utilities Commission for the Gulf Star Storage SLF Project in Wharton County, Texas. The project comprises 84 energy storage inverters, rated at a nominal 4.2 megavolt-amperes (MVA) each, and has a maximum rating capacity of 300 megawatts (MW) at the point of interconnection (POI). The project is expected to enter commercial operation in February 2024. According to the 2022 Annual Technology Baseline (ATB), solar projects will cost $1,256 per kilowatt (KW). Based on this value, FirmoGraphs estimates the Project will cost $380 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 June:
- On June 12, 2023, Duke Energy announced it has reached an agreement to sell its unregulated utility scale Commercial Renewables business to Brookfield Renewable, one of the world's largest owners and operators of renewable power and climate transition assets, at an enterprise value of approximately $2.8 billion.
- On June 15, 2023, Earthstone Energy, Inc. announced that it has entered into an agreement to acquire Novo Oil & Gas Holdings, LLC, a privately-held Delaware Basin focused E&P company backed by EnCap Investments L.P., for $1.5 billion.
What We Are Reading
Here are some recent articles our team has been reading:
- AES Commences Operation of First Phase of Chevelon Butte Wind Farm
- Constellation Energy in Deal to Buy NRG’s Stake in South Texas Nuclear Project
- Colorado sets building electrification goals for Xcel Energy, phases out subsidies for some gas appliances
- Washington regulators conditionally approve Puget Sound Energy’s 63% clean electricity by 2025 target
- BLM approves NextEra’s 300-MW Sunlight Storage II project in Southern California
- EPA could set tighter NOx limits for new gas-fired power plants under proposed consent decree
- Duke Energy to sell its 3.4-GW commercial renewables business to Brookfield for $2.8B
- In a reversal, Arizona regulators approve 575-MW Salt River Project gas plant expansion
- Ameren Missouri plans new solar generation capable of powering more than 95,000 homes
- Solar and wind generated more electricity than coal for record 5 months
- TVA preparing to start up new gas-powered turbines at former Alabama coal plant
- South Fork Wind Installs First Offshore Wind Turbine Foundation and U.S.-Built Substation in New York State
- Mass Megawatts Wind Power, Inc. Announces Changing the Name of the Company to Mass Megawatts, Inc.
- Wind power overtake coal in US energy race
- Foundation installed at New York’s first offshore wind farm
- EPA launches $7B program to fund solar development in low-income and disadvantaged communities
- AEP’s SWEPCO gets approval to buy 1 GW of wind, solar from Invenergy for $2.2B
- How old coal plants could help fuel a renewable boom
- California greenlights $4.3B funding for energy efficiency, targets underserved and rural communities
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 July and August 2023
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Name Organization |
Name Meeting Key |
Date Start |
Date End |
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American Council for an Energy-Efficient Economy |
2023-07-11 |
2023-07-13 |
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IEEE Power & Energy Society |
2023-07-16 |
2023-07-20 |
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International City/County Management Association |
2023-08-08 |
2023-08-11 |
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Energy Central |
2023-08-21 |
2023-08-24 |
Call for Papers
- Event: EC Microgrid Global Innovation Forum - North America
Dates: Dec. 5 - Dec. 6, 2023
Deadline for Call for Paper: August 11, 2023
Early Bird Registration
- Event: ACEEE Behavior, Energy, and Climate Change
Dates: Nov. 12 - Nov. 15, 2023
Deadline for Early Registration: July 31, 2023 - Event: ACEEE Energy Efficiency as a Resource
Dates: Oct. 16 - Oct. 18, 2023
Deadline for Early Registration: August 18, 2023 - Event: Solar & Storage Finance USA
Dates: Nov. 7 - Nov. 8, 2023
Deadline for Early Registration: August 18, 2023