March 2022 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.
To learn more about how we are helping power and coal ash industry leaders find new opportunities in their market of interest, schedule a market opportunity workshop.
Industry Drivers
Our data team tracks new and updated industry drivers. Here are some recent drivers we have been following this month:
An Act Advancing Offshore Wind and Clean Energy
Status: Effective
Organization: State of Massachusetts Legislature
Summary: On March 3, 2022, the Massachusetts House of Representatives passed legislation H. 4515 that supports offshore wind energy and actions on power storage. The Massachusetts Department of Energy Resources (DOER) will be required to procure transmission for evacuating 2.4 GW of offshore wind. The legislation will bring a policy commitment to soliciting 5.6 GW of offshore wind capacity that would direct around $750 million in investment into clean energy growth and development, which the administration authorized later last year. It will also enact tax incentives for offshore wind up to $50 million per year.
Click Here for More Information
Florida CS/CS/HB 741: Net Metering
Status: Proposed
Organization: State of Florida Legislature
Summary: On March 7, 2022, the Florida Legislature passed House Bill 741, which curtails rooftop solar customers' perks. Having passed in both chambers, if it is signed into law, the bill would take effect on July 1, 2022, and the credit rates to rooftop solar customers will be reduced from current rates. The bill says that the energy credits created by customer-owned or leased power generation must have a "net metering application" approved. Application approved between January 1, 2024, and December 31, 2025, the customer's energy bill would be offset by 75% of the amount credited, and for those in the calendar year 2026, the rate would be 60%. From January 2027 to December 2028, the credit rate would further drop to 50%. In January 2029, the Florida Public Service Commission (PSC) will have to draft new rules. The application would be approved to continue at the rate previously set for 20 years. The credit options for solar and other renewables would be void at that point. Utilities would be allowed to petition the PSC for the right to impose new charges for customers from July 1, 2022, to the end of December 2023.
Click Here for More Information
Rhode Island Proposes 600 MW Offshore Wind Procurement
Status: Proposed
Organization: State of Indiana Legislature
Summary: On March 23, 2022, Rhode Island introduced legislation to develop a 600 MW offshore wind capacity. If enacted, the state’s primary utility company would issue procurement before Aug 15, 2022. In 2019, it received state approval for the 400 MW Revolution Wind offshore project. Another 600 MW of offshore wind would add to its clean energy portfolio that may meet 30 percent of Rhode Island’s estimated 2030 electricity demand. Similarly, including the 30 MW Block Island Windfarm and the planned 400 MW Revolution Wind project, offshore wind would cover half of the state’s projected energy needs. Offshore wind developers would be required to provide information on potential environmental impacts; estimates of local economic benefits; a diversity, equity, and inclusion plan; and a plan outlining the bidder’s intentions regarding project labor agreement(s). A proposed offshore wind contract would also need to get a review by the Office of Energy Resources, the Department of Environmental Management, and Rhode Island Commerce. It will also require filing the contract with the Public Utilities Commission for review and approval, including opportunities for public comment.
Click Here for More Information
Indiana Signs SMR Bill Into Law
Status: Effective
Organization: State of Indiana Legislature
Summary: On March 24, 2022, Indiana state’s governor signed a Senate bill into law that allowed electric utilities to build small module reactors (SMR). The rules are to be adopted by 1 July 2023. It would also pave the way for commercial nuclear power in Indiana for the first time. The state has long relied on coal-powered or gas-fired plants to power the factories, shops, and houses. The new law allows utilities to build SMRs of up to 350 megawatts. SMRs made after 30 June 2023 will be listed in the clean energy projects that are eligible for some financial incentives from the Indian state.
Click Here for More Information
Notable Projects
We track notable projects from the proposal stage to becoming effective. Here are some of the recent notable projects we have been tracking.
$2.2 Billion Chill Sun Solar Project
Type: Generation - Solar; Transmission - New; Substation; Energy Storage - BESS
Status: Proposed
Organization: Naturgy Candela Devco, LLC
Region: Nevada
Summary: On January 27, 2022, Naturgy Candela Devco, LLC, filed a Notice with the Public Utilities Commission of Nevada to allow it to construct the Chill Sun Solar Project, an up to 2,250-megawatt alternating current (MW/ac) photovoltaic solar electric generating facility, with a 525 kilovolt (kV) generation tie (gen-tie) line, a battery energy storage system (BESS) and ancillary facilities. The project is located on BLM-managed land, roughly 14 miles north of the town of Beatty in Nye County, Nevada. The project is an up to 2,250 MW solar photovoltaic project, a battery energy storage system, and a 525 kV generation tie line and ancillary facilities, including access roads, an on-site substation, an operation, and maintenance facility, which will be located within a study area of approximately 26,300 acres of BLM-managed land. The anticipated in-service date is September 30, 2027. Construction would begin in 2025, with all permits scheduled to be completed before construction begins. FirmoGraphs estimates the project will cost $2.2 billion to build.
Contact FirmoGraphs to See the Document
1.5 Billion American Glory Solar Project
Type: Generation - Solar
Status: Proposed
Organization: American Glory Solar, LLC
Region: Nevada
Summary: On December 31, 2021, American Glory Solar, LLC filed a Notice with the Public Utilities Commission of Nevada an application with a federal agency to allow it to construct a 1,500-megawatt alternating current (MW/ac) photovoltaic solar electric generating facility, a 230 kilovolt (kV) generation tie (gen tie) line which will run from the project site to the proposed Amargosa Substation, a battery energy storage system (BESS) and ancillary facilities. The project is located on BLM-managed land roughly 5 miles northwest of Silver Peak in Esmeralda County, Nevada. The project is a solar photovoltaic ("PV") and BESS project totaling l,500MW/ac of generating capacity. The solar PV arrays will be mounted on single-axis tracker racking. The project will include DC-Coupled and AC-Coupled BESS, with up to 1,000MW of DC-Coupled BESS and 500MW of AC-Coupled BESS. The duration of the BESS is expected to be between 4and 8 hours, resulting in a total BESS capacity (including DC-Coupled and AC-Coupled) of between 6,000MWh and 12,000MWh. The project will utilize a 34.5kV collection system and a 230kV step-up transformer/substation at the project site. Alternatively, the project will connect to an expanded GridLiance West 230kV or 500kV system, either at the project site or the Amargosa substation. FirmoGraphs estimate the project will cost $1.5 billion to build. The project's construction is expected to commence by January of 2023 and is expected to be completed in 2 years.
Contact FirmoGraphs to See the Document
$1.5 Billion Orken Solar Project
Type: Generation - Solar
Status: Proposed
Organization: Orken Solar, LLC
Region: Nevada
Summary: On December 31, 2021, Orken Solar, LLC, filed a Notice with the Public Utilities Commission of Nevada an application with a federal agency to allow it to construct a 1,500-megawatt alternating current (MW/ac) photovoltaic solar electric generating facility, a 230 kilovolt (kV) generation tie (gen tie) line which will run from the project site to the proposed Amargosa Substation, a battery energy storage system (BESS) and ancillary facilities. The project is located on BLM-managed land, roughly 43 miles northwest of Pahrump within the Amargosa Valley in Nye County, Nevada. The project is a solar photovoltaic (PV) and BESS project totaling 1,500 MWAC generating capacity. The solar PV arrays will be mounted on single-axis tracker racking. The project will include DC-Coupled and AC-Coupled BESS, with up to 1,000MW of DC-Coupled BESS and 500MW of AC-Coupled BESS. The duration of the BESS is expected to be between 4 and 8 hours, resulting in a total BESS capacity (including DC-Coupled and AC-Coupled) of between 6,000MWh and 12,000MWh. The project will utilize a 34.5kV collection system and a 230kV step-up transformer/substation at the project site. A 230kV gen-tie will run from the project site approximately 0.5 miles on BLM land to the proposed Amargosa Substation, connecting to the 230kV bus at the Amargosa Substation. FirmoGraphs estimate the project will cost $1.5 billion to build. The project's construction is expected to commence by January of 2023 and is expected to be completed in 2 years.
Contact FirmoGraphs to See the Document
$657 Million Esmeralda Solar Project
Type: Generation - Solar
Status: Proposed
Organization: US Solar Assets, LLC
Region: Nevada
Summary: On January 21, 2021, the Bureau of Land Management (BLM), Tonopah Field Office (TFO), received an application and Plan of Development to construct, operate, and maintain the Esmeralda Solar Project, a 650 MW solar renewable energy project comprised of roughly 8,702 acres on public land administered by the TFO, Battle Mountain District Office, near Silver Peak, Esmeralda County, Nevada. The project is a Solar Generating Facility and an energy storage system with a capacity no larger than 650 MW, which will consist of self-contained battery storage modules. The project will include an approximately 0.1- to 0.5-mile-long 230-kV Gen-Tie Line that will interconnect to NV Energy’s proposed Esmeralda substation with the tie-in point along with NV Energy’s proposed Greenlink West project, the shortest path possible to interconnect to the adjacent substation. The Applicant expects that Project construction will last around 36 months. However, the construction schedule may require multiple phases and an extended timeframe, depending on the terms and circumstances surrounding final power purchase agreements. FirmoGraphs estimates the project will cost $657.2 million to build.
Contact FirmoGraphs to See the Document
$528 Million Boswell Springs Wind Project
Type: Generation - Wind
Status: Proposed
Organization: Rocky Mountain Power (RMP)
Region: Utah
Summary: Boswell Springs Project is a nearly 332 megawatts (MW) onshore wind power project planned in Albany County, Wyoming. The project is currently in the permitting stage. Innergex Renewable Energy and Intermountain Wind are developing the project. Innergex Renewable Energy presently owns the project with a stake of 100%. The power generated from the project will be sold to Rocky Mountain Power under a power purchase agreement for 20 years. The offtake capacity is expected to be 320MW. The project is expected to be commissioned in December 2024, and the project cost is around $528 million.
Contact FirmoGraphs to See the Document
$258 Million Ready Wyoming Project
Type: Transmission line
Status: Proposed
Organization: Black Hills Energy, LLC
Region: Wyoming
Summary: On February 15, 2022, Black Hills Corp. announced that its Wyoming electric utility subsidiary, Cheyenne Light, Fuel, and Power Company, doing business as Black Hills Energy, submitted a request to the Wyoming Public Service Commission seeking approval for a certificate of public convenience and necessity to construct an estimated 260-mile transmission expansion project. The facilities would be in four Wyoming counties: Converse, Laramie, Platte, and Goshen, as well as a bit of mileage in Nebraska. The Ready Wyoming expansion project includes:
- One new substation;
- Two replacement substations;
- Four expanded substations;
- Three new 230-kilovolt transmission lines;
- Two new 115-kilovolt transmission lines.
The total project includes roughly 248 miles of 230 kV transmission lines and 15 miles of 115 kV transmission lines. If approved, the project's construction would take place in multiple phases or segments spanning 2023 through 2025. The estimated cost of the Ready Wyoming Project is about $258 million, according to Cheyenne Light, Fuel and Power Company.
Contact FirmoGraphs to See the Document
$217.7 Million Cherrywood Solar I Project
Type: Generation - Wind
Status: Proposed
Organization: Cherrywood Solar 1, LLC
Region: Utah
Summary: On February 15, 2022, Cherrywood Solar 1, LLC requested the Maryland Public Service Commission to extend applicable construction and operational deadlines for the Cherrywood Solar Project. The Cherrywood Solar I Project will be an approximately 202 MW single-axis tracking solar project proposed by Cherrywood Solar I, LLC. It is anticipated that the project would include a development envelope of 1,083.62 acres once buffers and setbacks have been established and avoidance of environmental constraints. The project is being developed by Open Road Renewables and is currently owned by Cherrywood Solar I. First Solar will be the supplier of the PV modules for the solar power project. The company is expected to install 499,806 modules at the site. According to the request of Cherrywood Solar, the project must commence construction by April 16, 2022, and begin operations by April 16, 2023. The project cost is expected to be around $217.7 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 March:
What We Are Reading
Here are some recent articles our team has been reading:
- New York Bight offshore wind sale nets largest haul in U.S. history
- SEPA offers decision-making framework to help organizations develop decarbonization plans
- ComEd submits $1.7B plan to expand energy saving, low-income assistance initiatives
- NIPSCO will pay $12 million to clean up coal ash in Indiana town
- California prepares for $10.5M port renovations for offshore wind development
- EPA plans sweeping regulatory strategy for power plants covering air, water and land pollution
- Consumers Energy threatens to drop coal retirement plans based on proposed Michigan PSC decision
- Ohio’s Sammis coal plant, saved by House Bill 6, will close or be sold by 2023, owner says
- Customers will not pay for $210 million Duke needs for coal-ash cleanup
- Energy Company to Retire, Sell Ohio, WVa Power Plants
- AEP subsidiary seeks 1.3GW for Indiana, Michigan
- Consumers Energy threatens to drop coal retirement plans based on proposed Michigan PSC decision
- Virginia approves 1 GW solar and energy storage expansion by Dominion Energy
- Invenergy and GE Renewable Energy celebrate completion of the largest wind project constructed in North America
- US developer LS Power plans 800MW onshore wind farm in Idaho
- CAISO approves nearly $3B of transmission projects to prepare for California's clean energy goals
- Senate bill directs FERC to bolster interregional transmission planning, require GHG reporting
- GE - A Powerful Connection: GE Tech To Bring Electricity To 500,000 New Yorkers From A Giant Offshore Wind Farm
- New Jersey’s Last Coal Plants to Close
- Coal plant owners seek to shut 3.2 GW in PJM in face of economic, regulatory and market pressures
- Rhode Island eyeing new 600 MW offshore wind project
- DOE takes stock of offshore wind supply chain, calls for 2,100 turbines to meet 30 GW goal
Meeting Planner
Organizations have shifted their event strategies during the COVID-19 pandemic. We are tracking these changing meeting plans.
Meetings in April and May 2022
- EMA CxEnergy - Apr. 19 - Apr. 22, 2022
- IEEE - PES Conference on Technologies for Sustainability (SusTech) - Apr. 21 - Apr. 23, 2022
- SEPA RE+ Texas - Apr. 21 - Apr. 22, 2022
- IEEE - PES Innovative Smart Grid Technologies Conference North America: Moving to a 3-D Energy Landscape - Apr. 24 - Apr. 28, 2022
- EEI Annual Global Electrification Forum - Apr. 25 - Apr. 29, 2022
- IEEE - PES Transmission and Distribution Conference and Exposition - Apr. 25 - Apr. 28, 2022
- AGA Operations Conference & Spring Committee Meetings - May 2 - May 5, 2022
- IEEE - PES International Transactive Energy Systems Conference - May 2 - May 5, 2022
- API Pipeline, Control Room And Cybernetics Conference - May 3 - May 5, 2022
- RMEL Spring Conference - May 9 - May 11, 2022
- SEPA RE+ Southeast - May 11 - May 12, 2022
- ACAA World of Coal Ash - May 16 - May 19, 2022
- AWEA Cleanpower Conference and Exhibition - May 16 - May 18, 2022
- EEI Business Diversity Conference - May 17 - May 20, 2022
- ACEEE Energy Efficiency Finance Forum - May 23 - May 25, 2022
- PE PowerGen International - May 23 - May 25, 2022
Early Bird Registration
- Event: TRB Biennial National Harbor Safety Committee Conference
Dates: June 13 - June 15, 2022
Deadline for Early Registration: Apr. 14, 2022 - Event: P3C P3 Airport Summit
Dates: Aug. 8 - Aug. 9, 2022
Deadline for Early Registration: Apr. 15, 2022 - Event: ACAA World of Coal Ash
Dates: May 16 - May 19, 2022
Deadline for Early Registration: Apr. 15, 2022 - Event: TechEx IoT Tech Expo North America
Dates: May 11 - May 12, 2022
Deadline for Early Registration: Apr. 18, 2022 - Event: ACEC Annual Convention
Dates: May 22 - May 25, 2022
Deadline for Early Registration: Apr. 21, 2022 - Event: AWWA ACE22
Dates: June 12 - June 15, 2022
Deadline for Early Registration: Apr. 22, 2022 - Event: BOMA International Conference & Expo
Dates: June 25 - June 28, 2022
Deadline for Early Registration: Apr. 30, 2022 - Event: CARS WRI Annual Wheel Rail Interaction Conference
Dates: June 21 - June 24, 2022
Deadline for Early Registration: Apr. 30, 2022 - Event: MREA Annual Energy Fair: Clean Energy + Sustainable Living for All
Dates: June 24 - June 26, 2022
Deadline for Early Registration: May 1, 2022 - Event: IEEE - PES IEEE/AIAA Transportation Electrification Conference And Electric Aircraft Technologies Symposium (ITEC+EATS)
Dates: June 15 - June 17, 2022
Deadline for Early Registration: May 15, 2022 - Event: PE PowerGen International
Dates: May 23 - May 25, 2022
Deadline for Early Registration: May 22, 2022