Our March 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 this month:
Reintroduction of the Bill to Modernize the Nation’s Electric Grid
Status: Proposed
Organization: U.S. House
Summary: On March 3, 2023, the Streamlining Interstate Transmission of Electricity (SITE) Act to improve the process of constructing long-range, inter-regional high voltage transmission lines throughout the United States was reintroduced. The bill aims to facilitate the transition to clean energy by enabling more renewable energy sources to reach homes and businesses. In addition, the bill would designate a new federal siting authority at the Federal Energy Regulatory Commission (FERC) to streamline the coordination and approval of transmission projects across multiple states. The bill would also provide eminent domain authority for these projects with safeguards against abuse. It is part of a broader legislative package to upgrade the nation's electric grid and address the gaps that may hinder the expansion of clean energy.
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DOE Announces $6 Billion to Reduce Industrial Emissions and Create Healthier Communities
Status: Proposed
Organization: Department of Energy
Summary: On March 8, 2023, the U.S. Department of Energy (DOE) announced $6 billion in funding for decarbonization projects in energy-intensive industries as part of President Biden's goal of achieving a net-zero economy by 2050. The Industrial Demonstrations Program will focus on industries with high emissions, including iron and steel, aluminum, cement, and concrete. The program will provide up to 50% of the cost of each project and seek to fund first-of-a-kind or early-stage commercial-scale projects. Submitting concept papers for the Industrial Demonstrations Program is April 21, 2023, while submitting complete applications is August 4, 2023.
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EPA Announces Final “Good Neighbor” Plan to Cut Harmful Smog, Protecting Health of Millions from Power Plant, Industrial Air Pollution
Status: Proposed
Organization: U.S. Environmental Protection Agency (EPA)
Summary: On March 15, 2023, the US Environmental Protection Agency (EPA) announced a final Good Neighbor Plan to reduce nitrogen oxide pollution from power plants and other industrial facilities in 23 states, thus minimizing ozone season NOx pollution by approximately 70,000 tons in 2026. By 2027, power plants will need to adhere to a 50% reduction in emissions budget for ozone season NOx, compared to the levels in 2021. The plan helps reduce smog and offers economic benefits, with an estimated annual net gain of $13 billion from 2023 to 2042. Furthermore, the plan ensures that the 23 states meet the ""Good Neighbor"" requirements of the Clean Air Act.
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DOE Releases Strategy to Accelerate and Expand Domestic Offshore Wind Deployment
Status: Effective
Organization: Department of Energy
Summary: On March 29, 2023, the US Department of Energy (DOE) released the Offshore Wind Energy Strategy. The strategy aims to install 30 gigawatts (GW) of offshore wind energy by 2030 and 110 GW or more by 2050 across the country. Deploying 30 GW of offshore wind electricity will power 10 million homes and drive an annual $12 billion direct private investment. The DOE has categorized its efforts into four pillars, including NOW, which aims to lower costs, develop a domestic supply chain, and promote the sustainable deployment of fixed-bottom offshore wind. The FORWARD pillar aims to achieve the Floating Offshore Wind Shot goal of reducing costs by over 70% to $45/MWh by 2035, establish US leadership in floating offshore wind design and manufacturing, and promote sustainable deployment. The CONNECT pillar enables reliable, resilient transmission solutions for large-scale offshore wind deployment. While the TRANSFORM pillar aims to expand offshore wind co-generation technologies for widespread electrification and decarbonization.
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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.
$380 Million Platinum Storage Project
Type: Generation - Storage
Status: Proposed
Organization: Platinum Energy Storage LLC
Region: Texas
Summary: Platinum Energy Storage LLC submitted filings on February 16, 2023, to the Texas Public Utilities Commission for Platinum Storage. The proposed Project is a battery energy storage comprised of ninety-eight (98) inverters rated for a total gross capacity of 338.1 megavolt amperes (MVA) with a net output for the Plant of 303.5- megawatts (MW) at the generator terminals. The interconnection point is at the Valley South Switching Station in Fannin County, Texas. The facility’s construction will commence on August 04, 2023, and is expected to be completed on September 30, 2024, costing $380 million.
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$330 Million for Limewood Solar and Storage Project
Type: Generation - Solar
Status: Proposed
Organization: Limewood Bell Renewables LLC
Region: Texas
Summary: Limewood Bell Renewables LLC submitted filings on March 16, 2023, to the Public Utilities Commission of Texas for the proposed Limewood Solar and Storage Project. The Project is a solar facility comprising 54 inverters rated at 4.24 megavolt-amperes (MVA), each with a total gross capacity of 228.96 MVA. The plant will be dispatched at 204 MW, measured at the generator terminals. The construction will commence on August 18, 2023, and is expected to enter commercial operation on August 19, 2024, costing $330 million.
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$304.7 Million for Lotus Wind Project
Type: Generation - Wind
Status: Proposed
Organization: Lotus Wind, LLC
Region: Virginia
Summary: Lotus Wind, LLC submitted filings on October 14, 2022, to the Virginia Public Utilities Commission for the Lotus Wind Project in Macoupin County, Illinois. The Project is expected to generate up to 200 megawatts (MW) of energy consisting of 80 wind turbines spaced approximately 1/4 to 1/2 mile apart on active farmland. According to Power Technology, the Project is expected to get commissioned in October 2023, costing $304.7 million.
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$290 Zeya Energy Storage Plant
Type: Generation - Energy Storage
Status: Proposed
Organization: Broad Reach Power LLC
Region: Texas
Summary: Broad Reach Power LLC submitted filings on January 20, 2023, to Texas Public Utilities Commission for the Zeya Energy Storage Plant. The proposed Plant is a Battery Energy Storage System (BESS) facility with 15 bi-directional inverters rated at four megavolt amperes (MVA) each. The maximum rating will be 256.83 megawatts of alternating current at the Point of Interconnection. The Project has one Point of Interconnection located in Galveston County, Texas. The construction is expected to be completed in May 2025, costing $290 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 March:
- On March 1, 2023, Consolidated Edison, Inc. successfully completed the sale of its wholly-owned subsidiary, Con Edison Clean Energy Businesses, Inc., including the transfer of substantially all of its assets, to RWE Renewables Americas, LLC. The transaction is valued at $6.8 billion.
- On March 27, 2023, Energy Transfer, LP and Lotus Midstream, LLC announced they entered into a definitive agreement pursuant to which Energy Transfer will acquire Lotus Midstream Operations, LLC in a transaction valued at approximately $1.45 billion from an affiliate of EnCap Flatrock Midstream (EFM). Consideration for the transaction will consist of $900 million in cash and approximately 44.5 million newly issued Energy Transfer common units.
- On March 28, 2023, Crescent Point Energy Corp. announced that it has entered into an agreement with Spartan Delta Corp. to acquire Spartan's oil and liquids-rich Montney assets in Alberta for $1.7 billion in cash.
What We Are Reading
Here are some recent articles our team has been reading:
- DOE expands reactors eligible for $1.2B second round of Civil Nuclear Credit Program
- California regulators find Diablo Canyon nuclear plant needed through 2030 to support grid reliability
- EPA report says power plant emissions decreased in 2022
- CON EDISON FINALIZES SALE OF ITS CLEAN ENERGY BUSINESSES
- Vistra to Create "Vistra Vision," a Leading Zero-Carbon Generation and Retail Platform, Through the Acquisition of Energy Harbor
- Greene County power plant stacks crumble, closing chapter in Pennsylvania industrial history
- Energy Department offers $6B to decarbonize industrial manufacturing
- Duke Energy begins operation of its largest solar plant
- Biden Administration Pledges $1.2 Billion to Keep U.S. Nuclear Reactors Online
- NorthWestern Energy considers building a nuclear plant in South Dakota
- Biden’s proposed budget boosts funding for clean energy, permitting, efficiency programs
- Biden-Harris Administration Announces $750 Million to Advance Clean Hydrogen Technologies
- Construction begins on Idaho Power’s first energy storage projects as it faces growing capacity shortfall
- Dallas-based Manufacturer Set To Build Wind Turbine Tower Factory in New Mexico
- Appalachian Power updates clean energy plan, requesting solar power purchase, purchase of Ohio wind facility
- Xcel Energy powers down Minnesota nuclear plant after finding 2nd leak of radioactive water
- Spearmint Energy acquires 900 MW/2,000 MWh battery storage portfolio in Texas
- Duke Energy begins operating the largest battery system in North Carolina
- Cost and reliability drive our 15-year resource plan
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 April and May 2023
|
Name Organization |
Name Meeting Key |
Date Start |
Date End |
|
American Fuel and Petrochemical Manufacturers |
2023-04-13 |
2023-04-14 |
|
|
Edison Electric Institute |
EEI Spring Transmission, Distribution, Metering & Mutual Assistance Conference |
2023-04-16 |
2023-04-19 |
|
American Fuel and Petrochemical Manufacturers |
AFPM National Occupational & Process Safety Conference & Exhibition |
2023-04-17 |
2023-04-19 |
|
American Gas Association Energy Management Association |
AGA Operations Conference & Biennial Exhibition & Spring Committee Meetings |
2023-05-01 |
2023-05-04 |
|
Energy Management Association |
2023-05-02 |
2023-05-05 |
|
|
Solar Media Ltd |
2023-05-03 |
2023-05-04 |
|
|
American Wind Energy Association |
2023-05-06 |
2023-05-09 |
|
|
Energy Central |
2023-05-10 |
2023-05-12 |
|
|
Smart Electric Power Alliance |
2023-05-17 |
2023-05-18 |
|
|
American Wind Energy Association |
2023-05-22 |
2023-05-25 |
Early Bird Registration
- Event: AEE East Energy Conference & Expo
Dates: June 07-08, 2023
Deadline for Early Registration: May 5, 2023 - Event: EEI 2023: Celebrating 90 Years of Power by Association
Dates: June 11-13, 2023
Deadline for Early Registration: May 5, 2023 - Event: IEEE - PES Transportation Electrification Conference And Expo
Dates: June 21-23, 2023
Deadline for Early Registration: May 15, 2023 - Event: RFA International Fuel Ethanol Workshop & Expo
Dates: June 12-14, 2023
Deadline for Early Registration: May 3, 2023