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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Our data team tracks new and updated industry drivers. Here are some recent drivers we have been following this month:
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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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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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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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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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 - 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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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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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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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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The following M&A transactions in the Power Generation and Supply Industry stand out in the month of March:
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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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 |