Power Generation and Supply Market Recap, March 2024

By FirmoGraphs Staff
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Our March 2024 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

Drivers

Our data team tracks new and updated industry drivers. Here are some recent drivers we have been following in March:

Joint Office of Energy and Transportation Release Strategy to Accelerate Zero-Emission Freight Infrastructure Deployment

Status: Effective

Organization: Joint Office of Energy and Transportation

Summary: On March 12, 2024, the Joint Office of Energy and Transportation, in collaboration with the U.S. Department of Energy (DOE), U.S. Department of Transportation (DOT), and Environmental Protection Agency (EPA) released the National Zero-Emission Freight Corridor Strategy. The strategy outlines a plan to establish a top-tier, zero-emission freight network nationwide by 2040. It focuses on boosting the deployment of zero-emission medium- and heavy-duty vehicle (ZE-MHDV) infrastructure through targeted public investment to bolster private sector efforts. In addition, the strategy aims to support the U.S. goal of reaching 30% ZE-MHDV sales by 2030 and 100% by 2040 by ensuring widespread access to electric vehicle charging and hydrogen refueling along freight corridors, intermodal facilities, and busy ports.

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Notable Projects

Firmographs Power Market Recap

FirmoGraphs tracks notable projects from the proposal stage to becoming effective. Here are some of the recent notable projects we have been tracking.

$431 Million American Pharaoh Battery Energy Storage System

Type: Generation - Energy Storage

Status: Proposed

Organization: Black Mountain Energy Storage

Region: Wisconsin

Summary: Black Mountain Energy Storage (BMES) submitted Engineering Plan filings in February 2024 to the Public Service Commission of Wisconsin for the proposed American Pharaoh Battery Energy Storage System Project. The Project will have a nameplate capacity of approximately 300 megawatts (MW)/1200 megawatts per hour (MWH) on a 32-acre tract at the intersection of N 84th St and Kaul Ave, just north of existing Union Pacific railroad tracks in Milwaukee, Wisconsin. In addition, it will interconnect to American Transmission Company’s existing 345 kilovolts (kV) transmission system via one short radial 345 kV transmission less than one-half mile in length connecting to the existing 345 kV Granville Substation. Commercial operation is currently planned to occur in 2028. According to the 2023 Annual Technology Baseline (ATB), Energy Storage projects will cost $1,436 per kW. Based on this value, FirmoGraphs estimates the Project will cost $430.8 million.

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$406 Million Iron Pine Solar Project

Type: Generation - Solar 

Status: Proposed

Organization: Iron Pine Solar Power, LLC

Region: Minnesota

Summary: Iron Pine Solar Power, LLC submitted a Notice of Intent to Submit a Site Permit Application filing on March 12, 2024, to the Minnesota Public Utilities Commission for the Iron Pine Solar Project. The Project is a 325 megawatts (MW)  solar electric generating facility, associated systems, and a new 230 kilovolt (kV) HTVL in Pine County, Minnesota. FirmoGraphs (FG) estimates construction will commence in mid-2025, and is expected to be completed in 2027. According to the 2023 Annual Technology Baseline (ATB), Solar projects will cost $1,248 per kW. Based on this value, FG estimates the Project will cost $405.6 million.

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$250 Million Gopher State Solar Project

Type: Generation - Solar 

Status: Proposed

Organization: Gopher State Solar, LLC

Region: Minnesota

Summary: Gopher State Solar, LLC submitted a Notice of Intent to Submit a Site Permit Application filing on March 01, 2024, to the Minnesota Public Utilities Commission for the Gopher State Solar Project. The Project is a 200-megawatt (MW)  solar electric generating facility in Renville County, Minnesota. FirmoGraphs (FG) estimates construction will commence in mid-2025, and is expected to be completed in 2027. According to the 2023 Annual Technology Baseline (ATB), Solar projects will cost $1,248 per kW. Based on this value, FG estimates the Project will cost $249.6 million.

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$208 Million Brenneman Solar Project

Type: Generation - Solar 

Status: Proposed

Organization: Doral Renewables LLC

Region: Georgia

Summary: Doral Renewables LLC (“Doral”) has acquired the Brenneman Solar Project from AVANGRID, Inc. The Project is a solar facility with 167 megawatts (MW) of alternating current to be located on approximately 1,600 acres in the Southeastern Electric Reliability Council (SERC) energy market, Macon County, Georgia. The Project is in the permitting stage and is scheduled to begin operations by the end of 2026. According to the 2023 Annual Technology Baseline (ATB), Solar projects will cost $1,248 per kW. Based on this value, FirmoGraphs estimates the Project will cost $208.42 million.

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$187 Million Augusta Solar

Type: Generation - Solar 

Status: Proposed

Organization: Augusta Solar, LLC

Region: Virginia

Summary: Augusta Solar, LLC, a subsidiary of AES Corporation, submitted filings on March 08, 2024, to the Commonwealth of Virginia State Corporation Commission for the proposed Augusta Solar Project. The Project is a 150 megawatts (MW) solar facility located approximately on 1,764 acres of land in the southeastern portion of Augusta County, Virginia. The Project will require approximately 12 miles of 34.5 kilovolts (kV) medium voltage Feeder Lines to connect the panels and inverters to the Collector Substation and then to the PJM transmission system at the Dominion Switchyard. The construction is expected to start in Q2 2025 and conclude in Q2 2026. According to the 2023 Annual Technology Baseline (ATB), Solar projects will cost $1,248 per kW. Based on this value, FirmoGraphs estimates the Project will cost $187.2 million.

Contact FirmoGraphs to See the Document

 

Notable M&A

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The following  M&A transactions in the Power Generation and Supply Industry stand out in the month of March:

What We Are Reading

Reading News and Market Updates

Here are some recent articles our team has been reading:

What Top U.S. Environmental Companies Blog About

To stay abreast of industry marketing trends, we regularly review blogs of the nation's top consulting and construction firms.  These are some notable customer-focused blogs in March.

Appaloosa Solar I Project Wins “2023 Energy Project of the Year”

Summary: On March 7, 2024, The Sundt Companies, Inc. released a blog discussing the Appaloosa Solar I project in Cedar City, Utah, which has been recognized as the "2023 Energy Project of the Year" by the Associated General Contractors of America, Utah Chapter, for its notable contribution to the renewable energy landscape through the utilization of advanced solar technologies. Sundt, in collaboration with partner BHI, completed the construction of this 240 MWdc / 200 MWac solar facility in just over a year, with the facility entering commercial operation in January 2024 and expected to decrease approximately 395,000 metric tons of carbon emissions in its first year of operation.

Responsibly Sourcing Materials for Solar Projects

Summary: On March 8, 2024, PCL Constructors Inc. released a blog regarding PCL, a leader in the renewable energy market, which has played a significant role in diversifying global energy sources, with its solar operations spanning Canada, the United States, and Australia, totaling over $5.7 billion CAD in projects. By integrating over 800+ MWh of Battery Energy Storage Systems and generating enough energy to power over 1.4 million homes, PCL aims to reduce global greenhouse gas emissions while implementing a multiyear sustainability strategy focused on reducing environmental impact throughout the lifecycle of its solar projects, collaborating with clients and partners to make conscientious decisions in design, construction, and end-of-life management processes.

Primergy Secures $588 Million for 408 MW Solar Project in Texas

Summary: On March 11, 2024, SOLV Energy wrote a blog announcing they secured $588 million in debt financing for a 408 MW solar project in Hill County, Texas, with Microsoft signed on for a long-term power purchase. The project, acquired from Orion Power Generation, aims to provide electricity equivalent to 90,000 homes annually, benefiting the local community through job creation and tax revenue.

Driving Decarbonization With Renewable Floating Offshore Wind Energy

Summary: On March 14, 2024, Stantec Inc. published a blog discussing how the continental shelf off the US East Coast is suitable for traditional fixed-bottom offshore wind farms due to gradually sloping terrain and shallow waters, which makes it ideal for driving turbines into the seabed. However, on the West Coast, where water depths drop more quickly and exceed 1,000 meters, fixed-bottom turbines aren't feasible, leading to the development of floating offshore wind farms. Floating turbines, which sit atop buoyant platforms anchored to the seafloor, allow installation in deeper waters and are becoming increasingly important in expanding offshore wind energy.


Meeting Planner

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 2024

Name Organization

Name Meeting Key

Date Start

Date End

Edison Electric Institute

EEI Annual Global Electrification Forum

2024-04-15

2024-04-19

Microgrid Knowledge

Microgrid Knowledge Conference

2024-04-22

2024-04-24

Portland Cement Association

PCA Cement Conference

2024-04-28

2024-05-02

American Wind Energy Association

AWEA Cleanpower Conference and Exhibition

2024-05-06

2024-05-09

IEEE Power & Energy Society

IEEE - PES Transmission and Distribution Conference and Exposition

2024-05-06

2024-05-09

American Coal Ash Association

ACAA World of Coal Ash

2024-05-13

2024-05-16

 

Early Bird Registrations

Call for Papers

  • Event: PCA Cement Conference
    Dates: April 28, 2024 - May 2, 2024
    Deadline for Call for Papers: April 15, 2024

Tags: US Power