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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Our data team tracks new and updated industry drivers. Here are some recent drivers we have been following in March:
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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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 - 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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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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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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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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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.
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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:
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.
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.
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.
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.
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.
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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Edison Electric Institute |
2024-04-15 |
2024-04-19 |
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Microgrid Knowledge |
2024-04-22 |
2024-04-24 |
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Portland Cement Association |
2024-04-28 |
2024-05-02 |
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American Wind Energy Association |
2024-05-06 |
2024-05-09 |
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IEEE Power & Energy Society |
IEEE - PES Transmission and Distribution Conference and Exposition |
2024-05-06 |
2024-05-09 |
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American Coal Ash Association |
2024-05-13 |
2024-05-16 |