Our September 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 in September:
California AB-1373 Energy Tenants
Status: Proposed
Organization: California State Legislature
Summary: On September 14, 2023, the California Senate passed AB 1373, which aims to promote the development of renewable energy projects, especially offshore wind and geothermal energy, in the state. The bill would authorize the California Public Utilities Commission (CPUC) to work with the Department of Water Resources (DWR) to purchase these types of clean energy through central procurement. The bill would also require the State Energy Resources Conservation and Development Commission to assess the barriers and benefits of these resources and allocate funds for workforce development grants.
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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.
$1.7 Billion Sunstone Solar Project
Type: Generation - Solar
Status: Proposed
Organization: Sunstone Solar, LLC
Region: Oregon
Summary: Sunstone Solar, LLC, a subsidiary of Pine Gate Renewables, LLC, proposed to construct and operate the Sunstone Solar Project in Morrow County, Oregon. The project is a solar facility with 1,200 megawatts (MW) capacity and up to 1,200 MW/6 hours (7,200 MW-hours) of battery energy storage. In addition, it will also include an interconnection substation, seven collector substations, an operations and maintenance building, and other structures, including roads, perimeter fencing, and gates. The construction is expected to begin in April 2026 and will be fully operational in 2030. According to the 2022 Annual Technology Baseline (ATB), solar projects with battery energy storage will cost $1,446 per kW. Based on this value, FirmoGraphs estimates the project will cost $1.7 billion.
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$900 Million Wichita Solar I
Type: Generation - Solar
Status: Proposed
Organization: Wichita Solar I, LLC,
Region: Texas
Summary: Wichita Solar I, LLC, a subsidiary of Core Solar, LLC, will construct the Wichita Solar I Project. The project is a solar facility with 625 megawatts of alternating current (MWac) on approximately 5,400 acres of privately owned land in Wichita County, Texas. The construction is expected to begin in February 2027 and enter commercial operation in December 2028, costing $900 million.
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$610 Million Lavender Solar Project
Type: Generation - Solar
Status: Proposed
Organization: Lavender Solar, LLC
Region: Texas
Summary: Lavender Solar, LLC, a subsidiary of RKB Energy, LLC, will construct the Lavender Solar Project. The Project is a solar facility with 180 megawatts (MW) of solar generation capacity and a 100 MW battery energy storage system (BESS) on approximately 1,474 acres of land in Limestone County, Texas. The construction is expected to begin in 2025 and enter commercial operation in the fourth quarter of 2026, costing nearly $610 million.
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$562 Million Felix 1 Solar Project
Type: Generation - Solar
Status: Proposed
Organization: Felix I, LLC
Region: Texas
Summary: Felix I, LLC, a subsidiary of AES Clean Energy, LLC, will construct the proposed Felix I Project. The project is a solar facility with 600 megawatts (MW) of alternating current located within a proposed reinvestment zone in Taylor County and Merkel Independent School District. In addition, it will feature 2,400,000 photovoltaic panels and approximately 360 central inverters. The construction will commence on January 1, 2026, and is expected to enter commercial operation on December 31, 2027, costing a bit over $562 million.
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$528 Million Cold Creek Solar Project
Type: Generation - Solar
Status: Proposed
Organization: Cold Creek Solar, LLC
Region: Texas
Summary: Cold Creek Solar, LLC, a subsidiary of Doral Renewables, LLC, will construct the Cold Creek Solar Project. The project is a solar facility with 430 megawatts (MW) capacity and 170 MW of battery energy storage system (BESS) on approximately 3,000+ acres of land in Schleicher County, Texas. The construction is expected to begin in the first quarter of 2027 and enter commercial operation in the fourth quarter of 2028, costing nearly $528 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 September:
- On September 5, 2023, Western Midstream Partners, LP announced that one of its operating subsidiaries has signed an agreement to acquire Meritage Midstream Services II, LLC in an all-cash transaction for a purchase price of $885 million. Meritage owns and operates a large-scale natural gas gathering and processing business in the Powder River Basin of Wyoming.
- On September 5, 2023, Enbridge Inc announced it entered into three separate definitive agreements with Dominion Energy, Inc. to acquire EOG, Questar and PSNC for an aggregate purchase price of $14 billion.
- On September 26, 2023, Chesapeake Utilities Corporation announced it has entered into a definitive agreement to acquire Florida City Gas (FCG) from NextEra Energy, Inc. for $923 million. FCG increased its capital investment plan and extended its earnings guidance through 2028 to reflect the increased scale and investment opportunities related to the transaction, with an implied earnings per share growth rate of approximately 8% through 2028.
- On September 28, 2023, Aramco signed definitive agreements to acquire a strategic minority stake in MidOcean Energy for $500 million. MidOcean Energy is a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors.
What We Are Reading
Here are some recent articles our team has been reading:
- Igneo Infrastructure Partners to Acquire Majority Equity Interest in U.S. Renewable Power Producer Soltage
- California is going big on offshore wind. That’s good for climate, but not enough
- LS Power, Pattern Energy, others behind 36 ‘ready-to-go’ transmission projects: report
- Bernhard Capital-Backed Allied Power Acquires Dominion Engineering
- Governor Hochul Announces Start of Construction on Converter Station for 339-Mile Champlain Hudson Power Express
- Vistra plans to sell nearly 400 MW in PJM to ease market power fears from Energy Harbor deal
- Biden-Harris Administration Releases Roadmap to Accelerate Offshore Wind Transmission and Improve Grid Resilience and Reliability
- Xcel Energy eyes 3.4GW new wind in $15 billion Colorado energy transition plan
- US sets new quarterly record for energy storage after adding 5.597 GWh in Q2: ACP
- Xcel Colorado proposes $15B plan to double renewables, add gas and energy storage capacity
- Ameren Missouri outlines least-cost approach to reliably meet customer energy needs in an environmentally responsible manner
- DTE Energy announces its plan to improve electric reliability by over 60% in the next five years
- Vistra Receives Nuclear Regulatory Commission Approval to Own & Operate Three Energy Harbor Nuclear Plants
- SolarBank Commences Major Construction on 3.7 MW Geddes Project - Largest Project to Date to be Owned by SolarBank
- Texas PUC begins work to attract advanced nuclear reactors, in and out of ERCOT market
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 October and November 2023
|
Name Organization |
Name Meeting Key |
Date Start |
Date End |
|
American Public Power Association |
2023-10-15 |
2023-10-18 |
|
|
American Council for an Energy-Efficient Economy |
2023-10-16 |
2023-10-18 |
|
|
Solar Media Ltd |
2023-10-17 |
2023-10-18 |
|
|
CIBO |
CIBO Annual Meeting / Environmental & Energy/Sustainability Committee Meeting |
2023-10-24 |
2023-10-25 |
|
Association of Energy Engineers |
2023-10-25 |
2023-10-27 |
|
|
Energy Central |
2023-11-01 |
2023-11-01 |
|
|
National Association of Energy Service Companies |
2023-11-06 |
2023-11-08 |
|
|
Solar Media Ltd |
2023-11-07 |
2023-11-08 |
|
|
American Council for an Energy-Efficient Economy |
2023-11-12 |
2023-11-15 |
|
|
American Public Power Association |
2023-11-12 |
2023-11-13 |
|
|
American Wind Energy Association |
2023-11-14 |
2023-11-15 |
|
|
Energy Central |
2023-11-23 |
2023-11-23 |
Early Bird Registration
- Event: American Public Power Association
Dates: November 12 - November 13, 2023
Deadline for Early Registration: October 13, 2023 - Event: Energy Central
Dates: December 5 - December 6, 2023
Deadline for Early Registration: October 27, 2023