Hello Dear Readers!
Here's our Power Generation & Supply Roundup for the month of February 2020, with interesting information about fresh industry drivers, new and notable mergers and acquisitions. Enjoy, and don't forget to share your feedback on us on how we can continue to improve ;)
Industry News and Drivers
Driver: Virginia Clean Economy Act (Executive Order Number Forty-Three (2019))
Organization: Commonwealth of Virginia, Office of the Governor
Summary: Passed on Feb. 11, 2020,by both chambers of Virginia State Legislature, this Act replaces the existing voluntary Renewable Energy Portfolio System (RPS) program with a mandatory RPS that applies to electric utilities and licensed competitive suppliers. The new legislation sets requirements for 30% clean energy by 2030 and 73% by 2035, with the end-line of 100% renewables by 2050.
For additional information see: http://ow.ly/mMXA50yxhHR
Driver: S.2657 - Advanced Geothermal Innovation Leadership Act — 116th Congress (2019-2020)
Organization: United States Senate
Summary: Introduced on 10/22/2019, S. 2657 is a bill in the United States Congress. 3/4/2020, the Senate indicated that this bill would be considered in the days ahead
S. 2657 is meant to encourage innovation in advanced geothermal research and development.
It amends the Energy Policy Act of 1992 to update the Department of Energy’s (DOE) geothermal energy resource assessment in coordination with the United States Geological Survey. This update, in combination with applied data, should illustrate new opportunities for geothermal resources. Additionally, the Advancing Geothermal Innovation Leadership Act would improve the geothermal R&D of the DOE as a whole through new research sites and coordinated efforts across programs (EERE and FE) and private industry.
For additional information see: http://ow.ly/gmVC50yzds0
Driver: Order 841- Electric Storage Participation in Markets Organized by Regional Transmission Organizations and Independent System Operators - 162 FERC, 61,127 United States Of America, Federal Energy Regulatory Commission
Organization: Federal Energy Regulatory Commission
Summary: Issued on Feb. 15, 2018, FERC's landmark, unanimous, bipartisan Order 841, directs the regional transmission organizations (RTOs) and independent system operators (ISOs) that run the US wholesale electricity markets to craft new rules to allow storage resources to bid their services into the markets.
Order 841 is one of FERC's most important decisions regarding energy storage that is presently being defended by the attorneys general of California, the District of Columbia, Massachusetts, Michigan, and Rhode Island.
The attorneys general of California and Massachusetts, in their Feb. 10 statement, argued that Order 841 is essential for energy storage to cut emissions.
Driver: H.R.5770 - EV Freedom Act, 116th Congress (2019-2020)
Organization: United States House of Representatives
Summary: Introduced in the House, 116th CONGRESS, on 02/06/2020 , this bill aims to establish a national network of electric vehicle charging stations, create good-paying jobs nationwide, and take necessary steps to combat climate change.
For additional information see: http://ow.ly/Tn5H50yxDPb
The following M&A transaction in the Power Generation and Supply Industry stands out in the month of February:
- Feb. 03, 2020, CenterPoint Energy, Inc., announced entering into an agreement to sell Miller Pipeline and Minnesota Limited to PowerTeam Services, LLC, an integrated infrastructure services provider, for $850 million in cash, subject to customary purchase price adjustments.
- Feb. 6, 2020, Innergex Renewable Energy Inc and Hydro-Québec, one of the world’s largest hydropower producers, formed a new world-class alliance in renewable energy. Hydro-Québec invested about C$661 million ($497 million) for a nearly 20% stake through a Private Placement in Innergex. Hydro-Québec also announced $500 million future co-investments with Innergex in renewable energy projects globally.
- Feb. 18, 2020, Nautilus Solar Energy, LLC, a nationwide owner-operator of distributed and community solar projects, acquired a 3.5 MW community solar project in Cranston, Rhode Island from ISM Solar Development, LLC, a developer of large commercial and utility-scale solar projects.
- Feb. 26, 2020, Greenbacker Renewable Energy Company LLC, through a wholly-owned subsidiary, purchased the rights to a 2-turbine 5MW wind Project, “Holiday Hill,” from Cornerstone Renewables, LLC. Holiday Hill, located in Russell, Massachusetts, is contracted to sell electricity through 25-year offtake agreements with three local utilities.
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