Il World Energy Focus, nuovo mensile online della WEC's community, una e-publication gratuita per essere sempre aggiornato sugli sviluppi del settore energetico. Il World Energy Focus contiene news, interviste esclusive e uno spazio dedicato agli eventi promossi dai singoli Comitati Nazionali.
I spoke at the Harvard Club in February of 2020 on renewable energy, how it can be used to provide a low carbon fuel to electric vehicles, and how both can play a greater role in reducing climate change and increasing jobs and economic growth if government policy helps promote the technologies.
Executive summary for Last Chance Saloon for CSP (Concentrated Solar Power)Simon Thompson
This is the executive summary for "Last Chance Saloon for Gen 3 CSP" which is a report and forecast from Rethink Energy.
It’s about the global Concentrated Solar Power (CSP) business which, although small compared to photovoltaic or wind power, will be a $10 billion global industry by 2030. How so?
Previous CSP marquee projects such as the “tower power” plants of the Mojave Desert have proved to be expensive and R&D-hungry. Although impressive, they’ve tarnished the sector and in recent years investment has gone elsewhere.
It means that CSP has effectively lain moribund for a decade.
But in recent years a new wave of technology-driven CSP companies have brought a swathe of minor innovations, improvements on efficiency and cheaper equipment to the market.
CSP can now provide temperatures of 1,000 degrees Celsius, enabling the technology to play a role in the decarbonization of the cement, steelmaking, and mining industries. And in China there are plans to use CSP on the power grid as “peak-shaving” energy storage.
Does this mean that this 3rd generation of CSP activity will lead to profitable returns? What are the new technologies and who are the players? And what will be the impact of the global demand for hydrogen on CSP?
The answer to these questions and more can be found in Last Chance Saloon for Gen 3 CSP in this 30-page report, illustrated with graphs and accompanied by an Excel spreadsheet with projections.
Check out
https://rethinkresearch.biz/reports-category/rethink-energy-research/
for more details about this forecast and the Rethink Energy service
Il World Energy Focus, nuovo mensile online della WEC's community, una e-publication gratuita per essere sempre aggiornato sugli sviluppi del settore energetico. Il World Energy Focus contiene news, interviste esclusive e uno spazio dedicato agli eventi promossi dai singoli Comitati Nazionali.
I spoke at the Harvard Club in February of 2020 on renewable energy, how it can be used to provide a low carbon fuel to electric vehicles, and how both can play a greater role in reducing climate change and increasing jobs and economic growth if government policy helps promote the technologies.
Executive summary for Last Chance Saloon for CSP (Concentrated Solar Power)Simon Thompson
This is the executive summary for "Last Chance Saloon for Gen 3 CSP" which is a report and forecast from Rethink Energy.
It’s about the global Concentrated Solar Power (CSP) business which, although small compared to photovoltaic or wind power, will be a $10 billion global industry by 2030. How so?
Previous CSP marquee projects such as the “tower power” plants of the Mojave Desert have proved to be expensive and R&D-hungry. Although impressive, they’ve tarnished the sector and in recent years investment has gone elsewhere.
It means that CSP has effectively lain moribund for a decade.
But in recent years a new wave of technology-driven CSP companies have brought a swathe of minor innovations, improvements on efficiency and cheaper equipment to the market.
CSP can now provide temperatures of 1,000 degrees Celsius, enabling the technology to play a role in the decarbonization of the cement, steelmaking, and mining industries. And in China there are plans to use CSP on the power grid as “peak-shaving” energy storage.
Does this mean that this 3rd generation of CSP activity will lead to profitable returns? What are the new technologies and who are the players? And what will be the impact of the global demand for hydrogen on CSP?
The answer to these questions and more can be found in Last Chance Saloon for Gen 3 CSP in this 30-page report, illustrated with graphs and accompanied by an Excel spreadsheet with projections.
Check out
https://rethinkresearch.biz/reports-category/rethink-energy-research/
for more details about this forecast and the Rethink Energy service
A groundbreaking report out today shows huge capital-efficiency advantage of ...Jeremy Leggett
In it, BNP Paribas introduces the new concept of Energy Return on Capital Invested. Conclusion: “The economics of oil for gasoline and diesel vehicles versus wind- and solar-powered EVs are now in relentless and irreversible decline, with far-reaching implications for both policymakers and the oil majors.” This is a 4 minute slideshow summary for busy folk.
Q2 2019: A chronology in pictures & charts of developments in climate, energy...Jeremy Leggett
One person’s collated precis-for-the-busy of the last three months in the related dramas of climate change, energy transition, big tech and the future of civilisation.
Microsoft word new base 994 special 02 february 2017 energy newsKhaled Al Awadi
Greetings,
Attached FYI (NewBase 02 February 2017 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In today’s issue you will find news about:-
A Green New Deal 2018 - energy and jobs in the UKJeremy Leggett
Repairing economies requires major new investments in sustainable-energy jobs (that will more than pay themselves back), and the UK is a perfect example
The White House background sheet on energy policies, posted in relation to this piece on Dot Earth: Obama's Path from Rhetoric to Reality on Energy and Climate http://nyti.ms/VbZxMc
Here's the summary: President Obama’s Blueprint for a Clean and Secure Energy Future
The United States is on the path to a cleaner and more secure energy future. Since President Obama took office, responsible domestic oil and gas production has increased each year, while oil imports have fallen to a 20-year low; renewable electricity generation from wind, solar, and geothermal sources has doubled, and the amount of energy our economy wastes has continued to decline; clean energy manufacturing is creating new jobs in industries like solar and wind, and technology and production costs are dropping because of discoveries in the lab and innovation on the factory floor. The President’s “all-of-the-above” approach to develop every source of American energy – expanding oil and gas production and investing in new clean energy technologies – is working. It’s a winning strategy for the economy, energy security, and the environment.
A chronology in pictures and charts of selected developments in climate, ener...Jeremy Leggett
One person’s collated precis-for-the-busy of the last three months in the related dramas of climate change, energy transition, big tech and the future of civilisation.
The slideshow is derived, as ever, from entries in the Future Today chronology. Those who would like the original powerpoint, with source urls as notes, can find it – with all the other source files, for free use – in the folder linked to from my website www.jeremyleggett.net.
Investment on the global energy transition: a report from the front lines as ...Jeremy Leggett
A global energy transition is underway: a system change driven by exponential growth in clean-energy technologies. But there is an investment gap. Much will depend on closing it. What will happen next?
This presentation was the keynote for Business Green's 2019 Tech and Investment Forum.
The global context of Solarcentury's work: presentation by Jeremy Leggett to ...Jeremy Leggett
A summary in pictures and charts of selected major developments during the last three months in the global issues relevant to a leading solar company's mission, brand, and culture. That mission is to make a meaningful difference in the fight against climate chaos through the widespread adoption of solar power.
A.T. Kearney Energy Transition Institute - 10 Facts, An Introduction to Energ...Kearney
The A.T. Kearney Energy Transition Institute is a nonprofit organization. It provides leading insights on globaltrends in energy transition, technologies, and strategic implications for private sector businesses and publicsector institutions. The Institute is dedicated to combining objective technological insights with economicalperspectives to define the consequences and opportunities for decision makers in a rapidly changing energylandscape. The independence of the Institute fosters unbiased primary insights and the ability to co-createnew ideas with interested sponsors and relevant stakeholders.
Data compiled by the American Petroleum Institute that shows America's carbon footprint is shrinking--due to a conversion in using more natural gas. The free market works far better than any government edict to lessen our carbon footprint.
Mercer Capital's Value Focus: Energy Industry | Q3 2014 | Segment: Alternati...Mercer Capital
Mercer Capital's Energy Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes a macroeconomic trends, industry trends, and guideline public company metrics.
Marine Power Systems (MPS) has published a report outlining the potential for wave power to contribute to 10% of global electricity demand by 2050.
The report titled Making Wave Power Work provides an analysis of the economic and environmental potential that wave power offers both the UK and the rest of the world.
It calls on industry and trade bodies to join up their communications around the 10% target, and businesses and governments to ramp up steady financial support and policy stability. (Source: http://tidalenergytoday.com/2017/06/28/mps-calls-for-10-wave-energy-target-by-2050/)
By Prof Pete Smith, University of Aberdeen
Presented at 'UK Energy System in Transition: Technology, Infrastructure and Investment'; an event organised by the UK Energy Research Centre, ClimateXChange and the Edinburgh Centre for Carbon Innovation, on Tuesday 1 April 2014, 14.00-17.00, in Edinburgh, United Kingdom.
Europe's Changing Energy Future - MSLGROUP Energy Report July 2014MSL
A few years ago, who would have imagined a world where shale is rewriting geopolitics, where solar and wind are supplanting coal in Germany, or where there are serious concerns over the lights starting to go out in the UK. One thing is clear – the European Energy landscape is changing at a pace that has never been seen before. In our fifth report, we bring you in-depth commentary from energy experts in Brussels, France, Italy, Germany, Poland, Sweden, the Netherlands and the UK. Connect with us to seek advice on attracting the best talent, investor communication; crisis preparedness and corporate reputation management. http://www.mslgroup.com
To find out more about MSLGROUP’s services, please contact Nick Bastin on nick.bastin@capitalmsl.com | Share your feedback with us on twitter @msl_group.
Energy Crisis And The Uk
Energy Crisis Essay
Energy Crisis Vs EPA Paper
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The Energy Crisis Of Oil Essay
1970s Energy Crisis
A groundbreaking report out today shows huge capital-efficiency advantage of ...Jeremy Leggett
In it, BNP Paribas introduces the new concept of Energy Return on Capital Invested. Conclusion: “The economics of oil for gasoline and diesel vehicles versus wind- and solar-powered EVs are now in relentless and irreversible decline, with far-reaching implications for both policymakers and the oil majors.” This is a 4 minute slideshow summary for busy folk.
Q2 2019: A chronology in pictures & charts of developments in climate, energy...Jeremy Leggett
One person’s collated precis-for-the-busy of the last three months in the related dramas of climate change, energy transition, big tech and the future of civilisation.
Microsoft word new base 994 special 02 february 2017 energy newsKhaled Al Awadi
Greetings,
Attached FYI (NewBase 02 February 2017 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In today’s issue you will find news about:-
A Green New Deal 2018 - energy and jobs in the UKJeremy Leggett
Repairing economies requires major new investments in sustainable-energy jobs (that will more than pay themselves back), and the UK is a perfect example
The White House background sheet on energy policies, posted in relation to this piece on Dot Earth: Obama's Path from Rhetoric to Reality on Energy and Climate http://nyti.ms/VbZxMc
Here's the summary: President Obama’s Blueprint for a Clean and Secure Energy Future
The United States is on the path to a cleaner and more secure energy future. Since President Obama took office, responsible domestic oil and gas production has increased each year, while oil imports have fallen to a 20-year low; renewable electricity generation from wind, solar, and geothermal sources has doubled, and the amount of energy our economy wastes has continued to decline; clean energy manufacturing is creating new jobs in industries like solar and wind, and technology and production costs are dropping because of discoveries in the lab and innovation on the factory floor. The President’s “all-of-the-above” approach to develop every source of American energy – expanding oil and gas production and investing in new clean energy technologies – is working. It’s a winning strategy for the economy, energy security, and the environment.
A chronology in pictures and charts of selected developments in climate, ener...Jeremy Leggett
One person’s collated precis-for-the-busy of the last three months in the related dramas of climate change, energy transition, big tech and the future of civilisation.
The slideshow is derived, as ever, from entries in the Future Today chronology. Those who would like the original powerpoint, with source urls as notes, can find it – with all the other source files, for free use – in the folder linked to from my website www.jeremyleggett.net.
Investment on the global energy transition: a report from the front lines as ...Jeremy Leggett
A global energy transition is underway: a system change driven by exponential growth in clean-energy technologies. But there is an investment gap. Much will depend on closing it. What will happen next?
This presentation was the keynote for Business Green's 2019 Tech and Investment Forum.
The global context of Solarcentury's work: presentation by Jeremy Leggett to ...Jeremy Leggett
A summary in pictures and charts of selected major developments during the last three months in the global issues relevant to a leading solar company's mission, brand, and culture. That mission is to make a meaningful difference in the fight against climate chaos through the widespread adoption of solar power.
A.T. Kearney Energy Transition Institute - 10 Facts, An Introduction to Energ...Kearney
The A.T. Kearney Energy Transition Institute is a nonprofit organization. It provides leading insights on globaltrends in energy transition, technologies, and strategic implications for private sector businesses and publicsector institutions. The Institute is dedicated to combining objective technological insights with economicalperspectives to define the consequences and opportunities for decision makers in a rapidly changing energylandscape. The independence of the Institute fosters unbiased primary insights and the ability to co-createnew ideas with interested sponsors and relevant stakeholders.
Data compiled by the American Petroleum Institute that shows America's carbon footprint is shrinking--due to a conversion in using more natural gas. The free market works far better than any government edict to lessen our carbon footprint.
Mercer Capital's Value Focus: Energy Industry | Q3 2014 | Segment: Alternati...Mercer Capital
Mercer Capital's Energy Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes a macroeconomic trends, industry trends, and guideline public company metrics.
Marine Power Systems (MPS) has published a report outlining the potential for wave power to contribute to 10% of global electricity demand by 2050.
The report titled Making Wave Power Work provides an analysis of the economic and environmental potential that wave power offers both the UK and the rest of the world.
It calls on industry and trade bodies to join up their communications around the 10% target, and businesses and governments to ramp up steady financial support and policy stability. (Source: http://tidalenergytoday.com/2017/06/28/mps-calls-for-10-wave-energy-target-by-2050/)
By Prof Pete Smith, University of Aberdeen
Presented at 'UK Energy System in Transition: Technology, Infrastructure and Investment'; an event organised by the UK Energy Research Centre, ClimateXChange and the Edinburgh Centre for Carbon Innovation, on Tuesday 1 April 2014, 14.00-17.00, in Edinburgh, United Kingdom.
Europe's Changing Energy Future - MSLGROUP Energy Report July 2014MSL
A few years ago, who would have imagined a world where shale is rewriting geopolitics, where solar and wind are supplanting coal in Germany, or where there are serious concerns over the lights starting to go out in the UK. One thing is clear – the European Energy landscape is changing at a pace that has never been seen before. In our fifth report, we bring you in-depth commentary from energy experts in Brussels, France, Italy, Germany, Poland, Sweden, the Netherlands and the UK. Connect with us to seek advice on attracting the best talent, investor communication; crisis preparedness and corporate reputation management. http://www.mslgroup.com
To find out more about MSLGROUP’s services, please contact Nick Bastin on nick.bastin@capitalmsl.com | Share your feedback with us on twitter @msl_group.
Energy Crisis And The Uk
Energy Crisis Essay
Energy Crisis Vs EPA Paper
Energy Crisis
Essay on Energy Crisis
The Energy Crisis Of Oil Essay
1970s Energy Crisis
Renewable energy, including wind and solar power, has experienced explosive growth in recent years with no sign of slowing down. Read our special report, How Renewables are Winning, to learn more about this rapid period of renewable energy advancement.
Scott Sklar, President of the Stella Group and former Executive Director of the Solar Energy Industries Association, presented on April 19, 2010 at the GW Solar Institute Second Annual Symposium. more information at http://solar.gwu.edu/Symposium.html
Marc Montalvo, Daymark Energy Advisors President and Principal Consultant, was a featured speaker at the PJM Symposium "Grid 20/20: Focus on Public Policy Goals and Market Efficiency" on August 18, 2016. Find the full set of his slides from the event here, or view the event recording at http://www.pjm.com/committees-and-groups/stakeholder-meetings/symposiums-forums/grid-2020-public-policy-goals-mkt-efficiency.aspx
Il World Energy Focus, nuovo mensile online della WEC's community, una e-publication gratuita per essere sempre aggiornato sugli sviluppi del settore energetico. Il World Energy Focus contiene news, interviste esclusive e uno spazio dedicato agli eventi promossi dai singoli Comitati Nazionali.
A new report just issued by the New England Coalition for Affordable Energy says New England is at a much greater risk for higher energy costs in the short-term because of lack of new pipelines.
Former Ambassador and head of the US delegation to the Kyoto Protocol negotiations, Stuart Eizentstat, Partner with law firm of Covington & Burling LLP, delivered the keynote address at the GW Solar Institute Symposium on April 19, 2010. View more info at: solar.gwu.edu/Symposium.html
published in 2022
RMI views
(not necessarily EFOW point of view: check on facts, realities and views, and ways of going about change: urgencies (priorities), realities and our true opportunities!)
Il World Energy Focus, nuovo mensile online della WEC's community, una e-publication gratuita per essere sempre aggiornato sugli sviluppi del settore energetico. Il World Energy Focus contiene news, interviste esclusive e uno spazio dedicato agli eventi promossi dai singoli Comitati Nazionali.
1000-1250 words
Table of Contents
Abstract 2
Introduction 3
Organizational analysis 3
Leadership 3
Market 3
Operations 3
Finance 4
Performance 4
Regulatory environment 4
Critical incidents 4
Investment potential 4
Recommendation 4
References 5
Abstract
The goal of this case study is to provide a detailed outline for potential addition into the company’s investment portfolio. The company targeted for potential investment is Pacific Gas and Electric Company or PG&E. Covered herein is the organizational analysis, critical incidents, the company’s investment potential, and recommendations based on findings.
Introduction
PG&E Corporation (PG&E or the company) is an energy-based holding company for Pacific Gas and Electric Company (Pacific Gas and Electric). PG&E subsidiaries provide customers with public utility services, and services relating to the generation of energy, transmission of electricity and natural gas, generation of electricity, and the distribution of energy. The company primarily operates in the US. It is headquartered in San Francisco, California, and employed 21,166 people as on December 31, 2013.Organizational analysisLeadership
PG&E is an energy-based holding company for Pacific Gas and Electric. Pacific Gas and Electric is engaged primarily in the following businesses: electricity and natural gas distribution; electricity generation, procurement, and transmission; and natural gas procurement, transportation, and storage. PG&E operates through two segments: electric and natural gas. The company's strength lies in its strong distribution network in electricity and natural gas segments, which provide it with a competitive edge. However, volatility of the natural gas and electricity markets may adversely impact its financial condition, results of operations, and cash flows.Market
PG&E's subsidiary, Pacific Gas and Electric, has a strong distribution network for the supply of electricity and natural gas. As on December 31, 2013, the company owned approximately 18,115 circuit miles of interconnected transmission lines operated at voltages of 500 kV to 60 kV and transmission substations with a capacity of 62,289 MVA. Pacific Gas and Electric's electricity distribution network consists of approximately 141,000 circuit miles of distribution lines (of which approximately 20% are underground and approximately 80% are overhead), 58 transmission-switching substations, and 603 distribution substations. The strong distribution network provides competitive advantage to the company.Operations
As on December 31, 2013, Pacific Gas and Electric's natural gas system consisted of approximately 42,559 miles of distribution pipelines, over 6,000 miles of backbone and local transmission pipelines, and various storage facilities. Pacific Gas and Electric owns and operates three underground natural gas storage fields connected to its transmission and storage system and has a 25% interest in the new Gill Ranch Storage Field. In addition, three indep.
Todd Williams, partner and fossil practice co-leader at ScottMadden, recently presented at the EnergyHub GenForum on the EPA’s CPP, one of the most significant environmental mandates in U.S. history. Here, he gave an overview of the requirements and impacts of the CPP. He also recapped events now unfolding in CPP litigation, politics, and legislation. Where are the battle lines drawn? Who is on what side? And, what are states doing to prepare their compliance plans?
For more information, please visit www.scottmadden.com.
Executive Summary for the IEA's annual World Energy Outlook, the 2016 edition. The Outlook predicts natural gas use will continue to rise, while coal will continue to fall. "We see clear winners for the next 25 years, natural gas, but especially wind and solar, replacing the champion of the previous 25 years, coal," said Fatih Birol, IEA's executive director.
1. Skadden, Arps, Slate, Meagher & Flom LLP
1 9 T H A N N U A L
ENERGY PROJECTS
C O N F E R E N C E
Skadden, Arps, Slate, Meagher & Flom LLP
1 9 T H A N N U A L
ENERGY PROJECTS
C O N F E R E N C E
Annual Energy
Projects Conference
Overview by Douglas Nordlinger
May 12, 2015
2. 19th Annual Energy Projects Conference | 2 Skadden, Arps, Slate, Meagher & Flom LLP
Magna Carta 800th Anniversary – June 15, 2015
King John of England signing the Magna Carta at Runnymede on June 15, 1215
3. 19th Annual Energy Projects Conference | 3 Skadden, Arps, Slate, Meagher & Flom LLP
Magna Carta 800th Anniversary - June 15, 2015
ISSUED JUNE 15, 1215
ABROGATED AUGUST 1215
FIRST BARON’S WAR
REISSUED (AFTER KING JOHN’S DEATH) NOVEMBER 2016
– “No free man shall be seized or imprisoned, or stripped of his rights or
possessions, or outlawed or exiled, or deprived of his standing in any
other way, nor will we proceed with force against him, or send others
to do so, except by the lawful judgment of his equals or by the law of
the land.
To no one will we sell, to no one deny or delay right or justice.”
SOVEREIGN IS SUBJECT TO THE RULE OF LAW
– The Law of Unintended Consequences -- The Barons Certainly Did
Not Intend to Lay the Foundation for the American Declaration of
Independence
4. 19th Annual Energy Projects Conference | 4 Skadden, Arps, Slate, Meagher & Flom LLP
SKADDEN’S ANNUAL
ENERGY PROJECTS CONFERENCE
KEY THEMES IN DOMESTIC
AND
INTERNATIONAL ENERGY MARKETS
2015
5. 19th Annual Energy Projects Conference | 5 Skadden, Arps, Slate, Meagher & Flom LLP
Collapse of oil prices
Beginning in September 2014
Brent Prices Reached Mid-$50/Barrel and Has Since Recovered
To Mid-$60’s/Barrel
Resulting From Increases in Supply and Saudi Resolve to
Maintain Market Share
Exploration Budgets Cut by 30%
U.S. energy producers have announced plans to curb their 2015
capex by more than $50 billion compared with last year’s
spending
Result Could Be a Wave of Restructurings and M&A
6. 19th Annual Energy Projects Conference | 6 Skadden, Arps, Slate, Meagher & Flom LLP
U.S. Energy Self-Sufficiency
EIA projects the U.S. will become a net energy exporter by 2030
and a net natural gas exporter by 2017
Policy Debate is Whether to Allow Exports of U.S. Crude Oil and
Natural Gas
Huge Economic and Geostrategic Impact
Oil Price Collapse Directly Related
Source: U.S. Energy Information Administration (EIA)’s Annual Energy Outlook 2015 (AEO2015) Executive Summary,
released April 14, 2015
7. 19th Annual Energy Projects Conference | 7 Skadden, Arps, Slate, Meagher & Flom LLP
Natural gas is overtaking oil as the key fossil
fuel of the future
Bloomberg (BNEF) expects over 50 GW of coal-fired capacity in
the U.S. to retire by 2020, while in the same period over 56 GW
of net gas-fired capacity additions is expected to come online
Royal Dutch Shell’s $70 billion acquisition of BG Group
Shell is betting that the Asian buyers will shift towards natural gas
instead of coal in light of international pressure to curb greenhouse gas
emissions
ExxonMobil predicts LNG trade to more than triple by 2040 to
nearly 100 Bcf/d
Sources: Bloomberg New Energy Finance (BNEF) White Paper “Medium-term outlook for US power: 2015 = deepest
de-carbonization ever,” April 8, 2015; ExxonMobil’s “The Outlook for Energy: A View to 2040,” 2015
8. 19th Annual Energy Projects Conference | 8 Skadden, Arps, Slate, Meagher & Flom LLP
Renewable Power Generation Continues to Grow in the U.S. and
Internationally, Unaffected by 50% Drop in Oil Prices
Some 103 GW of renewable capacity is estimated to have
been built in 2014 worldwide
– Compares with 86 GW in 2013
– Comprised primarily of wind generation (49 GW) and PV solar (46
GW), both record figures
– Accounted for 48% of new global GW capacity in 2014
Growth of Renewable Energy Keeps Powering
On, Unaffected by Reduced Oil Prices
Source: “Global Trends in Renewable Energy Investment 2015,” March 2015 by the Frankfurt School – United Nations
Environment Program (UNEP) Collaborating Center and Bloomberg New Energy Finance (BNEF)
9. 19th Annual Energy Projects Conference | 9 Skadden, Arps, Slate, Meagher & Flom LLP
Growth of Renewable Energy Keeps Powering
On, Unaffected by Reduced Oil Prices (cont’d)
BNEF April 2015 White Paper:
– 2015 will see a national record for renewable build which will total 18.3
GW including 9.1 GW from solar (of which 4.9 GW will be utility-scale
solar) and 8.9 GW from wind
EIA’s April 14, 2015 AEO2015:
– U.S. renewable generation will grow by 72% between 2013 and 2040
(base case), with the overall share of renewables in the energy mix
increasing from 13% in 2013 to 18% in 2040. Solar and wind will
account for nearly two-thirds of the increase
Sources: BNEF White Paper “Medium-term outlook for US power: 2015 = deepest de-carbonization ever,” April 8, 2015;
EIA’s AEO2015 Executive Summary, April 14, 2015
10. 19th Annual Energy Projects Conference | 10 Skadden, Arps, Slate, Meagher & Flom LLP
Global investment in renewable energy reached near record
levels in 2014 at $270.2 billion (up nearly 17% from 2013), due to
the availability of financing and strong investor appetite for
renewables
China dominated the investment landscape last year with a
record $83.3 billion
U.S. came in second with $38.3 billion last year (up 7% from
2013), solar dominated with $14.8 billion, followed by wind at $6.9
billion
U.S. public market activity in solar saw a 76% increase to $5.9
billion with three of the top four deals related to yieldcos
Availability of Financing and Investor Appetite
for Renewables
Source: “Global Trends in Renewable Energy Investment 2015,” March 2015 by the Frankfurt School – United Nations
Environment Program (UNEP) Collaborating Center and Bloomberg New Energy Finance (BNEF)
11. 19th Annual Energy Projects Conference | 11 Skadden, Arps, Slate, Meagher & Flom LLP
Importance of Government Policy
Uncertainty surrounding government support for renewables:
– In the U.S., e.g.,
• Production tax credit for wind expired at the end of 2014 and there is the
looming deadline for the drop-down in the 30% investment tax credit (to 10%
at the beginning of 2017)
– President Obama’s FY 2016 Budget proposal seeks to make the federal
renewable energy tax credits such as the production tax credit and investment
tax credit permanent
– In Europe, the ‘first mover’ in renewable energy is in the process of
restructuring the early support schemes, e.g.,
• Spain retroactively cut solar subsidies
• U.K. eliminated the Renewable Obligation Certificate support scheme for
large-scale PV solar and introduced open tenders for Contracts for
Differences
12. 19th Annual Energy Projects Conference | 12 Skadden, Arps, Slate, Meagher & Flom LLP
EPA’s proposed Clean Power Plan to reduce by 2030
greenhouse gas emissions at existing power plants by 30% from
2005 continues to face opposition in the courts and Congress:
– Draft legislation introduced in Congress would bar the EPA from
implementing the Clean Power Plan in States electing to opt out
– Challenges pending before the DC Circuit by 15 states, coal companies
and industry groups. The Court may delay action until after the final
rule is issued, expected this summer
– The North American Electric Reliability Corp. said that the EPA might
have to push back compliance deadlines as widespread retirements of
coal-fired power plants could potentially lead to widespread outages
U.S. EPA Clean Power Plan –
Game Changer in Flux
13. 19th Annual Energy Projects Conference | 13 Skadden, Arps, Slate, Meagher & Flom LLP
Distributed Solar is Also a Game Changer
Distributed solar continues to be a disruptive force with the latest
developments in battery storage, community solar and corporate
America becoming an ever more important customer. Already we
have seen, inter alia:
– First Solar invested in the largest player in the U.S. community solar
market which works with utilities to develop community solar “gardens”
– Apple’s agreement to acquire 130 MW of PV solar from First Solar for
$848 million - the largest-ever non-utility corporate solar procurement
deal
– Amazon, Facebook, Google and Microsoft with at least 1 GW of long-
term wind power offtake deals between them
– As early as 2025, we could see companies procure at least a
cumulative 60 GW of new off-site capacity alone (currently it is only 4-5
GW) (according to the Business Renewables Center)
What effect on Grid Reliability?
14. 19th Annual Energy Projects Conference | 14 Skadden, Arps, Slate, Meagher & Flom LLP
Solar plus storage – potentially far-reaching energy transformation
– “There’s a tremendous opportunity both in storage itself but also its
ability to clear the path for a large-scale penetration of renewables in
the grid,” said Thomas Leyden, vice president for energy storage
deployment at SunEdison
The U.S. is forecasted to deploy 220 MW of energy storage in 2015 (up
from 61.9 MW in 2014) and will reach 861 MW in 2019
Several big-name battery storage transactions have been in the headlines
involving AES, SunEdison, Sumitomo and Tesla
– Only this month, Tesla introduced the 10 kWh Tesla Powerwall and the
larger 100 kWh Tesla Powerpack. The batteries will eventually be
produced at Tesla’s new approx. $5 billion ‘giga-factory’ in Nevada
Development of Storage Technology –
Tipping Point for Renewable Energy Market
Penetration, Especially Solar
Source: U.S. Energy Storage Monitor report by GTM Research and the Energy Storage Association, February 20, 2015