Under current and planned policies, global energy demand is expected to grow by over 25 percent to 2040, requiring an annual investment of more than $2 trillion in new energy supply, according to the International Energy Agency’s World Energy Outlook published on Nov. 13. The agency said that over 70 percent of global energy investments…
American Electric Power Company Inc. announced a $33 billion capital investment plan from 2019 through 2023, with 75 percent focused on its transmission and distribution operations, according to a Nov. 11 news release. The plan includes $2.7 billion for new renewable generation, including about $2.2 billion for competitive, contracted projects. The company said the transition…
The California Public Utilities Commission authorized cost recovery for Pacific Gas and Electric Company’s battery storage projects totaling about 567 megawatts to meet local capacity requirements, according to a resolution issued on Nov. 9. In January, the commission authorized the utility to hold competitive solicitations for storage or preferred resources to ensure local reliability in…
FirstEnergy Corp.’s subsidiaries reached a settlement that would allow the companies to flow back $900 million in savings from the federal tax cut law that lowered the corporate income tax rate to 21 percent from 35 percent. The company said that the tax savings would be credited through a new mechanism reconciled annually, and that…
Duke Energy Carolinas, a subsidiary of Duke Energy, issued $1 billion in green bonds to finance zero emission projects such as solar and energy storage in North and South Carolina, according to a Nov. 9 press release. The bonds, which mark the company’s first clean energy investment offering, have a weighted average coupon of 3.74…
The Federal Energy Regulatory Commission on Nov. 9 approved ISO New England Inc.’s proposal to revise the calculation of the economic life of a generator that seeks to retire or permanently leave the capacity market. The revision establishes that the economic life of such a resource will be the evaluation period that maximizes the net…
The U.S. Environmental Protection Agency on Nov. 8 released final state plan requirements to implement its 2015 standards for ground-level ozone. The rule applies to nonattainment areas and 13 northeastern states that comprise the ozone transport region. The rule allows flexibilities for states to consider factors outside their control, such as international pollution. The EPA…
PJM Interconnection LLC’s wholesale power markets work although “not perfectly,” and are faced with new challenges that potentially threaten their viability, according to Nov. 8 report from Monitoring Analytics LLC. The monitor questioned the ability of markets and the market-based regulatory construct to coexist with efforts to increase the role of renewable resources via nonmarket…
NorthWestern Energy plans to participate in the Energy Imbalance Market operated by the California Independent System Operator Corporation by April 2021, according to a Nov. 8 press release. The market is an automated system that secures the lowest-cost energy to serve real-time customer demand over a broad region spanning across multiple western states. The company…
The Pennsylvania Public Utility Commission issued a final policy clarifying that third-party electric vehicle charging is not considered resale or redistribution of power, in a bid to remove regulatory uncertainty and support the continued build-out of charging infrastructure, according to a Nov. 8 press release. The commission directed electric distribution companies to revise tariffs to…
Governor Andrew Cuomo, a Democrat, issued a solicitation for 800 megawatts or more of offshore wind for the state’s large-scale contracts towards meeting the goal of 2,400 megawatts by 2030, according to a Nov. 8 announcement by the New York State Energy Research and Development Authority. The goal supports the state’s Clean Energy Standard which…
