Wind is blowing up in the Commonwealth! A report from Environment Massachusetts shows that offshore wind could help power the state’s electricity needs 19 times over – and major generators are already working to make it happen. Among them is ML Strategies client Deepwater Wind, which has identified New Bedford, Fall River and Somerset as possible sites where it will assemble wind turbine foundations for its Revolution Wind project.
Analysis by Bloomberg New Energy Finance finds that roughly 18% of U.S. energy generation is supplied by renewable sources. The details can be found in the 2018 edition of the Sustainable Energy in America Factbook, Bloomberg’s dive into the country’s energy mix and evaluation of how various renewable energy industries are faring.
In early April 2017, the Massachusetts Department of Energy Resources (DOER) partnered with investor-owned electric distribution companies across the state to jointly issue a request for proposals (RFP) for renewable energy generation. The mission of the RFP is to ultimately help the state meet goals outlined by energy diversity legislation signed into law by Governor Charlie Baker in August 2016. By the time the initial deadline closed on July 27th, the state had received nearly four dozen bids for a contract to add more renewable power to its energy portfolio.
Financial advisory and asset management firm Lazard recently published its annual report on the costs of electricity generation technologies, finding that the costs for clean energy projects continue to decrease. The tenth version of Lazard’s Levelized Cost of Energy Analysis (LCOE 10.0) shows that the cost of large-scale solar projects continue to rapidly decline, falling by 11% in 2016 and thus 85% since 2009. This makes new solar projects competitive with natural gas power plants in some regions of the U.S., even before federal investment tax credits, and in many regions across the country, wind projects are the lowest cost option among all energy technologies, before federal tax credits. To learn more about Lazard’s report, read on!
On December 15, 2016, the MIT Energy Initiative (MITEI) released an in-depth research report providing guidance for the evolving electric power sector. The MITEI report, The Utility of the Future, proposes major regulatory, policy, and market overhauls to electric power systems around the world for efficient integration of distributed and centralized energy resources. Through a set of analysis-based recommendations, the comprehensive study has two overarching proposals: the development of a comprehensive system of prices and regulated charges that apply to all network users, and the removal of inefficient barriers that currently impede the integration and competition of distributed and centralized resources. To learn more about MITEI’s report, read on! Continue Reading MIT Energy Initiative Releases Report for Evolving Electric Power Sector
Passage of a tax package is another possible item on Congress’ list for the lame duck session, which is discussed in a recent ML Strategies alert. Three dozen tax provisions are scheduled to expire December 31, about half of which pertain to energy provisions. Congress approved last December a $1.1 trillion omnibus appropriations and $680 billion tax extenders package and adjourned for the first session of the 114th Congress. To learn more about the tax extenders package, read on!
Last Sunday, the Massachusetts Legislature passed a compromise energy bill to significantly increase electricity produced by renewable energy sources. The state’s utilities will be required to purchase power from on and offshore wind farms, as well as power from hydroelectric dams located largely in Canada. Governor Baker is expected sign the bill in short order, as he has strongly supported purchasing imports of clean energy. To learn more about this bill, read on!
On July 15, the Los Angeles Times Summit on renewable energy brought together government officials, academics, regulators, fossil fuel executives, and renewable energy advocates to discuss the challenges California faces in meeting the state’s goal of supplying 50% of its electricity through clean energy by 2030.
Lt. Governor Gavin Newsom affirmed California’s commitment to its renewable energy goal despite issues concerning electricity costs, economic stagnation, and consistent sourcing in his remarks at the summit. However, he also acknowledged, “We have to be sensitive to issues related to energy costs.” To learn more about the summit, continue reading!
Mintz Levin Strategies recently published its Washington Outlook for 2016, and it contained a variety of insights for the energy technology industry. Some of the most important items to keep an eye on in the coming year include fallout from Congress’ omnibus appropriations and tax extenders agreements, TSCA reform, action on climate change following COP21, and EPA regulatory efforts. Add to that an ongoing presidential election that will no doubt shape the political environment, and you have a recipe for an exciting year. For a more detailed breakdown on what to expect in 2016, read on!
In August, the U.S. Department of Energy released its 2014 Wind Technologies Market Report. The report, released annually for the past three years, tracks American progress in wind related areas including installed capacity, prices, jobs, and technological trends, among several others. This edition contains several positive developments for U.S. wind, as last year 4,854 MW of new capacity was added, representing $8.3 billion in new investments. For a summary of the report’s major highlights, read more below: