Get That Money. PG&E has filed a normal request with a strange twist at the CPUC. It is asking for a raise for its shareholder return, which is typical, but it’s asking for a raise of over 50% to 16% from 10.25%. Shockingly, and coincidentally, SCE and SDG&E also asked for massive increases to the ROE. I’m still taken aback by the unprecedented ask and can’t help but wonder what legislators are thinking, especially if they’re thinking if there is a better way. The CCAs around the State and utility execs in other States must be in shock by the ask as well, what could possibly warrant a high double digit return for shareholders of a monopoly? What would regulators say if solar came to the table and said we want guaranteed revenue streams at the same ROE as utility shareholders?
In Awe Of the Flaw. Energy Twitter went bananas yesterday for a report from the University of Chicago. The report that is on the way to be peer reviewed has a big headline, RPS policies are very expensive climate policies that are far more costly than carbon taxes. Without going into the details and analysis methodology, do expect more of this report to be discussed and rebutted in the media. I bet that the anti renewables folks will be using this unfortunately to make the case against solar and wind.
But Wait, There’s More. When solar isn’t breaking records or wind is causing negative energy rates, they are causing massive savings to the system. In the latest Duke procurement, the generation will save consumers $375million over the 20 years. I’ll take facts over headlines any day I guess.
Nevada Steps Up. It didn’t take long, Governor Sisolak has signed the 50% RPS, 100% carbon free bill that passed the Legislature. This is the month of 100% clean energy policies, maybe Florida will follow right behind?
Opinion
News
Opinions:
Have a great day!
Yann
Two More Pods. Find my conversation with Mary Barber of the Environmental Defense Fund and a discussion on development of solar projects in New Jersey. If you haven’t subscribed to SolarWakeup’s Podcast, I’d appreciate you trying it as we continue to grow this platform. Our interviews from Boston will start populating over the next few weeks, make sure to catch them as soon as they get out.
VDERs Redefined, Applauded. The NY PSC came out with major updates to the VDERs that enable more solar to get done in New York State. Some of the updates include the revision on the valuation for solar generation and provisions that enable more community solar to get done. It also increases net metering to 750kW to get more commercial properties to install on site generation.
Nevada Goes The Distance. Last week we applauded the NV Senate for passing the expansion of the RPS and now we will do the same for the NV Assembly. This is the next step in a long process for Nevada to do the will of the people. The Governor is expected to sign the legislation before it goes back to the voters.
The Climate Mentality. There has been a 50% growth in people thinking that climate change will cause harm to them personally since 2008. 73% of respondents to the poll said that it will cause harm to future generations. Put this into context that we now know that part of the 2016 rhetoric from outside functions was to divide Americans with coal. This means that it’s okay to talk about jobs and economic opportunity at the same time as climate policy. It will now take proper talking points to explain that energy sectors like solar are inherently tied to policy, innovation alone will not do the trick.
Opinion
News
Opinions:
Have a great day!
Yann
Have a great weekend! New pod out later today.
Opinion
News
Opinions:
Have a great day!
Yann
A Development Podcast. Check out the new episode of SolarWakeup Podcast with solar developer, Jim Spano, in which we talk about all things solar in New Jersey as well as his new venture to bring REIT capital to solar.
Climate At Fox News. Senator Sanders held a town hall on Fox News and did two things we talk about a lot. When asked about national security he pivoted the answer to include climate change and terrorism in the Middle East, a clear signal that he was speaking to the audience of Fox News. Second, as the article says, “Sanders drew cheers when he said transitioning to renewable energy would create millions of new jobs.”
Duke And Solar. Duke is going to add a lot of solar in North Carolina including projects that it self developed. Now to the residential market, maybe we can do more there in the Carolinas including South Carolina!
Both Sides Of The House. Vistra energy is using its energy storage projects in Texas as a legislative tool in Illinois in order to keep their coal plants economical for a few more years. This transition from coal to solar+storage is interesting especially given the valuation that Vistra seems to be tying to their assets.
Opinion
News
Opinions:
Have a great day!
Yann