This is your SolarWakeup for January 29th, 2023
Tax Equity Rules. Based on some bad ideas, the Basel 3 rules are considering tighter balance sheet requirements for banks that participate in tax equity. Doing so would obviously put tax equity in a less preferential spot even though the risk to the balance sheet has always been minimal. Advocates continue to lobby hard to make sure these draft rules are changed for the market’s sake.
Political Risk? Hundreds of billions have been invested thanks to the IRA and some are starting to be concerned if the IRA could be a political football if the party in power changes in November. Here’s my thoughts…First 2016 had similar thoughts and ultimately (with a lot of noise) solar continued to grow between 16 and 20. Both parties have been hard on solar with tariffs for well over a decade. A republican President brought the ITC to 30% originally and I can give you examples where a republican governor vetoed an anti-solar net metering bill and where a democrat governor let anti-solar net metering rules be implemented. While there is noise in the system to extend the tax policies currently in place that will sunset next few years, which will need pay-fors, many of the popular IRA policies are likely very safe. And at the end of the day, the grid needs energy and power to continue this extensive economic and manufacturing growth we’ve seen over the past few years.
News
1 Bloomberg:
Wall Street Has a Dire Warning About Green Investments Under New ‘Endgame’ Rule
2 Utility Dive:
NextEra CEO downplays chance of Inflation Reduction Act repeal if Trump re-elected
3 Wall Street Journal:
Bipartisan Backing to Explore Fast Tracking Solar and Wind on Oil-And-Gas Lands
4 New York Times:
Democrats Say Biden Hasn’t ‘Made the Case’ on Climate Despite Achievements
5 Axios:
Biden eyes "pause" of new LNG export facilities
6 Reuters:
China's installed solar power capacity rises 55.2% in 2023
7 Renewable Energy World:
‘We’re playing catch up’ - How grid operators see the future of battery storage
8 Solar Power World:
ADT Solar to close remaining branches, exit residential solar business
9 Energy Storage News:
Regulator quashes ERCOT’s proposed state-of-charge rules for BESS
10 Canary Media:
Big electric-truck charging depots are coming soon to California
11 PV-Magazine:
Nebraska introduces legislation to prevent HOA from barring solar installation
Opinions:
12 Grist:
How California is casting a cloud over residential solar
Have a great day!
Yann
This is your SolarWakeup for January 26th, 2023
Opinion
News
1 Utility Dive:
As trucking electrifies, how we prepare the grid must evolve
2 Bloomberg:
Solar Factories Slow Output as Overcapacity Weighs on Profits
3 Reuters:
US clean electricity momentum stalls slightly in 2023
4 New York Times:
Biden Vetoes Republican Measure to Block Electric Vehicle Charging Stations
5 PV-Magazine:
Venture capital funding in energy storage increases 59% year over year
6 Grist:
Meet the communities trying to take over their local electric utility
7 PV-Tech:
NexWafe expands to the US, aims 6GW of wafer capacity
8 Canary Media:
This Georgia refinery is making low-carbon jet fuel from alcohol
Opinions:
9 Time:
The Rooftop Solar Industry Could Be On the Verge of Collapse
Have a great day!
Yann
This is your SolarWakeup for January 25th, 2023
Opinion
News
1 Bloomberg:
EU Sees Electricity Production Doubling by 2050 to Reach Net Zero
2 Axios:
Non-OPEC countries could boost global supply in 2024
3 PV-Tech:
Why are US utilities selling their solar businesses?
4 PV-Magazine:
Distributed solar and storage policy trends
5 Renewable Energy World:
What are the long-term effects of extreme weather on solar performance?
6 Energy Storage News:
Sweden’s flexibility market could open up in May, 200MW+ of BESS set to come online in 2024
7 Canary Media:
New guidance makes EV charging incentives widely available
8 Solar Power World:
How solar + storage technologies are aiding Hawaii wildfire relief
9 Reuters:
Policy Watch - Solar Impulse pilot Piccard calls for new narrative to take political heat out of climate action
Opinions:
10 Utility Dive:
America’s aging grid threatens national security. Here are some steps to fix it.
Have a great day!
Yann
This is your SolarWakeup for January 24th, 2023
Opinion
News
1 PV-Magazine:
California unlikely to reach clean energy targets without rooftop solar
2 PV-Tech:
“Highly valuable” solar driving investors to snap up utility businesses – WoodMac
3 Renewable Energy World:
FERC accepts MISO’s generator interconnection reforms, rejects MW cap
4 Utility Dive:
NERC issues 3-year plan for setting reliability standards for wind, solar, storage
5 Axios:
Why replacing fossil fuels is "a whale of an issue"
6 Bloomberg:
BlackRock to Invest $500 Million in Canadian Solar Unit
7 Reuters:
TotalEnergies agrees to acquire battery storage company Kyon Energy
8 Energy Storage News:
Queensland battery storage programme ‘fundamental to success’ of net zero policies
Opinions:
9 Canary Media:
The big battle brewing over LNG exports
Have a great day!
Yann
This is your SolarWakeup for January 23rd, 2023
Opinion
News
1 PV-Magazine:
IRA creates 100,000 clean energy jobs and attracts $110 billion in private investments
2 Utility Dive:
FERC rejects MISO interconnection queue cap, saying it could be undermined by exemptions
3 Canary Media:
Long wary of batteries, New York’s now poised to go big on energy storage
4 Bloomberg:
Solar Firm Expands to Chicago, Vows to Spend $2 Billion in State
5 Reuters:
Germany set for gas power plant expansion deal this week
6 Solar Builder:
Connecticut doubles upfront incentive to install home energy storage
7 Renewable Energy World:
Nearly 200 clean energy projects were announced in 2023, with $64B in private investments
Opinions:
8 Solar Power World:
U.S. solar panel manufacturing claims from Intersolar North America
Have a great day!
Yann
This is your SolarWakeup for January 22nd, 2023
Opinion
News
1 Wall Street Journal:
California’s Rooftop Solar Reckoning
2 Utility Dive:
Extreme weather shows need for dispatchable resources, new transmission - FERC commissioners
3 Axios:
How Texas' power grid weathered the latest freeze
4 Bloomberg:
Europe’s Climate Push Fails to Stem Crisis in Solar Industry
5 Reuters:
SolarEdge to lay off 16% of workforce to trim operating costs
6 Solar Builder:
U.S. energy transition to speed forward through 2025
7 PV-Tech:
CALSSA - California solar industry to face a downward trend in 2024
8 Solar Power World:
Connecticut increases incentives available to residents installing battery storage
9 PV-Magazine:
Solar corporate funding hits decade-long high in 2023
Opinions:
10 Renewable Energy World:
Texas grid survives, thwarting NIMBYs, and companies turn to ‘greenhushing’ — This Week in Cleantech
Have a great day!
Yann
This is your SolarWakeup for January 19th, 2023
Opinion
News
1 Associated Press:
The Pentagon will install rooftop solar panels as Biden pushes clean energy in federal buildings
2 Utility Dive:
BlackRock to buy Global Infrastructure Partners in $12.5B deal, cites clean energy trends
3 Axios:
U.S. warmup is in sight after one more Arctic blast
4 Reuters:
German energy regulator plans to cut red tape to aid energy transition
5 PV-Tech:
US expands Western Solar Plan to five more states
6 Renewable Energy World:
Americans say they don’t mind utility-scale solar. Why isn’t more getting built?
7 Energy Storage News:
‘Highly attractive’ revenues forecast in Australia’s new Very Fast ancillary services opportunity
8 Canary Media:
Hawaii used rooftop solar to shore up the grid. New rules threaten that
9 PV-Magazine:
U.S. government identifies 22 million acres for solar in western states
Opinions:
10 New York Times:
Davos puts Climate on the Back Burner
Have a great day!
Yann
This is your SolarWakeup for January 17th, 2023
Intersolar Day 1. Anything you think I should see at Intersolar? As I tour San Diego, ERCOT enters its second day of conservation and looks to operate itself through a challenge. Meanwhile we have soaring demand for more electricity from the energy transition and economic growth. These challenges present opportunities and conferences offer a glimpse on the companies seeking to rise to the occasion.
Tax Markets Working. At the Voltility event a few months ago the talk on tax credit transfer market was quite optimistic and the data seems to confirm that. This means a solid market for capital structures that seek to build out the infrastructure we all work in. There are some new structures that are quite interesting, would be great to have a few of you pitch the best new ideas in capital formation.
Demand Met By Renewables, Storage, DERs and Grids. Today’s top note highlights the prediction for the year. The grid is stretched and operators are like a stretch Armstrong connecting rising demand (faster than predicted) and generation that is more flexible in both when it produces and how/where it delivers energy to consumers. Now the market needs to match the demand for new build of generation, storage and transmission with the requirement for new market products for those assets and DERs to ensure grid stability remains.
Europe Builds Ecosystem. In an effort to help create a manufacturing ecosystem in Europe, the government is stepping up with a $5billion package for Northvolt. Think of this as the European version of a loan guarantee.
News
1 Utility Dive:
9 US power sector trends to watch in 2024
2 Energy Storage News:
Europe backs Northvolt with US$5 billion loan package
3 New York Times:
Despite Frigid Cold, Texas Power Grid Has Kept the Heat On So Far
4 Reuters:
US energy tax credit trading grows to as much as $9 billion, study finds
5 Solar Builder:
Alliant Energy completes Beaver Dam solar project in Wisconsin
6 Renewable Energy World:
EIA - Solar and wind to lead U.S. generation growth for next two years
7 Solar Power World:
Unirac and S-5! expand solar mounting component partnership
8 PV-Magazine:
SolarApp+ speeds solar permitting for more than 160 communities
Opinions:
9 Axios:
Global climate policy faces stormy waters in 2024
Have a great day!
Yann
This is your SolarWakeup for January 16th, 2023
See You In San Diego. If you find yourself at Intersolar this week, come by the FlexGen booth and say hello.
NEM 3.0 Disaster. The situation in California is dire, layoffs are impacting most businesses and demand is off a possible 40%. Some installers are saying that the cost of the install is more doubling with the addition of storage but without additional revenue streams, the payback is nearly 10 years. In reality, CAISO needs the aggregated demand provided by residential storage to maintain long term stability but the revenue streams are not matching that need. The pleas from the industry don’t appear to have infiltrated Sacramento or the governor’s mansion thus far, which is unfortunate.
ERCOT Challenged. While you’re reading this, ERCOT will likely be at it’s closest demand reserve, far less margin than operators would like to see. The cold snap hitting so much of the Country can isolate the most fragile portions of the grid infrastructure, with a single event possibly starting a chain reaction that leaves many without power.
The Smart Home. CES happened last week and the smart home remained a big portion of the tech event. For me, the smart home seems to have focused itself on what’s available on Amazon and connects with Alexa. I consider myself willing to try new tech but the single platform ecosystem has eluded me thus far, only a few apps have found a niche home in my smart home, centered around lighting.
News
1 New York Times:
California Has Dealt a Blow to Renewable Energy, Some Businesses Say
2 Star Telegram:
ERCOT asks Texans to reduce energy use Tuesday morning until 9 a.m. to avoid emergency
3 Solar Builder:
Three intriguing home solar + storage announcements at CES 2024
4 Utility Dive:
Renewables growth puts COP28 goals within reach, but acceleration is needed
5 Bloomberg:
The Green Investor Calling Out Biden’s Climate Law for Enriching Bankers and Consultants
6 Axios:
Scoop - John Kerry to leave Biden administration, help campaign
7 Energy Storage News:
European Union countries’ clean energy plans ‘fall short when it comes to energy storage’
8 Canary Media:
Chart - The US grid battery fleet is about to double — again
9 PV-Magazine:
Solar wafer prices stabilize with potential for future price hike
Opinions:
10 Renewable Energy World:
High interest rates are a climate problem
Have a great day!
Yann
This is your SolarWakeup for January 12th, 2023
Congrats. To the team at Orka for being acquired by Sunstone Credit. Lending is hard, C&I is harder, combine the two and you have a challenge ahead of you. Glad to see that come together for a team that deserves it and opportunity to keep growing this.
News
1 New York Times:
As Utility Bills Rise, Low-Income Americans Struggle for Access to Clean Energy
2 Canary Media:
The fight over US solar tariffs hasn’t gone away — it’s just hibernating
3 PV-Magazine:
Commercial solar lender Sunstone Credit acquires Orka Finance
4 Reuters:
US federal grid spending boosts prospects in high wind, solar regions
5 Utility Dive:
9 US power sector trends to watch in 2024
6 Bloomberg:
CES Highlights the Climate-Centric Future of Consumer Tech
7 Axios:
Winter whiplash - Why a parade of storms is suddenly slamming the U.S
8 Energy Storage News:
LFP price falls ‘make first life batteries more attractive’ than second life ones, firm says
Opinions:
9 PV-Tech:
IEA - tripling global renewables capacity by 2030 hinges on policy implementation
Have a great day!
Yann
