Tag Archives: Daily Rundown

This is your SolarWakeup for May 27th, 2021

The Climate Pendulum Swings. Big news from a shareholder vote at the Exxon shareholder meeting. It appears, at first indication, that Engine No. 1, an activist investor, has won the election of at least two board seats that are considered to be in line with the fund’s climate change-related goals. Reporting highlights the need for final vote counts as the activist attempted to win four board seats but Exxon losing the election of two of their preferred directors is near unprecedented.

Emissions Must Be Reduced. At the same time, in the Netherlands, Shell was told by a Dutch court that it was obliged to lower emissions by 45% by 2030 compared to 2019. This was related to the impact that the company was causing to people though the Court gave in to the company saying that current emissions were not unlawful. The company expects to appear the decision which is not expected to be enforceable beyond the Dutch border.

So Many Billions. Ford announced it would invest $30billion to build out its electric vehicle manufacturing.

Advocate For Storage. SEIA announced yesterday that it was launching a Storage Advocacy Network. CEO, Abby Hopper, said “There is a massive gap between our energy storage goals and where we are now, and business as usual is not a recipe for success.” I guess it’s a good time to get into energy storage?

Bill Speaks, Listen. The biggest question regarding the anti-solar legislation is how it is even possible in this era. Why would the State that has invested so much in building out the solar market turn that around with a single bill? A bill you say? Bill Walton says no dice to AB 1139 and he’s getting involved!

 Opinion

Best, Yann

 

This is your SolarWakeup for May 26th, 2021

 Opinion

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This is your SolarWakeup for May 25th, 2021

A Solar Unicorn. Aurora Solar has raised $250million in their series C, with a self proclaimed unicorn status indicating a valuation over $1bb.

Inside McCarthy’s Mind. Gina McCarthy knows the executive branch well, having led the EPA under Obama and now the domestic climate leader for Biden. Who are the allies and the foes in the fight against climate change? Axios meets with McCarthy to get a better understanding.

A Trillion Dollar Opportunity. $5.2trillion to be exact. Building out infrastructure isn’t a function of cost but an opportunity for capital to make a return. From new transmission to residential solar plus storage, it’s an integrated system that will not only save or make money but also function better than the century old version we have now.

Offshore Gold Rush. The offshore wind market requires big balance sheets, at risk capital in the billions and patience. While the projects may not be built until the second half of this decade, the rush to build that NTP pipeline is clearly happening now.

AB 1139 Heads To Floor. The dubbed utility profit grab bill has massive ramifications for solar in California and across the Country. While the NEM 3.0 process is going through the CPUC process, AB 1139 has been moving through the committee process in the assembly. For those that aren’t tracking, this has the ability to affect not only the NEM 3.0 but also existing installations in NEM 1 and 2. 

 Opinion

Best, Yann

 

This is your SolarWakeup for May 24th, 2021

7 To 10 Days. On the Sunday shows and heading into the weekend, the infrastructure bill made headlines again. Biden lowered the price tag of his proposal by $500mm, mostly by eliminating GOP priorities in the bill, in order to get GOP back to the table and negotiate in earnest. The White House, through Cedric Richmond, said there was no big rush on the pushing the bill into reconciliation which Senator Sanders threatened. On the other hand, Missouri’s Roy Blunt said that the bill would need to find agreement in the next 7 to 10 days. Wait and see who does what and who makes the next move, though it appears that a $400bb reauthorization for surface transportation has bipartisan support in the committee as of late last night.

A Federal RPS. The climate crisis certainly needs bold policies like a federal RPS, which if it comes in a ‘well-designed policy’ is supported by EEI, the utility trade association. Show me 60 votes in the Senate that would allow a federal reach into state regulations and I’ll bite into the feasibility of this. In reality, an EPA driven carbon and methane reduction from power plants is the only way to back into the result sought in the RPS.

Governmentwide Review. Biden unveiled an executive order which pushes Deese  (National Economic Council) and McCarthy (domestic climate czar) to conduct a governmentwide review on how climate risk is being accounted for in financial transactions within government. This is likely the initial step to start slowing any funding, loans or other guarantees for projects that do not advance climate policy.

Elliott, The Utility Evaluator. A headline from last week but Elliott Management is pushing for Duke Energy to be split up. Elliott is famously involved in utility and IPP activism including when NRG’s green efforts were thwarted 5 years ago. This is often a value now versus value later project but Elliott can be quite effective in its work.

The Dry West. We are about to head into the Summer and the entire western US is very dry, moisture levels are record lows. Not only does this produce fire risk but also storm and heat wave situations. Hydroelectric capacity is likely to be limited as well which has pushed natural gas prices up and could create additional pricing peaks or blackouts during demand related peaking events.

 Opinion

Best, Yann