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EIA Publishes Regional Electricity Supply and Pricing Forecasts Using UPLAN Model

LCG, August 13, 2019--The U.S. Energy Information Administration (EIA) announced that it is revising the presentation and modeling of its forecasts for electricity supply and market hub pricing to better reflect current electricity markets and system operations in the U.S. Beginning with the August 2019 Short-Term Energy Outlook (STEO), the new forecasting approach models electricity markets using the UPLAN production cost optimization software developed by LCG Consulting. EIA uses the solution results provided by this proprietary model to develop the STEO forecasts of monthly electricity generation, fuel consumption, and wholesale prices.

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Dominion Energy Virginia Pursues 500 MW of Renewable Projects

LCG, August 8, 2019--Dominion Energy Virginia announced Monday that it is seeking bids for up to 500 MW of renewable capacity in both 2021 and 2022 to increase its clean energy resources. Dominion Energy stated that it is committed to having 3,000 MW of solar and wind in operation or under development in Virginia by 2022. This near-term step is part of an ultimate company commitment to reduce carbon emissions by 80 percent by 2050 across the 18 states it serves.

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Industry News

New York Announces 1,700 MW of New Offshore Wind Projects and 70 Percent Renewables Requirement by 2030

LCG, July 22, 2019--The Governor of New York announced last Thursday that the State has executed the nation's largest offshore wind agreement - totaling approximately 1,700 MW - in U.S. history. The Governor also signed the Climate Leadership and Community Protection Act (CLCPA), which includes a mandates of 9,000 MW of offshore wind by 2035, 70 percent renewable energy by 2030, plus a Zero-Carbon Emission Electric Sector by 2040.

The Governor stated, "The environment and climate change are the most critically important policy priorities we face. They literally will determine the future - or the lack thereof. Even in today's chaos of political pandering and hyperbole there are still facts, data and evidence - and climate change is an undeniable scientific fact. But cries for a new green movement are hollow political rhetoric if not combined with aggressive goals and a realistic plan on how to achieve them. With this agreement, New York will lead the way in developing the largest source of offshore wind power in the nation, and today I will sign the most aggressive climate law in the United States of America. Today we are true to the New York legacy - to lead the way forward, to govern with vision and intelligence, to set a new standard, and to match our words with action."

The winners of New York's first comprehensive offshore wind solicitation are the Empire Wind and the Sunrise Wind projects. The 816-MW Empire Wind project by Equinor is designed to deliver power to New York City at a proposed interconnection point at Con Edison's Gowanus substation. Port upgrades and sourcing of key components are expected to commence as early as spring 2021. The construction of the Empire Wind project is anticipated to begin in 2022. The project is scheduled to begin commercial operation in December of 2024.

The 880-MW Sunrise Wind project is a strategic partnership of ├śrsted and Eversource Energy. The project is supported by Con Edison Transmission and the New York Power Authority (NYPA), who will support the development of the project's transmission facilities. The project's planned interconnection point is the Holbrook and West-Bus substations in the town of Brookhaven within the Long Island Power Authority's (LIPA) service territory. The Sunrise Wind project is expected to start construction in 2022 and to commence commercial operation in May of 2024.

The CLCPA requires the State to achieve a carbon free electricity system by 2040 and reduce greenhouse gas emissions 85% below 1990 levels by 2050, setting a new standard for states and the nation to expedite the transition to a clean energy economy. The new law is intended to drive investment in clean energy solutions such as wind, solar, energy efficiency and energy storage. The CLCPA codifies the Governor's commitments to install 9,000 MW of offshore wind by 2035; 6,000 MW of distributed solar by 2025; and 3,000 MW of energy storage by 2030. The implementation of the CLCPA also targets investments to benefit disadvantaged communities, create tens of thousands of new jobs, and improve public health and quality of life.

The Public Service Commission Chair said, "The Climate Leadership and Community Protection Act sets the course for 100 percent clean and carbon-neutral energy by 2040. Offshore wind will play a prominent role in achieving this outcome. This new investment in nearly 1,700 MW of offshore wind positions New York as the clear national leader in developing this new industry, in creating good-paying new jobs, and in bringing this clean new technology on line."
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