Texas Solar Project Sold to CIP

LCG, July 31, 2020—An affiliate of Copenhagen Infrastructure Partners has completed purchase of a 350 MW solar photovoltaic project near the Houston metro area from Solar Plus Development Inc. and Avondale Solar.

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PG&E and Tesla Commence Construction on the Moss Landing Battery Energy Storage System

LCG, July 30, 2020--PG&E and Tesla have commenced construction of the 182.5-MW lithium-ion battery energy storage system (BESS) at PG&E's electric substation in Moss Landing in Monterey County, California.

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Industry News

Consumers Asks Regulators for Securitization Okay

LCG, July 7, 2000--Consumers Energy Co. said yesterday that it had filed an application with the Michigan Public Service Commission to begin the securitization process for approximately $473 million in qualified stranded costs.The announcement followed by a day that of Detroit Edison Co., Michigans other big electric utility, which on Wednesday asked the commission to approve $1.85 billion in stranded cost bonds.In the securitization process, new bonds are issued to refinance existing debt associated with utility assets that may become uneconomical in a competitive electricity market. Where the original debt is backed by the assets themselves, the new bonds are backed by the revenue flow generated by the assets. Because there is almost no risk associated with a utility collecting its bills, the new borrowing is less expensive than that it replaces.Consumers said the money it saves by issuing the new bonds will allow the company to offset the earnings impact of a 5 percent residential rates reduction that went into effect in June in connection with Michigans electric industry restructuring law.The company said that it had asked the commission to find that its Palisades nuclear power plant capital costs, net of depreciation, be identified as a qualified cost and thus be eligible for inclusion in the refinancing.Consumers said it hopes to issue the bonds by the end of the year.
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