Virginia Governor Signs Executive Order to Drive Renewable Energy Installations

LCG, September 18, 2019--The Governor of Virginia signed an Executive Order 43 yesterday setting statewide goals for clean energy deployment and expands upon the Commonwealth's commitments to reduce the environmental impact, mitigate the impacts of climate change, and boost the clean energy economy in Virginia.

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Los Angeles Moves A Step Closer to Approving Huge Solar with Battery Storage Installation

LCG, September 12, 2019--The Los Angeles Department of Water and Power (LADWP) Board of Commissioners unanimously approved a plan on September 10 to install a 300-MW/1,200-MWh battery energy storage system (BESS) located at 8minute Solar Energy's (8mSE) Eland Solar and Storage Center.

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Industry News

California Power Costs put Utility $1.97 Billion in Hole

LCG, Sept. 26, 2000--The inability of Southern California Edison Co. to charge customers for the full cost of electric power the company delivers has put the utility $1.97 billion in the hole, according to an 8-K filing with the Securities and Exchange Commission by its parent Edison International Inc.

Because of electric industry restructuring in California, SoCal Ed sold off its power plants, except for the San Onofre nuclear power plant, and must by law purchase power through the California Power Exchange, where it pays market prices. The same law that restructured the industry placed a lid on the price SoCal Ed can charge its customers for electricity.

The utility pays the higher price at the power exchange and charges the lower price to its customers, a problem that began in May and will continue at least through this month.

SoCal Ed says that its ability to get its $1.97 billion back depends on favorable regulatory actions, as well as such iffy things as weather, the market prices of natural gas and electricity and economic conditions in general.

If it looked like the company was not going to be able to recover the undercollection, it would be required to write off the unrecoverable portion as a charge against earnings. In that case, the company's shareholders -- even those living in Vladivostok -- would be subsidizing California consumers.

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