California PUC Targets Doubling Renewable Energy by 2030

LCG, March 27, 2020--The California Public Utilities Commission (CPUC) yesterday unanimously approved a new emissions target for its electric sector that would double California's clean energy capacity through 2030 and effectively block new natural gas-fired electric generating facilities.

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Tennessee Valley Authority Issues RFP for 200 MW of Renewables

LCG, March 19, 2020--The Tennessee Valley Authority (TVA) issued a request for proposals (RFP) on March 13 to develop up to 200 MW of stand-alone renewable energy resources or renewable energy resources configured with battery energy storage systems (BESS). Solar resources must be tracking, and the projects must be commercially operational and providing power by September 29, 2023 or earlier.

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Industry News

California Lawmakers May MissAugust 15 SoCal Ed Deadline

LCG, July 25, 2001Southern California Edison Co. and its parent holding company expressed doubt yesterday that the California legislature would be able to meet an August 15 deadline to pass legislation injecting a transfusion of badly needed cash into the ailing utility.

"I think we have to concede the ability to get everything completed by August 15," said Ted Craver, chief financial officer of Edison International Inc. "We do expect to continue to work hard on a negotiated solution."

Both houses of the state legislature have recessed for their summer vacations and most lawmaker have left Sacramento for a month's rest. While a SoCal Ed measure by state Sen. Byron Sher, a Palo Alto Democrat, has passed the upper chamber, no bill has gone to the floor of the Assembly.

Some key members of the Assembly remained on the job, but for a bill to be voted on, at least 80 Assemblymen would have to return to the state capital. Democrat members of both house would have to return to reconcile Senate and Assembly versions of the legislation, and most do not plan to return until August 20, five days after a deadline agreed to by Gov. Gray Davis and the utility.

Davis has threatened to call another special legislative session to have lawmakers return to pass an Edison deal by August 15. "He thinks the date is very real and that they should work toward making that deadline," said spokesman Steve Maviglio. "Also, it sends a very strong signal to Wall Street that we intend to get this done on time."

Donald Sheetz, president of Street Asset Management, who is advising a committee of unsecured SoCal Ed creditors, said his clients have been forbearing because of perceived legislative progress but there could be a limit to their patience.

"It's likely within the next month that something could happen if we don't resolve it as quickly as possible," Sheetz said.

What that something could be is anyone's guess. But the utility owes an estimated $3.5 billion to a lot of people. Any three creditors who are owed at least $10,000 each a paltry sum in this instance could ask a federal bankruptcy judge to force the company into bankruptcy.

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