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New York PSC Approves Ravenswood Energy Storage Project

LCG, October 18, 2019--The New York State Public Service Commission (PSC) yesterday approved construction of the largest battery storage facility in New York State history. The 316-MW Ravenswood Energy Storage Project will be built in Long Island City, Queens, New York and scheduled to be partially operational by March 2021.

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Xcel Energy, EVRAZ North America and Lightsource BP Announce 250-MW Solar Project in Colorado

LCG, October 1, 2019--Xcel Energy, EVRAZ North America and Lightsource BP announced Friday that they have reached a long-term agreement to develop a 240-MW solar facility in Colorado. Lightsource BP will finance, build, own and operate the Bighorn Solar project and sell all the electricity it generates to Xcel Energy under a long-term power purchase agreement (PPA). The project will be built on EVRAZ Rocky Mountain Steel property in Pueblo, making it the largest on-site solar facility dedicated to a single customer in the country.

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Industry News

Judge Denies Attempt to Block SoCal Ed Recovery Deal

KLCG, Nov. 29, 2001--Southern California Edison Co. said yesterday that an appeals court had denied a motion from an anti-utility activist group seeking to block a deal which the utility believes will save it from bankruptcy.

An agreement between the utility and the California Public Utilities Commission would allow the company to recover about $3.3 billion with which to pay debts that have it teetering on the edge of bankruptcy.

A group called Toward Utility Rate Normalization (TURN) had filed a motion to block the agreement with the Ninth Circuit Court of Appeals in San Francisco after federal judge Ronald Lew rejected a similar request.

John Bryson, chief executive of SoCal Ed's parent Edison International Inc., said "We and the CPUC continue to believe that the settlement is fair and reasonable to the parties, creditors and our customers and establishes a sound path to restoring (SoCal Ed's) financial health."

SoCal Ed estimates that it ran up debts of $6.35 billion subsidizing low electric rates for its customers. Under California's failed electric restructuring law, the state's three investor-owned utilities were forced to purchase wholesale power at market prices and sell the same power at rates frozen 10 percent below those in effect in 1997.

The scheme seemed to be working until it became apparent that California had insufficient generation resources to meet its demand. At that time, the law of supply and demand took effect and sent wholesale power prices soaring.

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