Offshore Wind Projects Receive Boost from Massachusetts and Biden Administration

LCG, March 31, 2021--The Governor of Massachusetts signed legislation last Friday that authorizes the state to direct utilities to purchase an additional 2,400 MW of offshore wind energy by 2027.

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NV Energy's Greenlink Nevada Transmission Project Approved by PUCN

LCG, March 25, 2021--The Public Utilities Commission of Nevada (PUCN) on Monday approved proceeding with NV Energy's Greenlink Nevada transmission and renewable energy initiative. NV Energy's planned investment in Greenlink is over $2.5 billion.

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Industry News

Southern California Edison Submits Market Re-Entry Plan

LCG, May 3, 2002-Southern California Edison (SCE) last week gave the California Public Utilities Commission its plan to reestablish an investment-grade credit rating.

The utility, which carries a "BB" credit rating, got into trouble last year when caught between retail price caps and skyrocketing wholesale prices. By January 2001, SCE had $6.35 in "undercollections," and California appointed the Department of Water Resources to buy power in its place.

The SCE plan, submitted late Wednesday, asks permission to enter long-term contracts and elaborates on the need to avoid spot purchases. SCE also included prompt rate review by regulators to be implemented if undercollection exceeds 5 percent of SCE revenue; the utility defines "prompt" as less than 30 days.

According to the plan, the DWR would initially co-sign SCE contracts, but ultimately the utility would assume full ownership once its credit rating improved sufficiently.

SCE hopes that the Commission will approve the plan by September or early October.

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