New York Announces 1,700 MW of New Offshore Wind Projects and 70 Percent Renewables Requirement by 2030

LCG, July 22, 2019--The Governor of New York announced last Thursday that the State has executed the nation's largest offshore wind agreement - totaling approximately 1,700 MW - in U.S. history. The Governor also signed the Climate Leadership and Community Protection Act (CLCPA), which includes a mandates of 9,000 MW of offshore wind by 2035, 70 percent renewable energy by 2030, plus a Zero-Carbon Emission Electric Sector by 2040.

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Georgia PSC Approves Georgia Power's 2019 IRP

LCG, July 18, 2019--The Georgia Public Service Commission (PSC) has unanimously approved Southern Company subsidiary Georgia Power's 2019 Integrated Resource Plan (IRP), which was submitted in late January.

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Industry News

Aquila Sheds Trading Unit

LCG, June 21, 2002--Early this week, Kansas City-based Aquila announced it would end its energy trading activity, due to the capitalization it required and the level of risk it entailed as compared with its regulated and un-regulated electric power businesses.

Last year, energy trading helped the company to realize 90 percent of a total of $40 billion in revenue. Aquila will seek a buyer for its trading operations, but barring a sale, 1,200 employees of the Merchant Services trading division will likely all have been let go by the end of summer. Approximately two-thirds work in Kansas City, while the remainder work in Texas and Europe.

Aquila has already announced plans to sell as much as $1 billion worth of assets to pay down debt, in an attempt to bolster its risk profile. The company's president and chief executive, Robert Green, said the decision to end trading was difficult, but unavoidable under the circumstances.

The company's current name originated from an energy-trading subsidiary of what was known until March as Utilicorp United, and which still operates electric and natural gas utilities and sells merchant power within seven states and Canada. Prior to being called Utilicorp United, the company was known in 1985 only as Missouri Public Service Company.
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