Tampa Electric Plans to $800 Million Investment in New Solar Power Generation

LCG, February 24, 2020--Tampa Electric recently announced plans to expand its use of solar power to meet customer needs in Florida. The company plans to invest approximately $800 million to add 600 MW of solar electric generating capacity by the end of 2023, when the total solar capacity would exceed 1,250 MW. Solar power will then account for about 14 percent of the utility's energy.

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AWEA Issues Fourth Quarter 2019 Market Report

LCG, February 7, 2020--The American Wind Energy Association (AWEA) recently released its new U.S. Wind Industry Fourth Quarter 2019 Market Report. AWEA reports new wind turbine installations have added 5,476 MW of electric generating capacity during the fourth quarter, which results in 2019 installations totaling 9,143 MW. The total installations represent an increase over 2018, but the total for 2019 falls short of total annual installations for 2015 and 2016. In addition to new capacity additions, developers completed 2,500 MW of turbine repowerings for the year.

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Industry News

Petroleum Reserve Purchases Should Be Put on Hold, Senate Resolution States

LCG, Mar. 15, 2004--High gasoline prices have prompted a number of Senators to advocate that further purchases of oil for the purpose of adding to the national Strategic Petroleum Reserve be put on hold, a step that the Bush administration has resisted taking.

Similar calls were made by former Vice President Gore when he campaigned against then-Governor Bush for the presidency, although he had earlier called such use of the Reserve vulnerable to further supply cuts by foreign oil producers. At the time, Treasury Secretary Lawrence Summers and Federal Reserve Chairman Alan Greenspan advised that a Gore proposal to allow purchases from the Reserve by domestic oil companies was not a good use of the SPR, which was created following the oil embargo of the 1970's.

Just as he was during the presidential campaign, President Bush has remained opposed to lowering the requirements for holdings of oil in the Reserve, and his administration has no plans for putting purchases on hold. Currently, the level of the reserve, made up of crude oil stored among four sites in Texas and Louisiana, stands at 643 million barrels, out of a possible 700 million barrels at its maximum possible level.

A nonbinding resolution passed by the Senate would prevent the federal government from making purchases until October 2005. Top House Republicans are reportedly opposed to the measure. The Department of Energy has stated the the reserve "should be used only for protection against oil supply disruptions, not to manipulate price." Its sponsors, Sen. Susan Collins, R-Me., and Sen. Carl Levin, D-Mich., have said that allowing oil to enter the marketplace rather than being added to the SPR could bring gasoline prices down by 10 to 25 cents per gallon.

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