The Illinois Power Agency (IPA) this month filed a final version of its Long-Term Renewable Resources Procurement Plan, building on a proposal of the plan released last October. This plan introduces a number of changes to the IL Renewable Portfolio Standard (RPS), setting ambitious goals and measures to advance the development of new renewable resources in the state.
Last December, the Illinois state legislature passed SB 2814 concerning the state’s Renewable Portfolio Standard (RPS) program revisions, aiming to promote in-state solar energy project development. Passed as the Future Energy Jobs Bill, SB 2814 seeks to jump start solar development in the state by expanding the existing RPS requirements to include a numerical target to procure RECs from in-state sited solar facilities.
In response to this legislative change, the Illinois Power Authority (IPA) released the highly anticipated long-term procurement plan last September.
In the following research report, Karbone explores the most important changes proposed in the filed plan.
Under Governor Jerry Brown, California has rarely foregone an opportunity to demonstrate leadership when it comes to aggressive renewable energy policies. So why did California’s landmark Senate Bill (SB) 100 to accelerate and expand California’s RPS targets fail?
A combination of concerns among the state’s investor-owned utilities about potential rate, cost allocation and competitive impacts, and diffuse opposition from their labor unions, appears to be to blame. Karbone has co-authored this update with John Nimmons, an attorney with long experience in California energy law and policy, to round up the most recent legislative session and address key topics of emerging interest to the market.
New Jersey SRECs have experienced steady pricing pressure since upwards revisions on previously reported monthly installation rates were first announced in July 2016. Uncertainty of build rate revisions and growing concern of large surplus, price trajectory for the most liquid of the forward curve has been largely negative.
The U.S. International Trade Commission voted 4-0 today to find that imports of cheap solar panels have caused injury to domestic solar manufacturers, setting up a high-stakes tariff decision for President Trump. The case? In April, a bankrupt US-based solar manufacturer filed a petition with the ITC to impose a tariff and floor price on imported crystalline silicon PV solar panels, citing foreign government subsidies (mainly China) as the cause for harm on domestic PV manufacturers.
On August 11, 2017, Massachusetts regulators filed the proposed final version of CMR 7.75, the Clean Energy Standard (CES), a plan to cut state GHG emissions by 80% of their 1990 levels by 2050. To achieve this aggressive target, the state is going to rely on the procurement of long-term contracts to import hydropower from Canada, as well as the development of more renewable resources, such as wind and solar. Ultimately, however, whether this new mandate can achieve its compliance targets is going to require not only committed project development capital, but also large investments in new transmission lines.
On August 11, 2017, the Massachusetts Department of Energy Resources (DOER) filed a much anticipated final version of the Solar Massachusetts Renewable Target (SMART) Program regulation. This revised SMART framework proposition includes several components that market participants heavily discussed during three public hearings as critical to the success of this program and its objectives.
Solar developers have anxiously awaited the outcome of the New York Reforming the Energy Vision (REV) and the new compensation mechanism for distributed energy resources. Many components of the new market design provide more predictability around the clean energy mandate and market fundamentals. Nevertheless, there are currently several programs that provide different incentive levels, creating a complicated system that may hinder the state’s ability to meet its ambitious “50 by 30” goal, which requires the state to retain its renewable generation and avoid significant exports into adjacent Control Areas.
On February 6, 2017, Pennsylvania lawmakers introduced Senate Bill 291 concerning Alternative Energy Portfolio Standard (AEPS) revisions that aimed at promoting and advancing in-state solar energy project development. As introduced, the proposal seeks to jump-start solar development in the state by restricting eligibility under the AEPS to PA-sited only facilities and expanding the solar requirements to stimulate more build. Senate Bill 291 aims to boost the current solar AEPS requirements to 1.5% by 2023 from the current mandate of 0.5% by 2021.
The growing demand for renewable energy by corporate off-takers is fundamentally reshaping electric power sales in the United States. Over the past 3 years, approximately 7.8 GW of wind and solar power were contracted through non-utility corporate power purchase agreements (CPPAs). This trend is gathering pace with many more corporates announcing sustainability goals to procure most (and for some, 100%) of their current and forward electricity needs from renewable resources.