Epitome of America’s shale gas boom now warns it may go bust – “Reflecting growing pain across the energy sector, the Oklahoma-based company, Chesapeake Energy Corp, shares and bonds tumbled Tuesday after it said it may not be viable as a “going concern” if low oil and natural gas prices persist. The warning came just over an hour after the company posted a wider-than-expected loss for the third quarter.” One must wonder, if the price of oil and gas do suddenly rebound – how much of an effect on electricity pricing will that have, and how much will it benefit our industry’s financial models – Source Bloomberg
Heinrich lays out new ways to build a more resilient 21st century electric grid, announces plans for transmission Investment Tax Credit legislation – “There is a disconnect right now between transmission access and the best large-scale clean energy resources. Full utilization of our renewable potential will only be possible when we have the transmission capacity in place to deliver that power to market. Tax incentives have proven to be a major signal to investors to put their capital behind wind and solar. We should encourage the same type of growth for the infrastructure that will deliver the power from these resources to market.” Source – Senator Heinrich
ACORE statement on U.S. withdrawal from Paris Climate Accord – “The U.S. should be leading the world in the fight against climate change, not shrinking from a renewable future that brings massive economic growth. Despite today’s announcement, the reality is that a vast majority of American citizens from across the political spectrum understand the need to chart a more sustainable future. With active support from many of the country’s leading businesses, America’s booming renewable energy sector is committed to giving them the clean energy economy they want and deserve, and keeping the U.S. within striking distance of Paris targets for reduced greenhouse emissions.” Source: American Council on Renewable Energy
More than 70 civil society groups call for ITC extension – Remember those 231 mayors that signed a letter calling on congress to extend the ITC? Well more support is backing them up, as more than 70 organizations representing farmers, homebuilders, environmental groups, electric cooperatives and a variety of other industries have sent that same letter to Congress. Support for the ITC extension is growing by the day. The organizations represent all 50 states. Source: SEIA
Colorado can achieve its climate goals by 2040 and reduce electric rates 15%, study finds – “A new report commissioned by Community Energy, Inc. finds that replacing Colorado’s aging coal plants with a mix of wind and solar backed by battery storage and some natural gas, and electrifying transport and buildings, would reduce Colorado electric costs and average rates by more than 15% by 2040 and produce annual savings in excess of $700 million. The modelling study, prepared by Vibrant Clean Energy, LLC, further finds that re-investing some portion of the coal plant retirement savings into accelerating transportation and building electrification can reduce statewide CO2 emission by 56% by 2030 and almost 70% by 2040, well above the aggressive statutory CO2 emission reduction requirements in recently passed state legislation, HB19-1261. These carbon-reduction targets meet the levels established by the latest climate change science to avoid the most serious climate change impacts.” Source: Community Energy
Image below, from the study above: Figure 3.7: The dispatch of the Colorado electricity system for 2018 (top), 2040 in the retire coal scenario (center) and deep decarbonization scenario (bottom). In 2040, the dispatch swings between 100% variable generation to almost 0% regularly. This is due to Colorado being small compared with the scale of weather systems. It can be seen that much less gas is dispatched in the deep decarbonization scenario, as well as imports being reduced.
DTE names senior vice president and chief legal officer – Congratulations to JoAnn Chávez, who has been named as the senior vice president and chief legal officer of DTE Energy. “Throughout her time at DTE, JoAnn has applied a strategic focus that has produced significant business value, and coupled with her experience and knowledge of DTE, makes her uniquely qualified for this role,” said Jerry Norcia, DTE Energy president and CEO. “JoAnn is a talented executive who embodies DTE’s commitment to the communities we serve. Our robust succession planning process has more than prepared JoAnn for this role and I look forward to the many contributions she will make to DTE’s success in the future.” Source: DTE Energy