Corporate News
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OpinionNuScale Power, the canary in the small modular reactor market
SMRs are being marketed as a solution to the climate crisis, but they're already far more expensive and take much longer to build than renewable and storage resources — technologies we already have.
By David Schlissel • March 21, 2023 -
Permission granted by Idaho Power
Construction begins on Idaho Power’s first energy storage projects as it faces growing capacity shortfall
State regulators said “public convenience and necessity” require Idaho Power to acquire 120 MW of dispatchable energy storage.
By Stephen Singer • March 14, 2023 -
Explore the Trendline
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TrendlineThe Utility Dive Outlook on 2023
2023 promises to be another busy year for the U.S. energy transition as stakeholders move to implement new clean energy measures while tackling growing security, reliability, equity and affordability challenges.
By Utility Dive staff -
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Solar companies offer reassurance after renewables financier Silicon Valley Bank collapses
The federal government has ensured depositors won’t lose money as a result of the collapse, but many developers will have to find and establish new sources of financing.
By Diana DiGangi • March 14, 2023 -
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Energy Vault scales back 2023 revenue guidance on shift in 1-GWh customer contract
An analyst said the reduced guidance is due partly to supply chain problems and a “more thorough look” at the company’s initial two-year guidance, issued in November.
By Stephen Singer • March 9, 2023 -
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Vistra moves more deeply into nuclear power with planned $3.43B acquisition of Energy Harbor
Vistra President and CEO Jim Burke cited the federal nuclear production tax credit that “now has down-side protection against lower power prices” as a benefit of the deal.
By Stephen Singer • March 7, 2023 -
Courtesy of Divert
Divert teams with Enbridge for $1B plan to scale renewable natural gas volumes
The organics recycling company, which has private equity backing, aims to reach “every major geographic region” of the U.S. with this deal. Canada-based Enbridge will get a 10% stake as part of its investment.
By Cole Rosengren • March 2, 2023 -
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RWE completes $6.8B acquisition of Con Edison Clean Energy Businesses
The new company, RWE Clean Energy, now operates a roughly 8-GW portfolio of renewable energy projects in the U.S. backed by a pipeline of more than 24 GW of wind, solar and battery storage.
By Stephen Singer • March 2, 2023 -
APS parent Pinnacle West’s 2022 net income plunges 22% on disallowed cost recovery
Arizona regulators denied APS recovery of more than $200 million it spent to modernize the Four Corners coal plant. As a result, the company “faced major financial headwinds” last year, officials said.
By Robert Walton • Feb. 28, 2023 -
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PNM sees movement on proposed Avangrid merger as 2022 earnings slide 13% on investments
Looking ahead, “new transmission capacity will be needed to facilitate additional resources across the state,” said PNM President and Chief Operating Officer Don Tarry.
By Robert Walton • Feb. 27, 2023 -
Retrieved from Westinghouse on February 23, 2023
Westinghouse Electric to submit key nuclear microreactor licensing reports for US-Canadian review
Most microreactors, which can generate up to 20 MW, are designed to be portable and may be hauled by a tractor-trailer.
By Stephen Singer • Feb. 24, 2023 -
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AEP moves to ‘de-risk’ with $1.5B sale of unregulated wind and solar assets as it eyes further sales
American Electric Power expects to make a decision before July on whether it will sell AEP Energy, its competitive retail energy business, company officials said Thursday.
By Ethan Howland • Feb. 24, 2023 -
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PSEG to consider nuclear plant investments, capitalizing on the IRA’s production tax credits, CEO says
The Inflation Reduction Act is a “game-changer that should provide the stability required for long-term viability of the U.S. nuclear fleet,” CEO Ralph LaRossa said.
By Stephen Singer • Feb. 22, 2023 -
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Deep DiveNew power system cybersecurity architectures can be ‘vaults’ against insider attacks, analysts say
Utility operations facing hackers now, and a future of minimally-protected distributed energy resources, will need smarter, more complex defenses, from control rooms to customer-owned devices, analysts said.
By Herman K. Trabish • Feb. 17, 2023 -
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New York solar equipment maker Linton Crystal Technologies plans to reshore production
Linton’s plan follows multiple announcements by solar manufacturers, including First Solar and Q Cells, who have committed billions of dollars to establish or expand operations in the U.S.
By Megan Ruggles • Feb. 17, 2023 -
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For GM, the EV race is a marathon
Despite a slower EV ramp-up, analysts say the automaker’s long-term approach to manufacturing and sourcing could give it a leg up over competitors.
By Megan Ruggles • Feb. 16, 2023 -
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FirstEnergy: Electricity rates 10%-40% below peers will buffer customers from $18B in capital spending
In addition, FirstEnergy is considering buying a 1.3-GW coal-fired power plant in West Virginia at the direction of state utility regulators, company officials said Tuesday.
By Ethan Howland • Feb. 15, 2023 -
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Exelon bumps 4-year capital spending plan up to $31.3B, expects 8% annual rate base growth
Exelon’s utilities connected their customers to nearly $600 million of energy assistance in 2022, up more than $100 million from 2021, Calvin Butler, Exelon president and CEO, said Tuesday, emphasizing the importance of affordability.
By Ethan Howland • Feb. 15, 2023 -
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Ford to invest $3.5B to build Michigan EV battery plant
The lithium iron phosphate battery plant is part of Ford’s $50 billion effort to grow its EV business by 2026.
By Kate Magill • Feb. 14, 2023 -
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Dominion stops pursuing ITCs for contracted solar, joining Duke in Q4 renewables impairment charge
Dominion CFO Steven Ridge said the company has decided to invest capital elsewhere after using the projects to develop solar expertise that it can use on the regulated side of its business.
By Diana DiGangi • Feb. 10, 2023 -
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PG&E Corp., utility subsidiary credit outlook improves to ‘positive’ on wildfire mitigation efforts: Moody’s
In addition, the utility company’s mostly new management team has improved stakeholder relations, the ratings agency said Wednesday.
By Ethan Howland • Feb. 10, 2023 -
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BP CEO describes Archaea acquisition as a ‘game changer’ for boosting biogas volumes
In their first earnings call since completing the purchase of a leading landfill gas project developer, BP executives outlined plans to ramp up capital spending and pursue new offtake options for the Archaea platform.
By Cole Rosengren • Feb. 8, 2023 -
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House Republicans target SEC climate risk rule
Having taken control of the U.S. House, Republicans are redoubling efforts to thwart the Biden administration’s sustainability initiatives.
By Jim Tyson • Feb. 7, 2023 -
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B2U reaches 25 MWh storage capacity at California facility with 1,300 used Honda and Nissan EV batteries
In addition to deploying the Honda and Nissan batteries at scale, B2U Storage Solutions said it has tested GM Bolt and Tesla Model 3 battery packs, showing that its system can be configured to operate any EV battery.
By Stephen Singer • Feb. 7, 2023 -
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FirstEnergy’s $3.5B deal with Brookfield highlights value of FERC-regulated transmission: analysts
Other utility companies with large FERC-regulated transmission ratebases include Ameren, AEP, Edison International, Exelon, Eversource, Pinnacle West Capital, PPL and Sempra, according to Morgan Stanley.
By Ethan Howland • Feb. 7, 2023 -
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New York ISO warns NextEra, others against lobbying over transmission
NYISO’s CEO wrote to the chief executives of three energy companies and the New York Power Authority to “clarify” the process for selecting transmission projects.
By Stephen Singer • Feb. 6, 2023
