Energy Transition Video, Week 1 March 2024 ; NY FORGES AHEAD WITH 1700 MW OF RE-BID OFFSHORE WIND PROJECTS

The Washington state Legislature votes along party lines to adjust its carbon pricing system to make it compatible with California’s and Quebec’s cap-and-trade systems. The earliest any alliance could occur is 2025, assuming the cap-and-invest program survives a November referendum on its existence.

International Airlines Group commits to its largest sustainable alternative fuel purchase agreement to date. Producer Twelve will deliver 785,000 tons of electrically derived sustainable aviation fuel, or e-SAF, using power-to-liquid technology and captured CO2 emissions. 

New York state approves offshore wind contracts for Equinor’s 810-MW Empire Wind 1 and Ørsted’s 924-MW Sunrise Wind. These projects re-bid at new price points. They had pulled back from previous commitments, claiming economics were no longer viable in the face of supply chain issues and other constraints. Other states – including New Jersey, Massachusetts, Rhode Island and Connecticut – are taking similar re-bid approaches.  

The IRS/Biden Adminstration rules affecting eligibility for clean hydrogen tax credits are coming under pressure, with criticism coming from the seven regional hydrogen hubs designated by the DOE late last year to accelerate the hydrogen industry. In a letter, the hubs commented the current stringent approach requiring hourly renewables matching “may have far-reaching negative consequences for the entire domestic clean hydrogen industry.” 

Stellantis brings back its Fiat 500e back to the U.S. with a price tag of just over $34K and low range of 149 miles. It may be a pretty good bellweather as to whether the American market will support a low-cost, low-range urban EV.

Excel Energy files an 8K less than a week after the million-acre Smokehouse Creek fire, notifying the SEC that as of February 26th, fires were burning in or near the service territory of its Southwestern Public Service Company. Two days later, it received a letter from a law firm representing parties allegedly affected, providing Xcel Energy “with notice of potential exposure for damages” and requesting that a fallen SPS utility pole near the fire’s potential area of origin be preserved. Utilities are at increasing risk of this nature in a changing climate.