This Week in Energy: CA's Big Bet, TX's $5.4B Boost, & Global Solar Surge!

Unlock the future of energy innovation with our latest episode! We're promising an eye-opening exploration of California's ambitious 10.6 gigawatt clean energy program, Texas' new gas-fired power plants, and Virginia's extended North Anna nuclear power station. Plus, get the inside scoop on Sage Geosystems' groundbreaking geothermal project in partnership with Meta and discover China's colossal 20-megawatt offshore turbine. This episode is packed with groundbreaking developments that are shaping the energy landscape.

But that's not all—this week, we also discuss the latest advancements in electric vehicles, including GM and Samsung SDI's new EV battery factory and Nissan's enhanced bidirectional charger for the Leaf. Unfortunately, it's not all smooth sailing as we delve into the closure of virtual power plant company Swell Energy and its implications for utilities. Finally, learn about Total Energies' ambitious $100 million investment to preserve U.S. forest land and its potential risks. Don't miss this comprehensive coverage on the shifting tides of energy innovation!

Transcript

Speaker 1: 0:00

Hi, I've got your energy stories for this. The first week of September 2024, and let's talk about power supply. California will contract as many as 2,000 megawatts of long-duration energy storage resources as part of a 10.6 gigawatt clean energy technology procurement program to be deployed between 2031 and 2037. Starting in 2026, bids will be requested for up to 1,000 megawatts of storage assets offering a minimum 12 hours of duration and another 1,000 megawatts that will be able to provide multi-day capabilities. Both of these will be expected to be deployed in that 2031 to 2037 time frame, and that same procurement includes up to 1,000 megawatts of geothermal energy and 7,600 megawatts of floating offshore wind. In Texas, the Public Utilities Commission just approved 17 gas fire generation assets offering almost 10,000 megawatts of new capacity into the marketplace to have the ability to access up to $5.4 billion of state-backed loans at 3%. In Virginia, the Nuclear Regulatory Commission has okayed Dominion Energy's application for its 2,000-megawatt North Anna nuclear power station. That operating license will now be extended an additional 20 years, giving it the ability to run through 2058 and 2060 for the two reactors respectively.

Speaker 1: 1:27

Bloomberg New Energy Finance reported that 428,000 megawatts of new solar was installed globally last year, up 76% over 2022's 243,000 megawatts. An advanced geothermal startup, sage Geosystems, and data company Meta have agreed to a deal for up to 150 megawatts. An advanced geothermal startup, sage Geosystems, and data company Meta have agreed to a deal for up to 150 megawatts of geothermal energy to be offered on a 24-7 basis somewhere east of the Rocky Mountains. Phase one of the project would operate by 2027 and apply fracking technology to deep hot rock, harnessing that heat to generate electricity. Sage previously has announced a 3-megawatt contract with San Miguel Electric Co-op to deliver geothermal energy later this year.

Speaker 1: 2:14

China's Menyang has installed its first massive 20-megawatt turbine designed for offshore environments. The first machine will actually be installed on land, but the idea is to test it there and ultimately begin deployment offshore In EV land. Gm and Samsung SDI have finalized terms of a deal for a $3.5 billion EV battery factory in Indiana, with commissioning in 2027. The factory, which was delayed about a year only, in part to market conditions, will boast an initial capacity of 27 gigawatt hours and a maximum capacity of up to 36 gigawatt hours per year. This is GM's fourth such factory, with a total capacity of 140 gigawatt hours annually. Also, with respect to EVs, nissan just approved an updated 20-kilowatt bidirectional charger from Firmata for use with its Leaf EV that won't void the warranty. Nissan Leafs have been bidirectional capable since 2013,.

Speaker 1: 3:17

But few utilities have programs that allow drivers to take advantage of the potential revenue streams associated with potential grid services provided by those bidirectional flows. There are a few pilot programs out there and more in the works, but we haven't seen anything broad scale as of yet. And on a down note, virtual power plant company Swell Energy is shutting down shortly after it acquired solar and storage installer Renew Energy. As a result, a few utilities may be left struggling to respond. In Hawaii, swell has a $25 million 80 megawatt 100 megawatt hour contract to deliver grid services to Hawaiian Electric from distributed batteries. And in California, swell has been collaborating with Sacramento Municipal Utility District in a distributed energy program planned to start at 10 megawatts and 20 megawatt hours and expanding to 27 megawatts and 54 megawatt hours over a period of 6 to 12 years. We'll see who fills in those gaps.

Speaker 1: 4:17

And finally, total Energies, the French energy giant, is paying $100 million to preserve US forest land. It has signed an agreement with A New Climate and Aurora Sustainable Lands to reduce timber harvesting across nearly 750,000 acres in 10 states. It's a risky strategy. Microsoft had a similar deal to protect trees in southern Oregon, and much of that protected forest perished in a 2021 wildfire, with those carbon credits literally going up in smoke. Well, that's all for this week. Thanks for watching, and we'll see you again next week.