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News
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LCG, August 14, 2024 – LCG Consulting (LCG) has released its annual outlook of the ERCOT wholesale electricity market for 2025, highlighting the region's rapid transition toward increased reliance on renewable energy resources and battery storage.
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LCG, August 14, 2024 – LCG Consulting (LCG) has released its annual outlook of the ERCOT wholesale electricity market for 2025, highlighting the region's rapid transition toward increased reliance on renewable energy resources and battery storage.
Read more
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Industry News
Interest in Eastern Offshore Wind Projects Rising
LCG, July 5, 2019--Two bills were introduced in the U.S. Senate last week to extend the federal Investment Tax Credit (ITC) for offshore wind energy. Federal subsidies, together with offshore wind technology advances and states' plans to increase renewables, may spur rapid investments in offshore wind. The Offshore Wind Incentives for New Development Act introduced by Senators Markey (D-MA), Whitehouse (D-RI), and Congressman Jim Langevin (RI-02), and the Incentivizing Offshore Wind Power Act introduced by Senators Carper (D-DE) and Collins (R-ME) would extend the ITC at 30 percent of the project's total value for six years and eight years respectively. In addition, in the prior week, the House Ways and Means Committee introduced H.R. 3301, which includes a tax extenders package to extend expired tax credits or credits expiring in 2019, including the wind energy Production Tax Credit (PTC).
On the state level, a number of Atlantic states are taking steps to rapidly develop offshore wind projects to meet renewable goals. In January, the Governor of New York announced his plans to launch the Green New Deal to battle climate change, including a mandate of 100 percent clean, carbon-free electricity in New York State by 2040. Key steps to achieve the goal included: increasing New York's offshore wind capacity target from 2,400 MW by 2030 to 9,000 MW by 2035. Two weeks ago, both the New York Senate and Assembly approved The Climate Leadership and Community Protection Act, which will require 70 percent of the electric generation secured by load serving entities regulated by the Public Service Commission (PSC) to be produced by renewable energy systems by 2030. Additionally, the bill requires 9,000 MW of offshore wind by 2035, and that the statewide electrical demand system will be zero emissions by 2040. The bill awaits the Governor's signature.
Last month the New Jersey Board of Public Utilities (NJBPU) granted the state's first award for offshore wind to Ørsted’s Ocean Wind project, giving the company the opportunity to build 1,100 MW of offshore wind in federal waters off Atlantic City. New Jersey is targeting 50 percent renewables by 2030, including 3,500 MW of offshore wind.
Massachusetts has a goal of 3,200 MW of offshore wind by 2035 and has agreed to buy 800 MW from the Vineyard Wind project. The state has issued a request for proposal (RFP) for an additional 800 MW to achieve a target of 1,600 MW by 2027.
This week Dominion Energy began construction on the Coastal Virginia Offshore Wind (CVOW) project, which calls for development of two 6-MW wind turbines on a site leased by the Virginia Department of Mines Minerals and Energy (DMME). The commercial lease area totals 112,800 acres and could support more than 2,000 MW of renewable energy. Between the CVOW project and commercial-scale development, Dominion Energy plans to invest up to $1.1 billion in offshore wind through 2023 (subject to regulatory approvals).
The Maryland Clean Energy Jobs Act passed in May which increased Maryland's Renewable Portfolio Standard (RPS) to 50 percent by 2030, which could lead to a need for near-term offshore wind installations to achieve the renewables requirement.
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UPLAN-NPM
The Locational Marginal Price Model (LMP) Network Power Model
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UPLAN-ACE
Day Ahead and Real Time Market Simulation
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UPLAN-G
The Gas Procurement and Competitive Analysis System
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PLATO
Database of Plants, Loads, Assets, Transmission...
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