New York’s Reforming the Energy Vision (REV) proceeding has the potential to change the way the electric industry functions in that state and beyond. The Empire State’s vision, which includes delegating distribution duties to utilities, reserving generation opportunities for third parties and shifting to a more renewable-focused generation mix, will change how business is done there while also potentially providing a template for other jurisdictions preparing for life under the EPA’s Clean Power Plan.
However, there are hurdles to overcome. Customers will not tolerate a reduction in reliability or resiliency. Nor will the benefits of clean generation be as joyously embraced if higher costs are the result. Outdated technological capabilities, security issues, job displacement and shareholder issues all create concerns that need to be addressed. That said, tremendous opportunities could exist for technology providers, generation platforms, financiers and others if the current vision of REV is implemented. Microgrid and cutting edge renewables are being promoted. Grid and demand management technologies will be in high demand, and legislative and financial support for projects will continue to ensure a favorable development environment for those with projects.
Please join the Sullivan & Worcester, LLP Energy Finance Team on October 1st live in our New York offices, or by dial-in, as we host a roundtable discussion on the REV proceeding and the unique business opportunities it could present. Panel participants include industry experts with unique perspectives on REV such as former New York Public Service Commission Commissioner Bob Curry, Mike Pantelogianis of Investec, Sarah Carson Zemanick of Cornell University and Jay Worenklein of US Grid Company. Interested parties can register here.