Energy Finance Report

Puerto Rico Update: A Busy Week as House Committee Holds Hearing on PREPA Oversight and Reform, and PREPA Reaches Preliminary Agreement with Bondholders

Posted by Jeffrey Karp on 8/6/18 4:18 PM

By Jeffrey Karp and Kevin Fink

As discussed in our posting covering continuing challenges to rebuild Puerto Rico’s electrical grid, the Puerto Rico Electric Power Authority (“PREPA”) has inhibited the recovery and redevelopment of the Island’s energy system. On July 25, 2018, the U.S. Congress House Committee on Natural Resources held an oversight hearing to discuss the “Management Crisis at the Puerto Rico Electric Power Authority and Implications for Recovery.” A panel of five witnesses – Bruce Walker (U.S. Department of Energy, Assistant Secretary of the Office of Electricity), Eduardo Bhatia (Puerto Rico Senate Minority Leader) and three energy and infrastructure advisors and consultants[1] – were present to testify and answer legislators’ questions. Puerto Rico’s Governor Ricardo Rosselló also was invited, but chose not to attend.

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Topics: Puerto Rico, U.S. House of Representatives, Microgrid, privatization

Puerto Rico: The Continuing Challenge to Rebuild the Island’s Power System and the Role of Microgrids in a Sustainable Future

Posted by Jeffrey Karp on 7/12/18 10:34 AM

By: Jeffrey Karp, Zachary Altman and Caroline Lambert

In the nine months since Hurricane Maria, substantial progress has occurred in bringing Puerto Rico’s power grid back online. Some consumers with access to solar microgrid systems regained power as soon as a few days after the storm, while others who relied on traditional energy sources had to wait for the power grid to be repaired. Solar microgrid systems are unique; they offer solar-powered electricity in parallel with the traditional energy grid but can also disconnect from the grid in times of crisis and provide solar-powered energy to a smaller subset of consumers.

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Topics: Solar Energy, Microgrid, Puerto Rico, Hurricane Maria

New York Seeks Value for Distributed Energy and Reevaluates Net Metering

Posted by Jeffrey Karp on 1/7/16 12:02 PM

Co-author Morgan M. Gerard

On December 23rd, 2015, The New York State Public Service Commission (NYPSC) issued a Notice under which it is soliciting comments concerning the value that Distributed Energy Resources (DERs) contribute to the distribution grid system. It is also soliciting feedback on a successor methodology to its current Net Energy Metering (NEM) policy that will help drive development in the interim. Both of these issues are being tackled by the NYPSC as part of New York’s broader Reforming the Energy Vision (REV) initiative.

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Topics: NY REV, Microgrid, Distributed Energy, Distributed Energy Resources, Net Energy Metering, Reforming the Energy Vision, NEM, DG, DER, value of D, Distribution, New York Public Service Commission, Distributed Generation, LMP+D

Managing Grid Security in a Distributed Energy Environment

Posted by Jeffrey Karp on 11/24/15 10:49 AM

Historically, utilities have shouldered the burden of mitigating the security risks inherent in energy generation, distribution and transmission. The utilities were, and continue to be, well-placed to do so as they benefit from historical knowledge, existing relationships with regulators and grid operators, large and highly-trained workforces and, perhaps most importantly, the ability to rate base. Although the nature of risks has evolved over the years, with terror threats and privacy concerns added to the list of conventional risks like weather events, traditional utilities have been up to the task with a few noteworthy exceptions.

However, the traditional model of energy generation and distribution is in midst of an evolution that, arguably, could be more impactful to the U.S. grid than deregulation has been. Even in competitive generation markets, retail interaction with customers has been handled almost exclusively by the utility as an energy aggregator with the ability to rate base. Places like New York are now serving as the test labs for alternate models as regulators there have been shifting their gazes toward distributed generation models where smaller, independent entities would drive power supply through resources co-located, or else located in proximity, with end users.

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Topics: Utilities, NY REV, Power Generation, Microgrid, Energy Finance, Distributed Energy, Energy Management, Solar Energy, Renewable Energy

Mid-Atlantic: Distributed Energy Opportunities

Posted by Jeffrey Karp on 11/3/15 11:58 AM

The Mid-Atlantic region (Maryland, Delaware, Virginia and the District of Columbia) is currently at the forefront of discussions regarding the next generation of distributed electricity markets. Notable developments pushing the region into the spotlight recently include M&A activity, creativity on the part of public service commissions, local innovations in PACE finance, and increasing flexibility on the part of local utilities.

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Topics: Water Energy Nexus, Utilities, Water, Carbon Emissions, Energy Security, Thermal Generation, Energy Policy, M&A, Structured Transactions & Tax, Energy Storage, Energy Efficiency, Power Generation, Microgrid, Energy Finance, Distributed Energy, Energy Management, Solar Energy, Renewable Energy, Wind, Oil & Gas

Can the Clean Power Plan Achieve Its Carbon Emission Reduction Goal Through Increased Renewable Energy Development?

Posted by Jeffrey Karp on 9/22/15 10:41 AM

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Topics: Utilities, Carbon Emissions, Energy Policy, Structured Transactions & Tax, Energy Efficiency, Power Generation, Microgrid, Energy Finance, Legislation, Distributed Energy, Energy Management, Renewable Energy

Understanding New York's 'Vision' -- Feature in Public Utilities Fortnightly

Posted by Merrill Kramer on 8/25/15 1:02 PM

With some of the highest electricity prices in the United States, and mindful of the massive disruptions to its electric service caused by Hurricane Sandy, New York has undertaken a major reform of its electric utility industry. This reform begins with the New York Public Service Commission (NYPSC), which has recently issued a broad-scale initiative to change the way utility service is provided that may serve as an example nationwide. The reforms will radically alter the way electric utility services are provided and priced to customers.

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Topics: Utilities, NY REV, Energy Policy, Microgrid, Energy Finance, Distributed Energy, Energy Management, Solar Energy, Renewable Energy

Nation’s Capital Explores Modernized Energy Distribution

Posted by Van Hilderbrand on 8/11/15 12:34 PM

Co-author Morgan Gerard

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Topics: Utilities, NY REV, Energy Security, Energy Policy, Energy Efficiency, Microgrid, Distributed Energy, Solar Energy, Renewable Energy

Six Questions to Consider about Microgrids

Posted by Jim Wrathall on 7/14/15 2:30 PM


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Topics: Utilities, Energy Policy, Structured Transactions & Tax, Energy Storage, Energy Efficiency, Microgrid, Energy Finance, Distributed Energy, Energy Management, Solar Energy, Renewable Energy, Public/Private Partnership, Wind

EDGE Distributed Energy in Focus: How Can Hybrid Resources and Microgrids Overcome Financing Challenges?

Posted by Jim Wrathall on 7/8/15 2:48 PM

In Sullivan & Worcester’s most recent quarterly newsletter, the EDGE Advisory, we address one of the major advancements in distributed energy clean-tech, the microgrid. This year has seen major headway in the deployment of hybrid distributed energy resources and microgrids, along with accompanying innovation in financing for these solutions. Several leading players in solar, battery storage and advanced power management automation have announced major investments in new microgrid adaptable technologies.

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Topics: Energy Security, Power Generation, Microgrid, Energy Finance, Distributed Energy, Energy Management, Renewable Energy

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