Electricity capacity prices skyrocketed 900% in latest auction
TRENTON, NJ –Today, New Jersey Assembly Members James Kennedy, Andrea Katz, Robert Karabinchak, and David Bailey released a joint statement on the 900% price increase announced last month by New Jersey’s electric grid operator, PJM. Prices in their annual capacity auction rose over 900 percent from $28.92 per megawatt-day to $269.92. By the end of 2025, New Jersey ratepayers will likely see electricity bill increases of as much as 29 percent.
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Topics:
Press Releases,
Transmission,
New Jersey
In an opinion piece featured in NJ Spotlight News, United's President and CEO Heather O'Neill writes about the storm of challenges the offshore wind industry faced in the last few post-pandemic year and highlights four key steps to getting the industry back to full power.
After a turbulent 2023, the new year brought some welcome news for the offshore wind industry. Power started to flow from New York’s South Fork Wind and Massachusetts’ Vineyard Wind soon followed suit, meaning that America’s first large-scale projects are now sending clean electricity to its shores for the first time. Meanwhile in New Jersey, the state granted two offshore wind solicitation awards in January, totaling 3,742 megawatts of capacity, enough to power 1.8 million homes when fully operational.
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Topics:
United In The News,
New York,
Heather O'Neill,
Offshore Wind,
Massachusetts,
New Jersey
NJ Spotlight News reports on a recently released Generation Interconnection Scorecard, authored by Grid Strategies and the Brattle Group and released by Advanced Energy United, that ranks PJM the lowest amongst the seven regional grids. United's Jon Gordon and Kristina Persaud spoke to the massive backlog PJM faces and lack of planning for such scenarios.
PJM Interconnection, the nation’s largest electrical power grid operator, is struggling to connect new electricity projects to its system, threatening power reliability and clean-energy goals, according to a study.
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Topics:
Wholesale Markets,
United In The News,
New Jersey,
Jon Gordon,
Kristina Persaud
NJ Board of Public Utilities Announces Offshore Wind Solicitation Awards Totaling 3,742 Megawatts
TRENTON, NJ – The New Jersey Board of Public Utilities today granted two offshore wind solicitation awards, totaling 3,742 MW of capacity, enough to power 1.8 million homes when fully operational. The BPU announced awards for the Leading Light Wind project from Invenergy and energyRe, and the Attentive Energy II project from TotalEnergies and Corio Generation. Today’s awards were granted as part of New Jersey’s Third Solicitation for Offshore Wind Renewable Energy Certificates (OREC).
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Topics:
State Policy,
Press Releases,
Offshore Wind,
Nathan Willcox,
New Jersey
RTO Insider reports on the results of 2023 notable state elections across the country. In the article, Kim Jemaine is quoted surrounding the outcome of the Virginia election, commenting on the motivation of Virginia voters to show out and vote against extremism in the state, flipping control of the House and maintaining a Democratic majority in the Senate.
Voters Tuesday overwhelmingly approved a nearly $10 billion fund for gas generation in Texas, while handing Democrats victories in legislative elections in New Jersey and Virginia that have implications for energy policy there.
Texas’ Proposition 7 passed by a vote of 1,641,453-886,991, gathering nearly 65% of the votes. (See $10B Fund for Gas Plants on Texas Ballot.)
The proposition sets up the Texas Energy Fund (TEF), a $7.2 billion low-interest loan program intended for the development of up to 10 GW of natural gas plants. Some $5 billion will be set aside for 20-year, 3% interest loans to build new generation with at least 100 MW of fully dispatchable capacity. Power plants that come online before June 2029 are eligible for bonus payments.
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Topics:
State Policy,
Virginia,
United In The News,
Texas,
New Jersey
Reuters reports on the rise of grid investments across the East Coast ahead of a surge in offshore wind deployment, quoting Kat Burnham on the importance of regional cooperation in transmission planning for lowering costs.
From Maine to Virginia, state authorities and grid operators are scrambling to expand transmission grids ahead of a surge in offshore wind deployment.
Power authorities are looking to connect at least 20 offshore wind projects in the U.S. Northeast, many of which aim to start producing power by 2030. The Biden administration aims to complete environmental reviews of at least 16 projects by 2025 and install 30 GW by the end of the decade.
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Topics:
United In The News,
Kat Burnham,
New York,
Maryland,
New England,
New Jersey
TRENTON, NJ – National business association Advanced Energy United shares its condolences today for the family, friends and colleagues of Joseph Fiordaliso, president of New Jersey’s Board of Public Utilities (BPU), a longtime public servant who was a positive force behind the state’s ambitious push towards a clean energy future.
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Topics:
Press Releases,
Karlito Almeda,
New Jersey
