On February 20, 2020, the Commodity Futures Trading Commission (CFTC) unanimously approved a proposed rule that would revise certain reporting requirements for financially-settled offtake contracts that qualify as “swaps” under the Commodity Exchange Act (as amended by the Dodd-Frank Act), such as proxy revenue swaps, fixed-volume price swaps and certain virtual PPAs. Many counterparties to
At least 116 megawatts of new solar energy development will soon be underway in Oregon, supported by the state’s Solar Development Incentive (SDI) program.
Oregon’s SDI program was approved by the 2016 legislature, and is intended to encourage utility-scale solar development in the state. Through a one-time application process, the program provides solar developers of …
Actions are underway at the Oregon Public Utility Commission (the “PUC”) to implement HB 2193, Oregon’s energy storage legislation. HB 2193 requires that PacifiCorp and Portland General Electric (“PGE”) submit proposals for energy storage systems capable of storing at least 5 MWh of energy – with an aggregate capacity not to exceed one percent of…
Today, the National Association of Regulatory Utility Commissioners (NARUC) released its final manual on distributed energy resources (DER) compensation. The draft manual was circulated for review and comment in August 2016, and is intended to help jurisdictions navigate the policy and stakeholder considerations behind DER compensation.
Read our previous post for more information on NARUC’s …
Following a decision of the Federal Energy Regulatory Commission (FERC) released last week that cuts transmission owners’ return on equity (ROE) by more than 200 basis points, ratepayers in the Midcontinent Independent System Operator, Inc. (MISO) footprint will save an estimated $200 million per year.
Spurred by industrial customers’ challenge to MISO’s ROE rate in 2013, FERC ultimately found in its September 28, 2016 order that MISO’s ROE of 12.38% – which had been in place since 2002 – was unjust and unreasonable, and reset it to a base rate of 10.32%. Transmission owners may also qualify for transmission incentive ROE adders, although the maximum ROE rate may not exceed 11.35%. FERC also ordered that refunds be issued on a prospective basis for the period from November 12, 2013 through February 11, 2015.
Continue Reading MISO Transmission Owners’ Return on Equity Cut by FERC
With a goal to spur wind and solar development on public lands, the Bureau of Land Management (BLM) is expected to soon release a new rule that will streamline approval of new renewable energy projects.
First proposed for advance notice and comment in 2011, the rule would amend BLM regulations at 43 C.F.R. §§ 2800…
The National Association of Regulatory Utility Commissioners (NARUC) recently issued a draft manual on distributed energy resources (DER) compensation to assist jurisdictions in navigating the challenges and policy considerations associated with this hot button issue. The release of the manual marks the first time NARUC has specifically weighed in on DER compensation issues.
Oregon legislators passed Senate Bill (SB) 1547 into law yesterday, creating aggressive timetables for eliminating coal-fired electricity from the State and setting a 50% Renewable Portfolio Standard (RPS) by 2040. A diverse group of utilities, consumer advocacy organizations, and renewable energy advocates support the bill. Next stop for SB 1547 is Oregon Governor Katherine Brown’s desk, where she is expected to sign the bill into law.
Key provisions and significance of SB 1547 include:
50% RPS by 2040
Oregon’s two largest utilities – PacifiCorp and PGE – will have a 50% RPS standard by 2040, meaning 50% of their electricity supply must be derived from renewable energy sources. The two largest utilities serve approximately 70% of Oregon customers’ electricity needs. There was no change to the existing requirements on consumer-owned utilities.
- This is one of the most aggressive RPS standards in the nation, matched only by California and New York, which have a 50% target by 2030, Vermont, which has a 75% target by 2032, and Hawaii, which has a 100% target by 2045.
- The existing ratepayer protections relating to RPS compliance were retained, capping the incremental costs of compliance at 4% of the utilities annual revenue requirement for a compliance year. A new provision was added to permit the Oregon PUC to temporarily suspend RPS compliance if the utility determines that grid reliability is seriously compromised.
- The Oregon PUC will implement competitive bidding rules governing electric companies’ RPS implementation plans to ensure that electric companies acquire electricity from diverse renewable energy generators.