Transition Is Enveloping U.S. Electricity Sector

first_img FacebookTwitterLinkedInEmailPrint分享Wall Street Journal:The rapid rise of wind and natural gas as sources of electricity is roiling U.S. power markets, forcing more companies to close older generating plants.Wholesale electricity prices are falling near historic lows in parts of the country with competitive power markets, as demand for electricity remains stagnant while newer, less-expensive generating facilities continue to come online.The changing American electricity landscape is pressuring power companies to shed unprofitable plants and reshape their portfolios to favor the new winners. Texas provides a clear example.Citing low gas prices and the proliferation of renewables such as wind and solar, Vistra Energy Corp., a vestige of the former Energy Future Holdings Corp., said it would retire three coal-fired facilities in Texas by early next year and that it plans to merge with independent power producer Dynegy Inc. Exelon Corp., the country’s largest owner of nuclear power plants, placed its Texas subsidiary under bankruptcy protection earlier this month, saying that “historically low power prices within Texas have created challenging market conditions for all power generators.”The average wholesale power price was less than $25 per megawatt hour last year on the grid that coordinates electricity distribution across most of Texas, according to the operator, the Electric Reliability Council of Texas. A decade ago, it was $55.Prices have fallen a similar amount on the PJM Interconnection LLC, the power grid that serves some or all of 13 states, including Pennsylvania and Ohio. A megawatt hour there traded for $29.23 last year, the lowest level since 1999, as far back as the grid’s independent market monitor tracks prices.The price drop at PJM reflects the construction of dozens of new gas-burning power plants, spurred by the abundance of the fuel due to the shale drilling boom. In 2006, 8% of the electricity in PJM was generated by natural gas. In 2016, it was 27%.Weak demand for electricity also has played a role, as Americans purchase more energy-efficient appliances and companies shave power consumption to cut costs. Last year, power demand in PJM grew 0.3% after falling the two previous years.In competitive regions in places like California, wholesale electricity is sold through daily auctions that favor the least-expensive sources of power. The resulting competition—by more power plants to buyers of roughly the same number of megawatts—has most-acutely impacted older coal and nuclear plants, which are struggling to provide competitively priced power. It has even begun to affect older natural-gas-fired facilities that have higher costs.An analysis by investment bank Lazard shows that on an unsubsidized basis and over the lifetime of a facility in North America, it costs about $60 to generate a megawatt hour of electricity using a combined-cycle natural-gas plant, compared with $102 burning coal and nearly $150 using nuclear. By that criteria, Lazard estimates electricity from utility-scale solar and wind facilities is now even cheaper than gas.A megawatt hour of electricity from utility-scale crystalline solar comes in at $49.50 and wind at $45. That metric carries an important caveat, however: It doesn’t factor in that wind and solar are more intermittent producers of power than conventional generation sources, since the sun doesn’t always shine and the wind doesn’t always blow.“It’s too late,” David Schlissel, a director at the Institute for Energy Economics and Financial Analysis, said of the Trump administration’s proposals. “The lesson is if you don’t put your thumb on the scale then gas and renewables will out-compete coal.”More: Electricity Prices Plummet as Gas, Wind Gain Traction and Demand Stalls Transition Is Enveloping U.S. Electricity Sectorlast_img read more

June 1, 2006 News and Notes

first_imgJune 1, 2006 News and Notes June 1, 2006 News & Notes News & Notes Brian H. Bieber of Hirschhorn & Bieber in Miami spoke on “Effective Opening Statements” at the NBI seminar, The Criminal Defense Trial from Start to Finish. Bruce A. Blitman of Ft. Lauderdale published “Ten Tips to Increase Your Edge in a Competitive Marketplace.” Blitman also volunteered as a career day speaker at Sea Castle Elementary School in Miramar. Evan Klinek of Greenspoon Marder in Ft. Lauderdale was appointed to the board of directors of the Rebecca Leah Berger Tuberous Sclerosis Foundation. Robert J. Cousins, Charles Andrew Tharp, and Gregory S. Glasser of Stephens Lynn in Ft. Lauderdale spoke at the Broward County Bench and Bar Conference on “Risk Management for Lawyers and the Defense of Legal Malpractice Claims.” Malcolm J. Pitchford of Abel Band’s Sarasota office has been qualified as a solicitor by the Law Society of England and Wales. Neil B. Shoter of Shutts & Bowen was elected treasurer for the Greater Palm Beach County Chapter of the Juvenile Diabetes Research Foundation. Melanie Emmons Damian of Damian and Valori in Miami participated in a three-part program for the ABA’s Business Law Section’s spring meeting in Tampa. Lee H. Rightmyer of Carlton Fields’ St. Petersburg office was elected president of the St. Petersburg Bar Association. Lawrence D. Silverman of Akerman Senterfitt received the Richard C. Milstein Pro Bono Award from the Put Something Back program, a joint pro bono project of the Dade County Bar and 11th Judicial Circuit. David Pratt of Proskauer Rose in Boca Raton spoke at the Estate and Gift Taxes Committee meeting of the ABA Tax Section in Washington, D.C. Pratt’s topic was “Migrating Clients — What It Takes to Establish Residency.” Richard M. Zelman of Sacher Zelman in Miami was named co-chair of the TerraLex Real Estate Practice Group and will focus on foreign investors and business entities investing in the U.S. real estate market. Alberto M. Hernandez of Hunton & Williams in Miami was elected to the board of directors of the Florida International University Athletic Association. Nathaniel L. Doliner of Carlton Fields’ Tampa office spoke about director and officer liability at the ABA Section of Business Law spring meeting in Tampa and participated in a mock negotiation of a corporate acquisition at Stanford Law School in Palo Alto, California. Jennifer Estrella of Gunster Yoakley’s Miami office has been named as one of three U.S. delegates on the executive committee of the international umbrella organization of the YMCA. Lisa Marie Macci of Boca Raton was recognized by the Christian Women’s Club of the Palm Beaches as “A Woman Who Makes a Difference” for her work in the field of family and divorce law. Betty L. Dunkum of Trial Practices in West Palm Beach was the program co-chair and moderator for “Options for the Opt-Out Revolution: Strategies for Lawyers and Employers to Address Leave-Taking and Re-entry in the Legal Workforce,” held at the ABA Section of Litigation Annual Conference in Los Angeles. Stephen R. Looney of Dean Mead in Orlando presented a seminar on “Redemptions and Purchases of S Corporation Stock” at the ABA’s Tax Section’s 2006 May meeting in Washington, D.C. Julie S. Sneed and Rena Upshaw-Frazier of Fowler White Boggs Banker have become officers of the George Edgecomb Bar Association; Sneed as president and Upshaw-Frazier as press secretary. Mark A. Brown, Dianne Triplett, and Mac Richard McCoy of Carlton Fields’ Tampa office were recognized by the Florida Supreme Court, the Bar’s Young Lawyers Division, the 13th Judicial Circuit’s Pro Bono Program Committee, and the Florida Pro Bono Coordinator’s Association for their pro bono efforts. Wilhelmina Kightlinger of Florida Commercial Underwriting Counsel of Stewart Title Guaranty Company in Tampa was appointed to the Property Preservation Task Force for the Real Property Probate & Trust Section of the ABA. Lewis S. Eidson, Jr., of Colson Hicks Eidson in Coral Gables accepted a Pursuit of Justice Award from the ABA’s Tort Trial & Insurance Practice Section. Thomas A. Sadaka, of counsel to Berger Singerman in Ft. Lauderdale, spoke at the National Association of Attorneys General, Advanced Cyber Crime Training Course at the Ole Miss Law School. Edward W. Gerecke, E. Kelly Bittick, and David J. Walz of Carlton Fields’ Tampa office co-wrote “Section 6(c) of the Third Restatement: Design Defects in Prescription Medical Products,” published in the April edition of the DRI’s For the Defense.last_img read more

Orion Group Holdings Bags Corpus Christi Contract

first_imgImage source: Orion Group HoldingsOrion Group Holdings’ Marine Segment has won a $18 million contract from the Port of Corpus Christi for the design, construction and dredging of a new cement unloading dock, set to be located on the Corpus Christi ship channel.  Commenting the latest contract, Port of Corpus Christi CEO, Sean Strawbridge, said: “The P3 paradigm (Public Private Partnerships) is a proven model for success as we continue to invest our capital, alongside our customers, in large industrial projects for the region.”“By using a design-build procurement process, Port Corpus Christi selected Orion to deliver our customer, GCCM Holdings (Gulf Coast Construction Materials), a world class cement handling terminal on Port property with a throughput in excess of 300,000 tons per year. “This P3 project is further example of the Port of Corpus Christi’s continued focus on cargo diversification while providing South Texas with much needed construction materials as we continue our epic industrial job-creating growth.”The project is expected to begin in the third quarter of 2018 with a duration of approximately one year.last_img read more

Tipp well beaten in Munster junior semi

first_imgTommy Toomey’s side went down 1-21 to 0-10 against Cork in the provincial semi-final, which was played today at Semple Stadium.The Rebels led 1-11 to 0-6 at the break.Cork will play Kerry, who defeated Limerick 2-16 to 1-16 in the other semi-final, in the decider.last_img