Energy Exchange

Governor Christie Proposes New Energy Resilience Bank to Prevent Future Superstorm Blackouts

mary1New Jersey has proposed using federal Sandy relief funds to set up an Energy Resilience Bank that would fund projects to make the state’s energy infrastructure more resilient in the face of extreme weather events. The Bank is an innovative proposal that will help New Jersey prepare for the future in the wake of Superstorm Sandy, which destroyed thousands of homes and businesses, causing human loss and suffering that continues for many today.

Climate change increases the likelihood that New Jersey will continue to be buffeted by storms such as Sandy, which exposed and underscored the need to upgrade to a more resilient, low-carbon energy infrastructure when a third of the state lost power for nearly a week. The Energy Resilience Bank, which will be capitalized at $210 million, would help expedite this process, allowing the state to keep the lights on and residents safer during the next storm. Read More »

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FirstEnergy shamelessly begs DOE to prop up uneconomic coal and nukes

By Michael Panfil, Dick Munson

Yesterday, FirstEnergy submitted an outrageous request to the U.S. Department of Energy (DOE).

The Ohio-based utility giant wants DOE to bail out not only its uneconomic coal and nuclear plants, but all ailing plants across the PJM Interconnection region – which includes 13 states and Washington D.C. FirstEnergy’s request, if granted, would fundamentally undermine important energy policy and represent a major step backwards for the American electric grid.

Federal regulators and many, many experts agree there is no imminent threat to the electric grid’s resilience. Yet FirstEnergy is attempting to mislead the government and American public by arguing its outdated plants are needed to keep the lights on.

This is far from the first time the company has requested a bailout, but this latest effort is its most shameless yet. By arguing that the federal government got it wrong earlier this year – when it declined to provide profit guarantees for the company’s expensive coal and nuclear plants – FirstEnergy is attacking the agency that oversees the interstate electric grid, ignoring evidence, making an illegal recommendation, and asking the American public to foot the bill for a multibillion-dollar-a-year bailout. Read More »

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The energy reality behind Cape Town’s water crisis – and why the U.S. should care

In Cape Town, South Africa, the countdown is on for Day Zero when water taps in the city of 4 million people are expected to run dry.

Yet, while this water crisis has been making headlines worldwide, nobody’s talking about the connection between water and energy. In a rapidly changing climate, we should.

Cape Town may be the first major city staring down a water scarcity crisis, but it’s not alone. One-quarter of the world’s large cities, including at least two in the United States, are “water-stressed,” a 2014 study found.

As it turns out, many of them also happen to rely on the world’s thirstiest energy source: coal. Read More »

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New Jersey Should Leverage Private Capital to Achieve Resilient Energy Goals

seal-40853_640Since Hurricane Sandy exposed the vulnerability of New Jersey’s antiquated power grid, the state has been investing heavily in enhancing the grid’s resilience and promoting clean energy technologies to upgrade to a smarter, more flexible system that can keep people safe and warm when they need it most.

However, as I explain in my NJ Spotlight op-ed published today, limited public funds alone will not be enough to build the state’s clean energy future.

Private capital investment is key to establishing the large-scale, clean energy markets needed to ultimately save customers money, increase grid resiliency, and slash harmful pollution.

New Jersey has already made a step in the right direction with the launch of the Energy Resilience Bank, which was set up with $210 million of federal funds to finance resilient energy systems operating the state’s critical infrastructure, such as hospitals and long-term care facilities. Read More »

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EDF Co-Hosts International Green Bank Summit on Catalyzing Private Sector Capital for Clean Energy

ny-green-bankIn order to fund the transition to a low-carbon economy at a pace rapid enough to prevent runaway climate change, the International Energy Authority has estimated that an annual $1 trillion will be required globally. What policies or mechanisms can be used to facilitate private capital engagement on so grand a scale?: Green banks, which are government-created financial institutions that use attractive interest rates and other incentives to leverage money from the private sector to fund clean energy projects.

Earlier this week, EDF co-hosted the first day of the two-day, second annual International Green Bank Summit in our New York City headquarters, bringing together green bank stakeholders from around the world. The summit focused on how green banks can better leverage limited amounts of public capital to engage and accelerate the deployment of private capital into essential energy efficiency, renewable energy, and climate change mitigation initiatives.

Green banks are catalysts

With one dollar of public finance leveraging about three dollars of private capital, global green banks have catalyzed nearly $20 billion dollars to date in clean energy projects around the world and expect to raise more than $40 billion over the next five years. So far, only a handful of countries have developed green banks. Read More »

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Two Years After Sandy, the Conversation Around Energy Resiliency Still Going Strong

By: Audrey Hornick-Becker

From left to right: Bruce Schlein, Director, Alternative Energy Finance, Citi; Vic Rojas, EDF senior manager, financial policy; Bryan Garcia, President, Connecticut Green Bank; Alfred Griffin, President, NY Green Bank

From left to right: Bruce Schlein, Director, Alternative Energy Finance, Citi; Vic Rojas, EDF senior manager, financial policy; Bryan Garcia, President, Connecticut Green Bank; Alfred Griffin, President, NY Green Bank. Source: Maria Jiang.

Last week, EDF co-hosted a successful first-of-its-kind Resilience Finance Symposium in New Jersey, attended by about 120 participants from a wide spectrum of public and private entities in the state, region, and country.

Held on November 12 with Governor Christie’s Administration and the New Jersey Institute of Technology’s College of Architecture + Design, the all-day Resilience Finance Symposium: Building Resilient and Sustainable Energy Solutions for New Jersey’s Key Infrastructure featured a series of panels on solutions that help keep the lights and heat on during critical times, like microgrids and energy storage, as well as innovative ways of financing resilient energy systems.

A main topic of discussion was the impressive progress New Jersey has made toward making the state’s energy infrastructure more resilient in the two years since Superstorm Sandy caused a massive weeks-long power outage. Panelists pointed to Sandy success stories – those instances when power stayed on even when the grid went down – and discussed the need to make these kinds of successes the norm rather than the exception. Read More »

Posted in Clean Energy, Energy Efficiency, Energy Financing, Grid Modernization, Investor Confidence Project, New Jersey, Renewable Energy / Language: / Comments are closed