This Week in Energy: CA's Big Bet, TX's $5.4B Boost, & Global Solar Surge!

Unlock the future of energy innovation with our latest episode! We're promising an eye-opening exploration of California's ambitious 10.6 gigawatt clean energy program, Texas' new gas-fired power plants, and Virginia's extended North Anna nuclear power station. Plus, get the inside scoop on Sage Geosystems' groundbreaking geothermal project in partnership with Meta and discover China's colossal 20-megawatt offshore turbine. This episode is packed with groundbreaking developments that are shaping the energy landscape.

But that's not all—this week, we also discuss the latest advancements in electric vehicles, including GM and Samsung SDI's new EV battery factory and Nissan's enhanced bidirectional charger for the Leaf. Unfortunately, it's not all smooth sailing as we delve into the closure of virtual power plant company Swell Energy and its implications for utilities. Finally, learn about Total Energies' ambitious $100 million investment to preserve U.S. forest land and its potential risks. Don't miss this comprehensive coverage on the shifting tides of energy innovation!

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Episode Transcript

Speaker 1 (00:00):
Hi, I've got your energy stories for this.
The first week of September2024, and let's talk about power
supply.
California will contract asmany as 2,000 megawatts of
long-duration energy storageresources as part of a 10.6
gigawatt clean energy technologyprocurement program to be
deployed between 2031 and 2037.

(00:21):
Starting in 2026, bids will berequested for up to 1,000
megawatts of storage assetsoffering a minimum 12 hours of
duration and another 1,000megawatts that will be able to
provide multi-day capabilities.
Both of these will be expectedto be deployed in that 2031 to
2037 time frame, and that sameprocurement includes up to 1,000

(00:43):
megawatts of geothermal energyand 7,600 megawatts of floating
offshore wind.
In Texas, the Public UtilitiesCommission just approved 17 gas
fire generation assets offeringalmost 10,000 megawatts of new
capacity into the marketplace tohave the ability to access up
to $5.4 billion of state-backedloans at 3%.

(01:05):
In Virginia, the NuclearRegulatory Commission has okayed
Dominion Energy's applicationfor its 2,000-megawatt North
Anna nuclear power station.
That operating license will nowbe extended an additional 20
years, giving it the ability torun through 2058 and 2060 for
the two reactors respectively.

(01:27):
Bloomberg New Energy Financereported that 428,000 megawatts
of new solar was installedglobally last year, up 76% over
2022's 243,000 megawatts.
An advanced geothermal startup,sage Geosystems, and data
company Meta have agreed to adeal for up to 150 megawatts.
An advanced geothermal startup,sage Geosystems, and data
company Meta have agreed to adeal for up to 150 megawatts of

(01:48):
geothermal energy to be offeredon a 24-7 basis somewhere east
of the Rocky Mountains.
Phase one of the project wouldoperate by 2027 and apply
fracking technology to deep hotrock, harnessing that heat to
generate electricity.
Sage previously has announced a3-megawatt contract with San

(02:12):
Miguel Electric Co-op to delivergeothermal energy later this
year.
China's Menyang has installedits first massive 20-megawatt
turbine designed for offshoreenvironments.
The first machine will actuallybe installed on land, but the
idea is to test it there andultimately begin deployment
offshore In EV land.
Gm and Samsung SDI havefinalized terms of a deal for a

(02:35):
$3.5 billion EV battery factoryin Indiana, with commissioning
in 2027.
The factory, which was delayedabout a year only, in part to
market conditions, will boast aninitial capacity of 27 gigawatt
hours and a maximum capacity ofup to 36 gigawatt hours per
year.
This is GM's fourth suchfactory, with a total capacity

(02:59):
of 140 gigawatt hours annually.
Also, with respect to EVs,nissan just approved an updated
20-kilowatt bidirectionalcharger from Firmata for use
with its Leaf EV that won't voidthe warranty.
Nissan Leafs have beenbidirectional capable since
2013,.
But few utilities have programsthat allow drivers to take

(03:21):
advantage of the potentialrevenue streams associated with
potential grid services providedby those bidirectional flows.
There are a few pilot programsout there and more in the works,
but we haven't seen anythingbroad scale as of yet.
And on a down note, virtualpower plant company Swell Energy
is shutting down shortly afterit acquired solar and storage

(03:43):
installer Renew Energy.
As a result, a few utilitiesmay be left struggling to
respond.
In Hawaii, swell has a $25million 80 megawatt 100 megawatt
hour contract to deliver gridservices to Hawaiian Electric
from distributed batteries.
And in California, swell hasbeen collaborating with
Sacramento Municipal UtilityDistrict in a distributed energy

(04:04):
program planned to start at 10megawatts and 20 megawatt hours
and expanding to 27 megawattsand 54 megawatt hours over a
period of 6 to 12 years.
We'll see who fills in thosegaps.
And finally, total Energies, theFrench energy giant, is paying
$100 million to preserve USforest land.
It has signed an agreement withA New Climate and Aurora

(04:28):
Sustainable Lands to reducetimber harvesting across nearly
750,000 acres in 10 states.
It's a risky strategy.
Microsoft had a similar deal toprotect trees in southern
Oregon, and much of thatprotected forest perished in a
2021 wildfire, with those carboncredits literally going up in

(04:48):
smoke.
Well, that's all for this week.
Thanks for watching, and we'llsee you again next week.