The Policy and Market Environment for Renewable Energy Development

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1 Gunnar Birgisson of Bracewell & Giuliani LLP Speaker 15: 1 The Policy and Market Environment for Renewable Energy Development Gunnar Birgisson March 2008 An Era for Renewables? Growth and Interest: Wind Biomass Solar Geothermal New Technologies, e.g. ocean 2

2 Gunnar Birgisson of Bracewell & Giuliani LLP Speaker 15: 2 Benefits Environmental Benefits National Security Economic Benefits Prices? 3 Obstacles Costs Past Practices Siting Operations Little pressure 4

3 Gunnar Birgisson of Bracewell & Giuliani LLP Speaker 15: 3 Tools for Promoting Renewable Energy Market is Driven by Multitude of Incentives and Mechanisms: Production Tax Credit Renewable Portfolio Standards PURPA Retail Green Power Sales Mandatory Green Power Retail Purchases Renewable Energy Credits Carbon Offsets Net Metering 5 PURPA Federal Legislation Public Utility Regulatory Policy Act 1978 Mandatory Purchases of Energy by Utilities from Qualifying Facilities (non-utility owners) QFs: wind, geothermal, etc. Prices Avoided Cost set by States Amended in 2005 Energy Policy Act Mandatory purchase obligation reduced 6

4 Gunnar Birgisson of Bracewell & Giuliani LLP Speaker 15: 4 Renewable Portfolio Standards State laws Utilities must include RE in mix of energy sold to retail users Approx. 25 states have RPS Features: Eligible resources Affected retail providers Location Use of RECs Starting and end levels Starting and end dates Flexibility and compliance Price concerns 7 Renewable Portfolio Standards 8

5 Gunnar Birgisson of Bracewell & Giuliani LLP Speaker 15: 5 Production Tax Credit Tax credit based on energy produced by renewable energy generator 1.9 per kwh tax credit for the first 10 years of a renewable energy generator's operation Wind, solar, biomass, geothermal, etc. Predictable, guaranteed revenue stream Frequent lapses Expired 1999, 2001, 2003, and scheduled to expire end of 2008 Disturbs project development 9 Retail Green Power Sales Energy sold at retail to end-users Buyer pays for "green energy" Can be 100% or mix Power received by end-user is same; payment goes for purchase/development of RE 10

6 Gunnar Birgisson of Bracewell & Giuliani LLP Speaker 15: 6 Mandatory Green Power Retail Purchases End user required by law to purchase certain amount of green power Creates market for RE generators Applied only to government entities 11 Voluntary Renewable Energy Credit Sales Allows buyer to support RE indirectly No power sold Just green attribute proof of RE origin Measured in KWH or MWH Often sold by brokers Generators usually not identified 12

7 Gunnar Birgisson of Bracewell & Giuliani LLP Speaker 15: 7 Carbon Offsets Similar to RECs No sale of power, but can relate to energy production Offset of carbon production Measured in tons of carbon not emitted 13 Net Metering Smaller generation Hooked up to utility distribution lines Sell onto grid Offset to power bill 14

8 Gunnar Birgisson of Bracewell & Giuliani LLP Speaker 15: 8 Future Developments? More State RPSs? National RPS? PTC Extension? Climate Change Legislation? Regional impact Renewable energy v. CO2 reduction Nuclear power? 15 Contact Information Gunnar Birgisson Bracewell & Giuliani LLP 2000 K Street, NW Suite 500 Washington, DC Phone: (202) Fax: (202)

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