Western Markets Overview

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1 Western Markets Overview Renewable Energy Markets Association September 2013, Austin TX Presentation Outline 1. BGC Environmental Overview 2. Environmental Markets Overview 3. WECC / Western Markets Supria Ranade BGC Environmental Brokerage Services, L.P (646) Water Street, 19 th Fl New York, NY 10038

2 I. BGC Overview BGC Environmental Services LP (New York NY) Brokerage and Advisory Platform encompassing all environmental commodities which fall under state and regional, compliance and voluntary mandates Compliance RECs (Renewable Energy Credits) Voluntary Green-E TM Certified RECs Green Power Contracts Carbon (compliance & voluntary, US & International) Regional Cap & Trade Programs (i.e. RECLAIM & HGB) EPA NOx & SO2 markets (CSAPR & CAIR) US ERC Markets Mobile Source Markets (EPAct, MSERCs, Rule 2202 & ZEVs/PZEVs) US Water Markets BGC Financial LP (Houston, TX) Power brokerage trade execution for a wide selection of energy and energy-related markets, including electricity and natural gas. WECC PJM

3 II. BGC Environmental Markets Overview Renewable Energy Markets Mid-Atlantic (PJM) New England (NEPOOL) Texas (ERCOT) Midwest (MISO) West Coast (WECC) Air Pollution/ Cap and Trade Markets Northeast States Regional GHG Initiatives California (AB32) Los Angeles Basin Cap and Trade Houston- Galveston Area NOx Emission Reduction Credits (ERCs) Corporate Social Responsibility BGC Green-eTM Renewable Energy Basket Voluntary Carbon Credits

4 REC Markets have largely developed from: 1) State-wide targets/mandates 2) State and federal incentives 3) Competitive electricity markets General differences between the East and West mandates: Power delivery: Separate in-state requirements Contracts: Utility Standardization RECs: Bundled with power Price Discovery: Utility procurement events Solar: Grant financing Non compliance penalties REC Trading through tracking systems Distributed resources carve-out in RPS Power delivery: RTO requirement Contracts: Not standard RECs: Unbundled from power Price Discovery: Market & utility procurement Solar: SREC financing

5 Tracking Progress of the Western Renewable Portfolio Standards Recent Sept. 16 ACORE Report hails the Western US as a leader in renewable development: ~31% of WECC Energy generation from renewables (compared to 12% nationally) 9/13 states have RPS Majority states have net metering rules and interconnection standards for encouraging development of solar and other DG resources WECC states have pioneered innovative renewable energy projects, like ocean thermal energy conversion (OTEC) and wave energy experiments (HI, OR), an enhanced geothermal (NV), an algae fuel production facility (NM), and microgrid projects in several states BLM plans to hold the first competitive auction for public lands in two Solar Energy Zones (SEZ) in CO DOI has worked with states to expedite the approval of certain renewable energy projects located on federal lands, particularly abundant in the west, and has established renewable energy zones to encourage utility-scale development in a number of western states. Ex. 100MW Quartzite Solar (AZ) and 500MW Mohave Wind (AZ) Landmark SB123 directs NV Energy to eliminate 800 megawatts of coal-fired power generation from its portfolio, and mandates 350 megawatts of renewable energy development

6 Select State Snapshots California RPS has 3 tier structure, requires 33% by 2020 Original CA RPS established in 2002; has taken years to finalize RPS market is rapidly maturing (overall utility bid prices down 30% from 2009) Due to project risk associated with large-scale resources, utilities have recently developed broader distributed gen procurement strategies (solar PV, storage) GIDAP approval by FERC in July 2012 may facilitate large-scale project development Recently signed AB 2196 amended requirements for in-state delivered pipeline quality biogas Rooftop solar boosted recently by AB327 (extension of net-metering, 33% as a floor RPS) Oregon and Washington OR ranks in top 5 wind states in the US OR RPS 25% by 2025 Recent OR proposals to modify RPS by removing restrictions on hydropower (2925) Washington RPS 15% by 2020; power must be delivered on a real-time basis to state Recent WA SB 2275 adopted to increase biomass eligibility New Mexico, Colorado and Nevada Aggressive utility solar expansion (50 MW Macho Springs recently approved by PUC) NM s RPS applies to IOU s (20% by 2020, with a lesser requirement for co-ops) CO RPS is 30% by 2020 (lesser for electric co-ops) NV 25% by 2025 Unbundled RECs allowed in CO and NV (PECs)

7 Supria Ranade BGC Environmental Brokerage Services, L.P (646) Water Street, 19 th Fl New York, NY 10038

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