NARUC. Winter Committee Meetings. Committee On Energy Resources & the Environment

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1 NARUC Winter Committee Meetings Committee On Energy Resources & the Environment

2 Drivers for Renewable Energy Growth: Historical and Emerging Roles for Regulators Ryan Wiser Lawrence Berkeley National Laboratory NARUC Winter Meetings Washington, D.C. February 2017

3 Sustained Wind Growth since 2007; Rapid Recent Growth in PV, Especially Utility & Residential; Low National Energy Penetrations CAPACITY Wind: ~82 GW Solar: ~40 GW PRODUCTION Wind: 5.5% Solar: 1.3% 2

4 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Levelized PPA Price (2015 $/MWh) Favorable Power Purchase Prices for Electric Utilities, Driven by Underlying Cost Reductions and by Federal Tax Incentives $200 $180 $160 $ MW Utility-Scale PV Utility-Scale Wind Production Tax Credit 10 yr, 2.3 /kwh; declining for projects that commence construction after 2016 $120 $100 $80 $60 $40 $20 30 MW 100 MW Investment Tax Credit 30%; declining for projects that commence construction after 2019 Accel. Tax Depreciation 5-yr MACRS $0 PPA Execution Date 4

5 Installed Prices for Distributed Solar Have Fallen Precipitously and Continue to Decline 2015$/W DC $12 $10 $8 $6 $4 $2 Module price index Median Installed Price Residential Non-Residential 500 kw Non-Residential >500 kw $ Installation Year Median installed price series is based on data from 451,693 systems, assembled by Berkeley Lab. Module price index is from SPV Market Research. 5

6 TWh RPS Exist in 29 States & DC, w/ Multiple States Increasing Targets; Have Been and Will Likely Continue to be Sizable Driver for RE Growth in Non-Hydro RE, : > 50% required by RPS policies Actual Growth in Total U.S. Non-Hydro RE Generation Since Minimum Growth Required for RPS Substantial Growth in RPS Demand Remains: Total U.S. RPS demand roughly doubles by 2030 Wind is 68% of all RPS builds todate, but solar was 62% of 2015 adds (including main tier and setasides) But, as costs decline, economic drivers have emerged 6

7 State and Utility Financial and Tax Incentives Generally Declining with Time, but Are Still Common and Impactful in Many Markets Reductions in rebates and performance based incentives 2015$/W DC $8 $6 $4 $2 $0 CA (ERP, SGIP, CSI) NY (NYSERDA) MA (MassCEC) NJ (CORE, REIP) AZ (APS, SRP, TEP) All Other Programs Residential and Non-Residential PV Median Pre-Tax Rebate or PBI (Present Value) Installation Year Notes: The figure depicts the pre-tax value of rebates and PBI payments (calculated on a present-value basis) provided through state/utility PV incentive programs, among only those systems that received such incentives. Although not shown in the figure, a growing portion of the sample received no direct cash incentive. OTHER INCENTIVES: SRECs (via RPS); tax incentives; FiTs / VoS tariffs; loans 7

8 59% 77% 62% 59% 40% 35% 38% 58% 34% 59% 63% 46% 38% 61% 57% Change from No-PV to 10% PV $/W Rate Design/Net Metering Has Been Pivotal to DG-PV Economics, and Becoming More So with the Decline of other Incentives NPV of Benefit Streams for Residential PV $8 Bill savings (NPV) Federal ITC $6 but is also Increasingly a Source of Concern Modeled Impact of 10% DG-PV Penetration on Utility Financial Metrics $4 10% SW Utility 10% NE Utility $2 $0 AZ CA CO CT DE MAMDNH NJ NMNV NY OR VT WI Notes: Based on project level data collected for Berkeley Lab s annual Tracking the Sun report. Bill savings calculated from EIA data for average retail electricity price by utility, with adjustments for usage tiers and other rate design details. 0% -10% -20% -30% -40% -50% Sensitivity Range Base Case ROE Earnings Rates 0% -10% -20% -30% -40% -50% ROE Earnings Rates 8

9 Net Metering and Rate Reforms Have Proliferated in Varying Forms Rate reforms impacting distributed solar 1. Increased customer charges 2. Increased standby charges, interconnection charges 3. Minimum bills 4. Mandatory demand charges 5. Reduced compensation for grid exports 6. Two-way rates (feed-in tariff, value-of-solar tariff) 7. REC ownership transferred via NEM 8. Unbundled attribute pricing 9. Time-varying pricing 10. Locational pricing Source: NC Clean Energy Technology Center and Meister Consultants, States of Solar: Q Quarterly Report and Annual Review 11. Compression of inclining block rates 9

10 Other Existing Regulatory Tools Have Played a More-Modest Role; Some Likely to Decline in Importance over Time and Others Grow PURPA QF Contracts Still kicking in some locations, albeit often with utility pushback to reduce attractiveness of pricing or terms of contracts Operating & contracted PV in early 2016: NC (~2700 MW), UT (~700 MW), ID (~500 MW), OR (~200 MW,) SC (~200 MW) Utility Resource Planning for Utility- Scale Renewables Utility Ownership of Utility-Scale Renewable Energy Transmission Investment to Enable Remote Resources Distribution Infrastructure and Retail Ratemaking and, increasingly, DG renewables as well Utility-Scale Solar: Florida Power & Light, Georgia Power, Dominion, Duke, PNM, etc. Wind: MidAmerican, PacifiCorp, ALLETE, Puget Sound Energy, Portland General, Xcel, etc. Planning, approval, and cost allocation for new transmission infrastructure Examples: CREZ in ERCOT; Tehachapi, Sunrise and RETI in CA; Clean Line projects; Cap-X; MISO Multi-Value; SPP, etc. Interconnection rules, procedures, technical requirements Decoupling utility revenue from sales, and rate-making practices (frequency, lag, multi-year, etc.) Carbon Cap-and-Trade or Other GHG Policy Carbon prices low, but provide signaling mechanism at a minimum: RGGI, California Utility integrated resource planning treatment of carbon regulatory risk 10

11 Emerging Regulatory Tools Becoming More Salient as Renewable Energy Penetrations Rise and Issues Arise Expand the Market for Renewable Energy Low-income solar programs: e.g., CA, CT, DC, IL, NY, OR, MA, more and growing Community & shared solar: MN, CO, and many more Green pricing / direct access; expanding to include utility facilitation of corporate synthetic PPAs and other RE purchase structures Comm. Choice Aggregation: CA, IL, MA, NJ, NY, OH, RI Address Integration Concerns Market design & operations: bulk power and (increasingly) DER, every ISO, many utilities Storage (behind & infront of the meter) and EV policy: e.g., CA, MA, OR Demand response: reenvisioning DR for high RE penetrations, e.g. CA) Aligning Utility Interests w/ DER Utility dist. system planning, non-wires alternatives: e.g., HI, NY, CA, MA, RI, VT Hosting capacity/net benefits analysis: e.g., MN, CA, NY Utility ownership of DG solar assets: e.g., AZ Utility shareholder PBR / incentives to encourage DER: e.g., consideration in NY, CA Utilities as DER operating platforms: e.g., NY 11

12 Thank you! Contact information Ryan Wiser: More information from LBNL s Electricity Markets & Policy Group Publications: emp.lbl.gov/publications Sign up for our list: emp.lbl.gov Follow us on 12

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