North Carolina Renewable Energy Market Performance and Policy

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1 North Carolina Renewable Energy Market Performance and Policy Ivan Urlaub Executive Director NC Sustainable Energy Association 2013 NC Sustainable Energy Conference April 16, 2013 Raleigh, NC

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3 Registered Capacity Renewables 20

4 NC REPS is ~60% below expected cost 160 Total Cost of the North Carolina REPS ( ) Source: NC Utilities Commission REPS Compliance Dockets Annual Total REPS Cost (Millions) $9.1M Duke Energy Carolinas Progress Energy Carolinas Electric Cooperatives (NCEMC) Municipal Utilities (ElectriCities) $20.9M $27.4M $41.1M $40.3M $39.3M $42.9M $55.6M ** ** ** ** Billing Cycles NOTE: For investor owned utilities (IOUs), REPS compliance years are the year before the first year in the each two year billing cycle. Costs for NCEMC for are withheld from public disclosure.

5 NC Renewable Energy Tax Credit = Millions in Local Investments & Jobs $ $100 Millions ($) NC Renewable Energy Tax Credit & Related Investments, Source: NC Department of Revenue $ $ $ $20 0 $4.2M $440K Total Cost of Renewable Tax Credit Credit Taken Total Value Value of Property of Property Claiming Claiming Tax Credit the (Investments) Renewable Credit $31.8M $10.7M $2.1M $2.7M $5.2M $65.9M $11.3M $108.2M Tax Year 2007 Tax Year 2008 Tax Year 2009 Tax Year 2010 Tax Year 2011 Eligible Resources: Wind onshore/offshore Solar Photovoltaics Biomass Landfill Gas Anaerobic Digestion Spent Pulping Liquor Hydroelectric CHP/Cogeneration Geothermal Heat Pumps Geothermal Direct-Use Solar Water Heat Solar Pool Heating Solar Thermal Electric Solar Thermal Process Heat Passive Solar Space Heat Daylighting Biodiesel Ethanol Methanol 14

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7 North Carolina Installed $/W for Clean Energy-2012 Resource Installed $/W LFG =85 kw 1.38 PV >10 MW 2.43 Biomass (wood waste) >1 MW 2.54 PV 1-10 MW 2.81 Hydro >1 MW 3.44 PV >=500 kw 3.87 PV >10 kw<500 kw 4.66 PV <=10 kw 6.07 Wind <=10 kw 8.2 Source: North Carolina Utilities Commission Registered Small Power Producers, 2013 *Systems registered may not be installed. $/kwh LCOE

8 Commercial PV LCOE Compared with Retail Electricity Prices from Source: NC Utilities Commission; Levelized Cost of Solar PV in NC, 2012 report by NCSEA Note: Systems of 10 kw or less are assumed to have residential ownership for tax purposes. 33

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11 Tracking State Energy Policy 2013 NC Legislation H484/S491 Establishes a wind permitting process through NC DENR. Bill is attempt to address concerns over potential impacts on military operations in North Carolina. H679/S590 Authorizes the military to purchase electricity from a third party and sell its excess electricity without being regulated as an electric utility under North Carolina law. SB10 Seeks to eliminate or make changes to certain State Boards and Commissions, including the NC Utilities Commission. Different versions of this bill have passed the Senate and the House; a conference committee of legislators was appointed in early March.

12 Tracking State Energy Policy 2013 NC Legislation SB394 Comprehensive tax reform bill. Expressly repeals all tax credits, including the renewable energy investment tax credit. Possibility an upcoming version of the bill will keep the renewable energy investment tax credit the same. H298/SB365 Seeks to curtail the Renewable Energy and Energy Efficiency Portfolio Standard passed as part of bipartisan energy package (Senate Bill 3) in H298 allows the utilities to recover the cost associated with contracts executed before July 1, 2013, reduces the REPS to 6%, ends the REPS in No evidence has been put forth in support of this bill.

13 Business Type 2012 Clean Energy Sector Employment Exhibit 1: Summary of North Carolina s clean energy sector in Number of companies reporting activity in: Proportion of industry active in: Average FTE Total FTE Employees Share of State Clean Energy FTE Employees Research and development: % ,587 23% Manufacturing: % ,282 21% Energy efficient design, building, or construction of new % ,151 14% buildings: Energy efficiency retrofitting of existing buildings: % ,790 12% Clean energy systems installer, designer, or developer: % ,269 8% Clean energy systems retailer or distributor: 105 9% % Clean energy system owner or operator (including % ,276 8% cogeneration systems): Education, services and consulting (e.g. law, engineering, finance): % ,239 8% Business Focus 2353 Solar: % ,985 13% Wind: % % Biomass: % ,142 7% Hydroelectric: 63 6% % Geothermal / ground source heat pumps: % % Smart Grid or AMI/AMR infrastructure: 100 9% ,915 13% Energy efficiency / building sciences: % ,218 47% Energy storage (including fuel cells): 53 5% % Alternative fuel vehicles (including infrastructure and components): Note: percentages and numbers may contain rounding artifacts 57 5% %

14 Clean Energy Product and Services Destinations-Census 2012 Exhibit 9: Number of companies by percentage of products and services destined for that market, The majority of North Carolina companies conduct business in North Carolina, however the state s clean energy sector services national and international markets as well. The following are select destinations for North Carolina products and services as reported by 2012 Census participants. North Carolina Percent of products or Less services than 10% 10% up to 25% 25% up to 50% 50% up to 75% 75% up to 100% 100% Regional Markets Georgia Virginia South Carolina Tennessee National Markets California Texas New York Colorado Pennsylvania International Markets North Carolina Regional Markets National Markets International Markets Canada China Japan Mexico Spain Thailand Africa Germany Australia The Caribbean South America The European Union The United Kingdom

15 Policy Outputs Over the 20-year period since the start of clean energy policies in North Carolina, rates are expected to be lower than they would have been had the state continued to only use existing, conventional generation sources. By 2026, this switch to clean energy will lead to $173 million in cost savings. The net gain in employment due to clean energy projects from is 21,162 job years. The total economic benefit to North Carolina from clean energy project development from 2007 to 2012 is estimated to be $1.7 billion. State tax credits for projects set in place between 2007 and 2012 are estimated to total $60.2 million, while renewable energy project development and associated energy generation has led to an estimated $113 million in positive state and local fiscal impacts between 2007 and There is no appreciable rate impact by residential, commercial, and industrial customer groups forecast through 2026 because of state renewable energy and energy efficiency policies.

16 Global New investment in clean energy ($bn) 13% $280bn 22% $187bn 1% 31% $189bn $247bn 35% $153bn $54bn 39% $75bn 51% $113bn Source: Bloomberg New Energy Finance, 2012 Note: Includes corporate and government R&D, and small distributed capacity. Adjusted for reinvested equity. Does not include proceeds from acquisition transactions.

17 Survey Says A recent statewide public opinion survey conducted by Fallon Research found 75.7% of Republicans, 89% of Democrats, and 81.6% of Independents (82.6% overall) said state leaders and elected officials in North Carolina should seek more alternative or renewable energy sources in order to provide consumers and businesses with electricity. Fallon Research surveyed 803 North Carolina registered voters January 27th 30th of 2013 (with landline and cellular phone numbers) on their support or opposition to a number of energy related issues.

18 Q&A Thank you! Ivan Urlaub Executive Director NCSEA (O): (919) x102 (E): Engage with NCSEA on Facebook

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