NextEra CFO: Battery storage is starting a ‘real revolution’ in electric industry

first_img FacebookTwitterLinkedInEmailPrint分享PV Magazine:1.5 cents per kilowatt-hour. That’s how much NextEra Chief Financial Officer (CFO) Jim Ketchum estimates that batteries will add to the cost of solar and wind projects that the company has built over the last six to 12-months, as revealed in the company’s results call yesterday.But that’s not all. Ketchum further added that he expects this cost to fall to around half a cent per kilowatt-hour in the middle of the next decade. “Early in the next decade, mid-next decade, it’s going to probably be about $0.005 a kilowatt hour add, maybe $0.01, but probably closer to about $0.005. And so if we find ourselves in a marketplace where we are selling wind right around $0.02, I mean, a combined wind and solar product probably looks roughly around $0.025. Solar, into the next decade, probably looks more like a $0.03 product, sub-$0.03 in some markets. You add half a penny on that on the high end, you’re probably at about $ 0.035 a kilowatt hour.”NextEra CEO Jim Robo added to this, noting that batteries are allowing the company to provide “firm” power. “We’re right at the beginning of, I think, a real revolution in this country in terms of how electricity is – how storage interacts with electricity on the grid, and how we’re going to start delivering much different, firm, renewable products to our customers going forward,” stated Robo on the results call.CFO Ketchum elaborated on that statement, noting that the economics of wind and solar are going to allow these resources to out-compete existing conventional power plants – and potentially knock them off the grid. “As battery cost declines and efficiency gains are realized during the four-year start of construction period, we continue to expect that in the next decade new nearly firm wind and solar, without incentives, will be cheaper than the operating costs of traditional inefficient generation resources, creating significant opportunities for new renewables growth going forward.”These confident statements about the costs and abilities of solar and wind plus storage come as the company has reached a record backlog of 7.4 GW of solar, wind and energy storage projects. This includes nearly 2 GW of solar projects that the company has contracted to put online through 2020. During the quarter NextEra added 692 MW of solar projects and 90 MW of battery storage to its backlog.The large majority of this, at 1.48 GW of solar and 75 MW of battery storage, is planned for the 2019-2020 timeframe, however NextEra is also planning projects after 2020, and notes that the new IRS guidelines on the beginning of construction allow the company to claim the full 30% Investment Tax Credit for projects that it puts online as late as 2023, as long as they have started construction in 2019.More: NextEra expects storage to add half a cent to solar in mid-2020’s NextEra CFO: Battery storage is starting a ‘real revolution’ in electric industrylast_img read more

Bar investments post gains

first_imgA new investment policy begun by the Bar almost 12 years ago has weathered two recessions while more than doubling the Bar’s initial investment.And despite turbulent markets in recent months, it has made money for the Bar in the past year.Investment Committee Chair David Bianchi told the Board of Governors recently that the Bar started in September 1990 with an investment account of $9.2 million. The new policy allowed the Bar to invest in stocks and bonds, where previously it had been restricted to certificates of deposit.Since that time, the Bar has earned $9.8 million, of which about $5 million has been used to finance continuing Bar operations and the remainder left in the investment pool, which is now nearly $14 million, Bianchi said.In the past 12 months, the Bar has received a 5.8-percent return, he said, while the indexes the Bar uses to measure performance have averaged 3.8 percent.The committee recommended, and the board approved, a change in the way short-term investments are made. Bianchi said the Bar’s financial advisors recommended no longer investing in short-term commercial notes, but continuing to invest in money market accounts while adding one-to-three year term U.S. Treasury notes and bonds in a bond mutual fund. Bar investments post gains June 15, 2002 Regular Newscenter_img Bar investments post gainslast_img read more

Rory McIlroy hopes hang on final major after turbulent season

first_imgAt the press conference to announce his multi-million pound deal with Nike in January, Rory McIlroy was keen to stress major titles mattered more to him than money. Such honesty made for great headlines, but is it great for McIlroy? “Sometimes (I wish I wasn’t so honest) but it’s just me,” he said. “I am not going to sit up here and pour my heart out but I will tell you how I am thinking and what’s on my mind. If I get asked a reasonable question I will give a reasonable answer.” The answer to McIlroy’s problems on the course may prove harder to find, but the Ryder Cup star is hoping a few enjoyable rounds with friends back home in Northern Ireland last week, coupled with the advice of putting coach Dave Stockton, will set him on the right track. He insists his game was in worse shape at this time last year before a fifth-place finish in Akron kickstarted a stunning second half of the season. And he believes competing at Firestone is the perfect preparation for what lies ahead at Oak Hill, venue for the 1995 Ryder Cup and the scene of Shaun Micheel’s US PGA triumph in 2003. “They are both old-fashioned, traditional golf courses,” McIlroy said. “The fairways at Oak Hill have a little more bend to them, you have to shape a lots of shots at Oak Hill; here a lot of them are straight out in front but the greens are similar, quite small and sloping and the par threes at both courses are strong holes. “I’ve heard the rough is up at Oak Hill from when I was there six weeks ago so I’m looking forward to seeing what that’s like.” “At the end of 2013, if I have not won another major I will be disappointed.” Two months after expressing those thoughts, McIlroy was replaced as world number one by Tiger Woods and now finds himself third in the rankings behind Phil Mickelson. And unless he retains his US PGA title next week at Oak Hill, that disappointment of not winning a major championship in 2013 will hit home too. The bookmakers have the 24-year-old from Northern Ireland as a 28/1 seventh favourite to lift the Wanamaker Trophy again and it is hard to argue with those odds. In fact it could easily be argued they are not generous enough. McIlroy won five times last year, including his second major by eight shots at Kiawah Island, to finish top of the money list on both sides of the Atlantic. But he has recorded only one top-five finish in a turbulent 2013 that saw him damage his reputation by walking off the course during his defence of the Honda Classic and bending one of his new clubs out of shape during the final round of the US Open. In the majors he has managed just one round under 70 – a closing 69 in the US Masters – and is a collective 28 over par after missing the cut in the Open Championship after rounds of 79 and 75. That opening round at Muirfield led McIlroy to offer a withering assessment of his own performance, labelling it “brain dead” and claiming he sometimes felt “like I’m walking around out there and I’m unconscious”. “I don’t play golf for the money, I am well past that,” McIlroy said in Abu Dhabi after signing a deal reported to be worth around £150million over 10 years. “I’m a major champion and world number one, which I have always dreamed of being, and feel this is a company that can help me sustain that and win even more major titles. Press Associationlast_img read more