Renewables opportunities for Africa AREI workshop

Transcription

1 Renewables opportunities for Africa AREI workshop Windhoek (virtual), 30 November 2018 Prof Dr Tobias Bischof-Niemz

2 Dr Tobias Bischof-Niemz, ENERTRAG, Head of Strategy Cell: Summary More than 10 years of energy planning background, work experience in the US, Europe and South Africa Author of the book South Africa s Energy Transition a roadmap to a decarbonised, low-cost and job-rich future, endorsed by the South African Minister of Finance and by the former German Minister of Energy (link) Member of the inaugural South African Ministerial Advisory Council on Energy (MACE) Professional Background 2017 today: Head of Strategy at ENERTRAG, CEO ENERTRAG South Africa, leading market entry into new geographies; commercialising new business models in hydrogen, e-mobility, microgrids : Head of Energy Department at the South African Council for Scientific and Industrial Research, established & led the national integrated energy research centre with today 90 staff members : Chief Engineer at Eskom, developed South Africa s energy master plan (IRP) : Senior Consultant at The Boston Consulting Group, Berlin and Frankfurt, developed strategies for European utilities and equipment manufacturers related to the energy transition Education Master of Public Administration (MPA) on energy and renewables policies from Columbia University, New York Mechanical Engineering at Technical University of Darmstadt and UC Berkeley, Dr.-Ing. and Dipl.-Ing. degrees 2

3 What is different today as compared to just a few years ago? Renewables are now cost competitive to alternative new-build options in large parts of Africa Renewables became cost competitive to conventionals during the last decade (PV: last 2-3 years) Subsidy-driven market creation in first-mover renewables regions (US, Europe, Japan) led to technology improvements and mass manufacturing In matured markets, renewables are a substitution in a volume-wise stagnating energy system Renewables compete with an existing, steady-state energy system fuel savers for the existing fleet Major incumbents with business models based on large, central suffer in terms of market share In emerging markets, this is different: renewables can be at the core of the energy-system expansion Renewables compete with alternative new-built options / future scenarios for the energy structure More than just fuel savers, they change the entire paradigm on which energy systems were traditionally planned, designed, built and operated (large, central) 3

4 Agenda Context Renewables Cost Competitiveness Implications for Energy Systems Potential Renewables Roll-out 4

5 >150 GW of new solar PV and wind added to the grid in 2017 globally Global annual new capacity in GW/a Solar PV Wind Total South African power system (approx. 45 GW) Subsidies Cost competitive 5

6 Renewables mainly driven by US, Europe, China and Japan Globally installed capacities for two major renewable technologies wind and solar PV end of Operational capacities in GW end of USA 12 2 Canada 111 Europe China 4 50 Japan 27 2 Americas w/o USA/Canada 5 3 Middle East and Africa India 5 6 Australia 5 7 Rest of Asia Pacific Wind Solar PV Total World Total RSA power system (45 GW) South Africa had 2.0 GW of wind and 1.8 GW of solar PV capacity operational end of 2017 Sources: GWEC; SolarPower Europe; BNEF 6

7 South Africa: Power market heavily regulated and dominated by state-owned Eskom IPPs now stand for roughly 5% in total generation Relevant information Generation and import Municipalities IPPs Electricity generation Total installed capacity: 42 GW Peak : 36.5 GW Annual generation: 240 TWh/a All generation coordinated by system operator (Eskom) Transmission Transmission Approx. 30,000 km Owned and operated by Eskom Trading/ wholesaling Regulated Tariff Eskom Single-Buyer Office Trading and wholesale Not existent, regulator fixes wholesale prices Distribution Regulated Tariff ESKOM ~40% Distributors / Municipalities Distribution to final users: Approx. 330,000 km Owned and operated by Eskom and municipalities Supply Industrial Mining SME Residential / Agriculture Supply to final users Currently 80% households with power supply (3.4 mio household still unelectrified) Total of 3.9Mio customers for Eskom Source: Eskom, EIA, Press, Nersa, BCG analysis Competition Regulated 7

8 Agenda Context Renewables Cost Competitiveness Implications for Energy Systems Potential Renewables Roll-out 8

9 New wind/solar PV 60-80% cheaper after just 4 years of auctions Results of Department of Energy s RE IPP Procurement Programme (REIPPPP) and Coal IPP Proc. Programme Significant reductions in actual tariffs from the RE IPP Procurement Programme (REIPPPP) Actual average tariffs in $ct/kwh Auction Nov Mar % -83% Aug 2013 Solar PV Wind Aug 2014 Nov 2015 Notes: Exchange rate of 14 USD/ZAR assumed Sources: Deployment-NERSA.pdf; StatsSA on CPI; CSIR analysis 9

10 Actual tariffs: new wind/solar PV 40% cheaper than new coal in RSA Results of Department of Energy s RE IPP Procurement Programme (REIPPPP) and Coal IPP Proc. Programme Significant reductions in actual tariffs from the RE IPP Procurement Programme (REIPPPP) have made new solar PV & wind power 40% cheaper than new coal in South Africa today Actual average tariffs in $ct/kwh Auction Nov Mar % -83% Aug 2013 Solar PV Wind Aug 2014 Nov 2015 Actual average tariffs in $ct/kwh Solar PV IPP -40% Wind IPP 7.4 Baseload Coal IPP Notes: Exchange rate of 14 USD/ZAR assumed Sources: Deployment-NERSA.pdf; StatsSA on CPI; CSIR analysis 10

11 Africa has some of the best solar resources worldwide 11

12 African wind resource outside the Congo basin also very good 12

13 Very high solar irradiation in South Africa is a competitive advantage Solar irradiation in South Africa as compared to Germany, where solar PV is now close to cost competitiveness with new coal and gas Yearly total of global irradiation on horizontal surface Average for Germany Average for South Africa Source: Joint Research Center of the European Commission, PVGIS, BCG analysis 13

14 South Africa has wide areas with > 6 m/s average wind 100 m Average wind speed at 100 meter above ground for the years from for South Africa and Germany Wind resource in South Africa as compared to Germany Sources: Wind and Solar Aggregation Study, Fraunhofer and CSIR, in partnership with Eskom and SANEDI 14

15 South Africa: sufficient land for very large wind and solar deployment Polokwane Johannesburg All EIAs (status early 2016) Wind: 90 GW Solar PV: 330 GW Latitude Upington Bloemfontein Durban All REDZ (phase 1) Cape Town Port Elizabeth EIA: Onshore Wind EIA: Solar PV REDZ Longitude Wind: 535 GW Solar PV: GW Sources:

16 Of all available technologies for bulk electricity generation, solar PV & wind are now the cheapest new-build options in South Africa, by far Unit cost in $ct/kwh and cost structure Actual tariffs (auctions in 2015) IRP planning assumptions Investment Fixed O&M Fuel (and variable O&M) Assumed utilization Solar PV Wind Coal Nuclear CCGT (Gas) (capacity factor) 23% 40% 82% 90% 50% But what about the variability of solar PV and wind? Notes: Exchange rate of 14 USD/ZAR assumed Sources: DoE s IRP2018, REIPPPP auction results 16

17 Agenda Context Renewables Cost Competitiveness Implications for Energy Systems Potential Renewables Roll-out 17

18 South Africa has scheduled to decommission 28 GW of coal by 2040 Operational coal-fired capacity in GW Scheduled decommissioning until 2030: -13 GW 2040: -28 GW 2050: -35 GW Camden Hendrina Komati Grootvlei Arnot Kriel Matla Duvha Tutuka Lethabo Matimba Kendal MajubaDry MajubaWet Medupi Kusile Sources: Eskom, IRP 18

19 Demand grows, existing fleet phases out: gap needs to be filled Electricity in TWh/a Electricity Supply Gap Solar PV CSP An Integrated Resources Plan model fills the supply gap in the least-cost manner, subject to any constraints imposed Wind Hydro Peaking Gas Nuclear Coal Existing and committed power generators in South Africa (2016) Sources: DoE, IRP

20 IRP 2018, scenario IRP1 Least Cost expansion path: 67% renewables energy share by 2050 Draft IRP 2018 (scenario: IRP1) ENERGY Draft IRP 2018 (scenario: IRP1) CAPACITY Total electricity produced in TWh/a Renewables = 67% Wind/PV = 59% of primary electricity Total installed capacity in GW ) No new nuclear 2) No new coal Sources: DoE, IRP 2018 Others Solar PV Wind Hydro Peaking Gas Nuclear Coal 20

21 What can give comfort to the Department of Energy regarding its results: Several studies independently come to the same conclusion Eskom Meridian Economics University of Cape Town University of Frankfurt Link CSIR Link, Link NREL Link Link Link, Link, Link Link Common thread: No new coal, no new nuclear 21

22 In the longer term: Three key disruptions have not been considered yet in the IRP 2018 Electric Vehicles uptake Small effect on overall electricity (1 million Evs 3 TWh/a) But potentially huge effect on -side flexibility (smart charging), which makes integration of variable renewables easier and cheaper Stationary batteries cost reductions A measure for smoothing intra-day fluctuations on and supply side Complements the deployment of pumped hydro (weekly storage) and gas-fired power (weekly / monthly storage) Costs today: 350 /kwh, in future: 150 /kwh Costs assumed: around /kwh, no reduction Flexibility on the side Lots of flexibility option on the side available Flexible helps to absorb variability from solar PV/wind and makes integration easier & cheaper Low-hanging fruit: electric warm water provision 22

23 Taking these three disruptions into account: Probable Least Cost : same direction as IRP2018, higher RE share Total electricity produced in TWh/a CSIR Least Cost 2017 ENERGY Total installed capacity in GW CSIR Least Cost 2017 CAPACITY Renewables = 85% Wind/PV = 82% of primary electricity (388 TWh in 2050) ) No new nuclear 2) No new coal Sources: CSIR Battery Storage Pumped Storage Curtailed wind/pv Solar PV Wind Hydro Peaking Gas Nuclear Coal 23

24 Environment: Both CO 2 emissions and water usage go down dramatically CSIR Least Cost 2017 CO 2 Emissions CSIR Least Cost 2017 Water Usage Electricity sector CO 2 emissions in Mt/a South Africa s commitment Least Cost Electricity sector water usage in billion litres/a Least Cost % % Sources: CSIR

25 Opportunity for more: Least Cost is great, but not enough yet in terms of CO2 emissions Electricity sector CO 2 emissions in Mt/a Year South Africa s commitment (electricity sector only) South Africa s Least Cost expansion path (electricity sector only) IEA s B2DS for South Africa (electricity sector only) South Africa would have to decommission its existing coal fleet earlier than currently planned in order to achieve the emissions levels required from the country in the IEA s Beyond 2 Degreed Scenario (B2DS) This would increase direct cost in the electricity sector compared to Least Cost, but would reduce cost of externalities of operating coal-fired power stations, which are not accounted for in Least Cost 25

26 In addition: Even premature decommissioning of coal stations possible The five oldest Eskom coal-fired power stations are more expensive to keep than it is to build renewables Even the last two units of Kusile (5 GW new-build project currently under construction) could be economically cancelled Recent fact-based study on this topic sparked significant interest, also on Eskom s side 26

27 All this has been summarised in the book: What we want you to take away from the book A power-system in South Africa that is based on renewables is Cheaper than all alternatives Cleaner than all alternatives Creates more jobs and localisation potential It helps re-industrialising the country on the back of a low-cost, low-carbon electricity platform Authors: Tobias Bischof-Niemz and Terence Creamer Visit the book s website at 27

28 What is different with a high share of renewables? Distributed Renewables are distributed in nature Grid Planning Variable Solar and wind are variable (weather dependent) with zero marginal cost Complemented by Flexibility Granular Renewables projects are orders of magnitude smaller than conventional and have much shorter lead times Parallelisation of Implementation, Speed Adjustable Sources: CSIR analysis 28

29 is always scattered across more or less wide areas 29

30 Historically, this was supplied by large, central power generators with a high-voltage backbone and an ever finer-getting grid 30

31 Historically, this was supplied by large, central power generators with a high-voltage backbone and an ever finer-getting grid 31

32 Historically, this was supplied by large, central power generators with a high-voltage backbone and an ever finer-getting grid 32

33 Historically, this was supplied by large, central power generators with a high-voltage backbone and an ever finer-getting grid Low and medium voltage 33

34 In future, because of cost-competitiveness of distributed renewables, the system architecture can be based on interconnected micro-grids Micro-grid 1 Micro-grid 2 Micro-grid 3 Micro-grid 4 Micro-grid 5 34

35 Solar PV (roof & ground-mounted) will be installed literally everywhere Micro-grid 1 Micro-grid 2 Micro-grid 3 Micro-grid 4 Micro-grid 5 35

36 Wind turbines will complement where economically viable Micro-grid 1 Micro-grid 2 Micro-grid 3 Micro-grid 4 Micro-grid 5 36

37 Dispatchable generators (biogas, biomass, diesel, natural gas, hydro, potentially storage, etc.) will complement the local micro-grid Micro-grid 1 Micro-grid 2 Micro-grid 3 Micro-grid 4 Micro-grid 5 37

38 Each micro-grid can in principle run on its own Micro-grid 1 Micro-grid 2 Micro-grid 3 Micro-grid 4 Micro-grid 5 38

39 but higher reliability & lower costs are achieved by interconnecting Micro-grid 1 Micro-grid 2 Micro-grid 3 Micro-grid 4 Micro-grid 5 39

40 Potential for Africa: In the old world, the electricity gap was filled with coal, nuclear, gas today leapfrogging to renewables is possible Old electricity world Central, big Coal Nuclear Natural gas Electricity use in kwh per person per year Traditional way to fill the gap New alternatives to fill the gap Long-term target: Typical for an economically prospering, yet energy-efficient country New electricity world Distributed, smaller, island-grid based Wind Solar PV, CSP Biomass/-gas Natural gas Island grid World Island grid 2 Low and medium voltage Developing Countries 600 Africa Island grid 3 Island grid 4 Island grid Actual today: Sub-Saharan countries (excl. RSA) Sources: gapminder; CSIR analysis 40

41 Jobs related to power generation Capexrelated Jobs Inputs Economic Activity Output Direct job-years Supplier job-years Power Plant / Coal Mine Construction New power station (new GW installed) Inputs Economic Activity Output Opexrelated Jobs Direct job-years Supplier job-years Power Plant / Coal Mine Operation Electricity (TWh produced) 41

42 Jobs: An energy-equivalent fleet of solar PV and wind produces 30% more jobs than a coal fleet without the jobs in the firm capacity (gas) Permanent Direct and Supplier Jobs Supplier Direct +31% Solar PV Wind Coal power station Coal mine , ,350 6, ,992 3,400 2, ,300 28,182 4,500 8,724 2, , ,401 12, Capex-related Opex-related TOTAL Solar PV/Wind Capex-related Opex-related TOTAL Coal Solar PV: 1 GW/a 25 GW 50 TWh/a Wind: 1 GW/a 20 GW 50 TWh/a 2 GW/a 100 TWh/a Coal: 0.5 GW/a 14 GW 100 TWh/a 0.5 GW/a 100 TWh/a Sources: Based on data from Department of Energy in context of IEP, pages 23 onwards 42

43 Agenda Context Renewables Cost Competitiveness Implications for Energy Systems Potential Renewables Roll-out 43

44 Cost structure varies widely by technology: RE dominated by capital Cost structure for a number of different power generators, ranked by capital-intensiveness Total lifetime cost in USD/MWh Capital Fixed O&M Fuel (and variable O&M) % 32% 21% 19% 3% 4% 86% 73% 75% 80% 79% 72% 61% 62% 61% 32% 5% 15% 11% 9% 63% 75% 77% 14% 27% 25% 16% 3% 8% 12% 12% 16% 24% 27% 29% 44% Solar PV Wind Mini-hydro Solar CSP Capital intensiveness Nuclear Biomass Mid-merit Coal Baseload Coal Biogas Peaking Gas (OCGT) Peaking Diesel (OCGT) Geothermal Midmerit Gas (CCGT) Sources: CSIR analysis 44

45 Proposal: Separation of tasks between public and private sector Private sector should provide Raising of the required CAPEX for power generators and micro-grids Absorbing technology risk and performance risks related to the natural resource Public sector should provide Tariff and off-take guarantees for renewable power generators Tariff and customer-connection fee guarantees for renewables-based micro-grids A standardised approach for both aspects in order to stimulate wide-spread participation The public sector should furthermore provide direct own investment into Grid and energy infrastructure upgrade and expansion (in a smart manner) Capacity building and mobilisation Access to affordable credit to finance CAPEX required for renewable power generators and micro-grids Sources: CSIR analysis 45

46 Proposal: On-grid and off-grid renewables deployment is stimulated with off-take and tariff guarantees, backed by international funding Country A National grid TG = Tariff Guarantee [USD/MWh] CP = Connection payment [USD/customer connection/month] TG TG TG TG TG National Grid Operator Newly established micro-grid Supra-National RE Fund 1) Backing of national tariff and off-take guarantee 2) Top-up payment On-grid: (TG - value) Micro-grid: (TG + CP - value) 3 1 National RE Agency 1 Value of RE 2 CP Value of micro-grid 2 TG (sliding) Micro-grid Operator Sources: CSIR analysis 46

47 Proposal: International community provides backing for tariff payments & off-take guarantee as well as required top-up (if required) 1 Tariff payments and offtake guaranteed, backed by international community 3 Provided by international community if required 2 Determined through Energy Master Plan, compared to Businessas-Usual expansion RE Cost (tariff) Top-Up RE Value 47

48 Proposal: AREI goal of 300 GW by 2030: $70-80 billion tariff payments per year Goal Implemen -tation years RE capacity [GW] RE energy [TWh/yr] RE energy share [share of Africa 2030 supply] 1 1 Total annual tariff payments [USD billion] AREI 10 GW % 4-5 AREI 300 GW % Assuming tripling of African electricity /supply by 2030, i.e TWh/yr by If no value of RE is assumed (i.e. money must cover total funding requirement) 2 Total value of renewables per country per year must be determined through energy master plan 3 International community should pay for the difference between tariff requirements and value Sources: CSIR analysis 48

49 But: Residential load profile has peaks in the morning and in the evening (example winter) One-family residential house 12,000 kwh annual (actual data) Load kw Monday Tuesday Wednesday Thursday Friday Saturday Sunday Example based on residential case, but similar logic applies for large commercial rooftop PV installations Source: CSIR analysis 49

50 Residential load profile generally does not match PV excess PV energy must be fed back into the grid or curtailed One-family residential house 12,000 kwh annual (actual data) 6 kwp PV installation (simulated data) kw Excess PV power fed into the grid Load supplied by the grid Load supplied directly by PV Monday Tuesday Wednesday Thursday Friday Saturday Sunday + = Self-consumption rate How much of my PV energy can I consume directly on site? PV business case + = Self-sufficiency degree How much does PV contribute to my overall electricity? PV relevance Source: CSIR analysis 50

51 4,000 Proposal: Create a Central Power Purchasing Agency (CPPA) that is the sole off-taker in South Africa of any percentage of excess PV energy PV Owner Net feed-in 10,000 kwh/yr ~ CPPA Municipality 6,000 A B Gross PV generation Self-consumption 8,000 kwh/yr Residential load 12,000 kwh/yr Electricity bill 8,000 kwh/yr * 1.3 R/kWh Grid energy Solar energy Payments Source: CSIR analysis 51

52 4,000 Proposal: CPPA pays the PV owner 0.7 R/kWh for the excess energy (A) at a predefined escalation path, guaranteed for 20 years Net Feed-in Tariff payments 6,000 kwh/yr * 0.7 R/kWh PV Owner Net feed-in 10,000 kwh/yr ~ CPPA Municipality 6,000 A B Gross PV generation Self-consumption 8,000 kwh/yr Residential load 12,000 kwh/yr Electricity bill 8,000 kwh/yr * 1.3 R/kWh The guaranteed CPPA payment de-risks the PV business case and makes it bankable Grid energy Solar energy Payments Source: CSIR analysis 52

53 4,000 Proposal: CPPA pays municipality a financial compensation, linked to amount of self-consumed PV energy (B), measured on aggregated level Net Feed-in Tariff payments 6,000 kwh/yr * 0.7 R/kWh PV Owner Net feed-in 10,000 kwh/yr ~ CPPA Municipality 6,000 A B Gross PV generation Self-consumption Gross-margin compensation 4,000 kwh/yr * 0.6 R/kWh Munic compensation R 2,400 p.a. 8,000 kwh/yr Electricity bill 8,000 kwh/yr * 1.3 R/kWh Munic revenues R 10,400 p.a. Residential load 12,000 kwh/yr Grid energy Solar energy Payments Source: CSIR analysis 53

54 4,000 Proposal: Finally, CPPA transfers the PV energy to Eskom wholesaler, where it is blended with the energy from all other power sources Net Feed-in Tariff payments 6,000 kwh/yr * 0.7 R/kWh PV Owner Net feed-in 10,000 kwh/yr ~ CPPA Municipality 6,000 A B Gross PV generation Self-consumption Gross-margin compensation 4,000 kwh/yr * 0.6 R/kWh 8,000 kwh/yr Electricity bill 8,000 kwh/yr * 1.3 R/kWh Residential load 12,000 kwh/yr Wholesale value 6,000 kwh/yr * 0.5 R/kWh Source: CSIR analysis 6,000 kwh/yr 8,000 kwh/yr Eskom Wholesaler Eskom bill 8,000 kwh/yr * 0.7 R/kWh 2,000 kwh/yr Conventional generation fleet Grid energy Solar energy Payments 54

55 4,000 CPPA de-risks business case for PV owner which brings costs down and makes the municipality financially indifferent to embedded PV Net Feed-in Tariff payments 6,000 kwh/yr * 0.7 R/kWh PV Owner Net feed-in 10,000 kwh/yr ~ CPPA Municipality 6,000 A B Gross PV generation Self-consumption Gross-margin compensation 4,000 kwh/yr * 0.6 R/kWh 8,000 kwh/yr Electricity bill 8,000 kwh/yr * 1.3 R/kWh Residential load 12,000 kwh/yr Wholesale value 6,000 kwh/yr * 0.5 R/kWh Source: CSIR analysis 6,000 kwh/yr 8,000 kwh/yr Eskom Wholesaler Eskom bill 8,000 kwh/yr * 0.7 R/kWh 2,000 kwh/yr Conventional generation fleet Grid energy Solar energy Payments 55

56 Funding requirement for CPPA would be approx. R 290 million/yr for every 500 MWp of installed PV capacity (plus CPPA staff & processes) The net funding requirement will eventually go down to zero with increasing wholesale value of the PV energy (as Eskom phases out more and more of the cheapest coal generators and phases in more expensive new-builds) and decreasing PV costs Sales to Eskom wholesaler (500 MWp R 240 million/yr) Additional (net) funding requirement (500 MWp R 290 million/yr) Total funding requirement (500 MWp R 530 million/yr) CPPA Municipality Gross-margin 0.6 R/kWh for all self-consumed energy 500 MWp R 190 million/yr Total PV energy Municipality supply area Assumptions: 1,600 kwh/kwp/yr; self-consumption ratio of 40%; NETFIT of 0.7 R/kWh; gross-margin compensation of 0.6 R/kWh; wholesale value of PV energy of 0.5 R/kWh Source: CSIR analysis A B The PV owners get compensated for the sum of energy A (fed into the grid) The municipality gets compensated for the sum of energy B (self consumed) 56

57 A NETFIT meter would be installed in addition to the consumption (import) meter to measure electricity exported from the premise Two separate meters shown for illustration purposes. In reality, the two meters can also be combined in one bidirectional, two-register meter Owned by PV owner (in many cases the same entity as the electricity customer) PV panels (6 kwp) Grid Net Feed-in Tariff (FIT) Consumption meter 12,000 kwh/yr 8, R/kWh Read by CPPA or electricity distributor NETFIT meter 6, R/kWh Feed-in 6,000 kwh/yr 60% PV generation 10,000 kwh/yr Self consumption 4,000 kwh/yr 40% ~ Residential load 12,000 kwh/yr Owned by electricity customer Owned by electricity distributor Electricity Tariff Avoided electricity tariff Source: CSIR analysis 57

58 Summary: Great opportunity for Africa to leapfrog toward distributed renewables Renewables-based electrification opportunity ahead of Africa The two mainstream renewables solar PV & wind are cost competitive today to alternative new-builds Chance for Africa to leapfrog central power architecture to affordable distributed, RE-based systems Renewables are capital intensive and therefore require reduction in investment risks to be financeable Certainty about the off-take of the electricity generated over the lifetime of the asset Certainty about the tariff over the lifetime of the asset Positive effect of the capital-intensiveness of renewables (no fuel cost): highly predictable electricity tariffs Proposal: Performance-based payment guarantees for on- & off-grid renewables in a programmatic way Calculate the value of REs based on existing/updated energy master plans per country/region On grid: guaranteed tariff for energy produced Off grid: guaranteed tariff for energy produced and for reliable customer connections Guaranteed tariff payments of $70-80 billion/yr required to reach 300 GW of renewables 58

59 Thank you 59