Imperial Valley Renewable Energy Summit. March 2017

Transcription

1 Imperial Valley Renewable Energy Summit March 2017

2 AGENDA 1. How much solar do we have in Imperial County now? 2. How does solar fit into California s 50% RPS target? 3. How would solar development be impacted if the cost of this resource included the battery storage as its backup for when the sun isn t shining?

3 AGENDA 1. How much solar do we have in Imperial County now?

4 1,538MW of solar is operating or under PPA in Imperial Valley IID 21% CAISO 79%

5 8minutenergy has developed close to half of all solar in Imperial Valley We are also largest developer in IID 8minutenergy 46% Other developers 54%

6 8minutenergy Renewables is the nation s largest independent solar PV developer PORTFOLIO AND TRACK RECORD Largest independent and 3 rd largest utility-scale developer in the U.S. * 5,500+ MW under development Executed 1.5 GW of PPAs, representing $5B in contracted revenues 750+ MW of utility-scale projects in operation 750+ MW are construction ready and have PPAs 20,000+ acres under development 8minutenergy s projects secured $1.2B in capital Notable projects: Mount Signal: one of the world s largest PV projects at 800MW Springbok 2: first PV project in CA to beat fossil fuel pricing FIRST SOLAR NEXTERA 8MINUTENERGY CANADIAN SOLAR SUNEDISON Advanced Stage Early Stage

7 Our heritage is in California, where we have ~15% utility market share, and we re rapidly expanding across the nation CALIFORNIA HERITAGE NATIONAL EXPANSION We are leading the industry in driving down the cost of solar starting with California, one of the world s toughest solar markets. The 4 largest California utilities have closed PPAs with 8minutenergy. All are repeat customers. These utilities represent 80% of the market in California, and have 10+ years of solar experience. With the ITC extension, we have moved into Texas, the Southeast, and other markets. We are developing greenfield projects in states where we are able to drive cost leadership and further solar adoption. We built the first project in California to beat fossil fuel generation prices. We are proud to have created thousands of solar jobs in the state of California. Sampling of 8minutenergy Development Opportunities

8 AGENDA 1. How much solar do we have in Imperial County now? 2. How does solar fit into California s 50% RPS target? 3. How would solar development be impacted if the cost of this resource included the battery storage as its backup for when the sun isn t shining?

9 How expensive are fossil fuels today? Cost/MWh for new power plant $140 $130 $120 $100 $80 $60 $40 $65 $30-40 $20 $0 Coal Nat Gas Solar in California, Source: Michigan Public Service Commission

10 And what about solar in California? Cost/MWh for new power plant $140 $130 $120 $100 $80 $60 $40 $65 $30-40 $20 $0 Coal Nat Gas Solar in California, Source: Michigan Public Service Commission, PV: 8minutenergy

11 Solar modules are semiconductors Solar learning curve Wholesale Natural Gas Elec. Today, utility scale

12 Solar, Wind and Geothermal will be 90% of all renewable energy in California Resource mix at 50% RPS Solar about 17% Wind about 15% Geothermal about 10% UC Santa Barbara Bren School

13 AGENDA 1. How much solar do we have in Imperial County now? 2. How does solar fit into California s 50% RPS target? 3. How would solar development be impacted if the cost of this resource included the battery storage as its backup for when the sun isn t shining?

14 and the cost of storage continues to decline Cost of Energy Storage ($/kwh) $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 About 7 to 9 cents/kwh About 4 to 6 cents/kwh $

15 Teaching the Duck to Fly : Grid operating in an intermitted era Dispatchable PV + Wind Geothermal baseload Smart Metering/Internet of Things Electric Vehicles charge and discharge Regionalization for seasonality Source : Regulatory Assistance Project

16 Conclusion Imperial Valley has about 10% market share in solar in California as of today Solar will likely be the largest source of renewable energy in California for 50% RPS Integration of solar and wind resources Lower prices of storage will help to integrate solar and wind into the grid The fast deployment of EVs will expedite the price decline of storage The operation of a power grid will change from baseload to intermitted resources Opportunity for Imperial Valley Be prepared to capture material market share from next investment wave in renewables

17 Thank you.

18 Mount Signal Project, 800 MW, Calexico, CA

19 A fleet of electric vehicles powered by solar would save consumers $480 Billion annually compared with a conventional fleet Consumer Fuel Costs New Car Sales $586B Cost in Billions $261B ICE 34% Reduction $171B EV + SOLAR ICE $195B EV + SOLAR 67% Reduction 0 Annual Savings of $480 Billion Calculations are based on forecasted annual vehicle miles traveled in 2027