The Virginia Clean Economy Act, narrowly passed by both chambers of the state legislature, sets one of the largest energy storage targets in the country at 2.4 GW by 2035 and pushes state regulators to devise a carbon dioxide cap and trade program that complies with the Regional Greenhouse Gas Initiative (RGGI).
Now, in states from New York to California, the focus of the conversation has moved from: How can utilities weather the shift toward distributed energy without suffering big losses? to: How can utilities, their customers and the electric grid as a whole best harness the benefits of distributed energy resources?
The implementation plan that Arlington County expects to propose in June 2020 needs to include the creation of a green bank – a quasi-public entity established to facilitate private investment into local low-carbon, climate-resilient infrastructure.
The Alliance for Clean Energy New York says in a report that putting a price on carbon will help New York meet its aggressive goal of 70% of its electricity coming from wind, solar and other renewable sources by 2030.
Utilities like Duke Energy and Xcel Energy have issued billions in green bonds to fund renewables development. Green banks in New York, Connecticut and other states are backing investments in distributed resources and energy efficiency. It appears much more institutional money wants in on the green opportunity.
New York State Energy Research and Development Authority's (NYSERDA) Market
Bridge Incentive Program for energy storage is getting a record amount of participants, NYSERDA CEO Alicia Barton announced at the Energy Storage North America conference on Thursday.