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S&P Global, Platts to begin publishing global I-RECs renewable electricity assessments
Commodity: Electric Power, Energy Transition
Region: Asia, Americas, EMEA

The I-RECs assessments will reflect spot deliveries of certificates, representing a minimum 1 GWh, for prior year and current year vintages, rolling to the next vintages at the start of each calendar year. For example, the vintages reflected in the assessment will be 2021 and 2022 until Dec.l 31, 2022, and will roll into 2022 and 2023 on Jan. 1, 2023.
Assessments will be published for the following technologies and units of measures suited for each region:

• Brazil, assessments will be published in BRL/MWh, USD/MWh and EUR/MWh at a 4:30 pm Sao Paulo Brazil/3:30 pm Houston close for wind, hydro, solar and biomass technologies.
• Turkey, assessments will be in EUR/MWh [?!] and USD/MWh at a 4:30 pm London close for wind, hydro, solar and biomass technologies.
• India, the I-RECs assessments will be in INR/MWh, USD/MWh and EUR/MWh at a 5:30 pm India/1200 GMT timestamp for hydro.

The International REC Standard Foundation
"empowering purchasers" reserve currencies
What is an I-REC?

Currently, most national EACs schemes are voluntary. For example, the schemes used in the European internal market. Mandated EAC schemes are often referred to as "compliance" markets. [...]  EAC compliance markets are seen in some US States, where they are the tool for meeting a Renewable Portfolio Standard (RPS). EAC schemes can differ based on their legal footing, but the underlying principles of their operation - the issuance, trade, and cancellation of certificates that allow end-users to claim the use of a given unit of energy - are the same.

A visual presentation of how RECs function can be found in English, Spanish, and Portuguese.

by Cat on Wed Aug 3rd, 2022 at 06:26:03 PM EST
[ Parent ]
euractiv | Berlin reduces heat pump subsidies amid modest sales number growth, 17 Aug
With energy prices spiking, "using less energy is the cheapest and most efficient contribution to more independence and climate protection and helps to save on energy costs," [Robert Habeck] added.
On the one hand, 299,500 gas heaters were sold from January to July. On the other, heat pumps, which should make up 100% of heater sales beginning in 2024, saw a modest 25% increase to 96,000 units sold.

To combat the undesirable continued dominance of gas heating, the government continues to provide funding for heater switches*, albeit at a significantly lower rate as of Monday, in order to make the funding budget go further.
"Owners would need a higher subsidy instead of a lower one if they were serious about switching from fossil to renewable energies," said Felix Pakleppa, CEO of the construction industry association.

H.R.5376 - Inflation Reduction Act of 2022 signed by Biden
omnibus appropriations bill feat. discount pharma prices, corp tax reforms, IRS budget, rebates or tax credits* for HH and corp fuel efficiency retrofit, EV purchase, etc estimated to "reduce U.S. gross domestic product by 0.1% within its first decade and increase GDP by 0.3% in 2050" and "inflation by around 0.1 percentage points" by 2030. The act specifically prohibits combination of fed-funded incentives qualified and administered by "State energy offices", and the most generous subsidies are reserved for new SFR construction and multi-family property "heater switches"--from gas to electric or PV.

personal note: This story resonates with me. 3 years ago I parted with Constellation/BGE for a renewable supplier and pay premium/kwh/therm. I've also recounted here low-income homeowner hurdles to HVAC efficiency "upgrade," state incentives (rare individ grants or low-int loan) to stimulate purchase, and extreme reluctance among contractors/OEM authorized dealers even to replace gas furnace with heat pump. In the latest round of RFPs, contractors have confirmed that Maryland "Whole Home" (fed HOMES funded) programming does not allow them to provide rebates for fuel switching projects; incentives applied only to vertical system efficiency rating.

Theoretically, IRA provisions for states' "HIGH-EFFICIENCY ELECTRIC HOME REBATE PROGRAM" should end Maryland limitation on replacement projects. The thing is: The state first has to apply for funds specifically for that purpose with income-tested formula for awards to HHs.

by Cat on Wed Aug 17th, 2022 at 05:02:24 PM EST
[ Parent ]
yahoo! | Why there's a 'high bar' for new EV tax credits, according to a Biden economic adviser, 18 Aug
critics -- including some carmakers -- have criticized the administration for limitations placed, saying it's likely to slow down the adoption of EVs and leave drivers with few options.

"Certainly, it sets a high bar that that tax credit is eligible for batteries and vehicles that are produced in the United States or in North America or countries that we have free trade agreements with," Brian Deese, director of the National Economic Council, told Yahoo Finance Live (video above). "We think that that's an appropriate bar because what we want across time is to provide a strong incentive for us to have secure supply chains in those areas."
Specifically, the new law restricts the full tax credit to EVs with battery material sourced from the U.S. or free-trade partners, starting in 2024. Any minerals or components sourced from "foreign entities of concern" including China would not qualify for the [MAX] $7,500 credit. Final assembly of the vehicle would also need to take place in North America. Adding to the restrictions, the law only applies to vehicles with a manufacturer suggested retail price (MSRP) below $55,000 for cars and below $80,000 for trucks and SUVs....

by Cat on Thu Aug 18th, 2022 at 06:58:10 PM EST
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In a recent interview with Yahoo Finance Live, Fisker CEO Henrik Fisker called the restrictions counterproductive, arguing that the limitations would actually "slow the adoption of EVs."

"It's going to offer less choice to the consumers," he said. "I'll be surprised if there's even 10 vehicles in the US that will qualify for the full amount."

An analysis by the Congressional Budget Office estimated the $85 million set aside for new EV credits in the 2023 fiscal years would only translate to 11,000 new vehicles sold under the $7,500 credit. That pales in comparison to roughly 630,000 EVs sold in 2021 just in the U.S.

by Cat on Thu Aug 18th, 2022 at 07:01:27 PM EST
[ Parent ]
Blue/Border/Free State Maryland
waiting on distribution of $6B of unobligated CARES fed funds (d/b/a state "surplus") FY July 2022/23

[Maglev] Hogan touts transportation aid during his tenure, but counties say it still lags, 18 Aug

The president of the Maryland Association of Counties [MACo] said Thursday that a "significant increase" in state transportation aid represents a good start but more is still needed. ... the underlying formula governing that aid is lower than where it was before cuts were made more than a decade ago.
OLD state formula: 30% of total fed funds distributed to 24 county governments; NEW! state formula: 19.8%
Three decades ago, 23 counties would split roughly [75%] of the [federal DOT] aid. The final 25% would go to Baltimore city, which has no state roads.
Interstate 170, "Highway to Nowhere"
[Maglev] Hogan [gov-R], in an unusual opening day conference address, used his time to take one more victory lap for his two terms. Eight years ago, [Maglev] Hogan stood in front of the same group and vowed to restore lost state aid for local transportation projects.

"We prioritized funding for local transportation projects. The previous administration cut highway user [interstate toll] revenues by 90%. I promised you eight years ago if I was elected, we'd try to do something about that," said Hogan.

mass transit: purple line, red line, "Greater Baltimore" express bus system, $10B, 300 mph maglev "mega project"
That funding was slashed by as much as 96 percent under [Martin] O'Malley [gov-D] and the state [Reagan-Dem] legislature to help offset budget shortfalls deficit.
by Cat on Sun Aug 21st, 2022 at 09:10:54 PM EST
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