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Evolving Business Models for Renewable Energy: 2014 Industry Review  June 2014  EVOLVINGBUSINESSMODELSFORRENEWABLEENERGY:2014INDUSTRYREVIEW EVOLVING BUSINESS MODELS FOR RENEWABLE ENERGY: 2014 INDUSTRY REVIEW JUNE 2014 AMERICAN COUNCIL ON RENEWABLE ENERGY (ACORE) ACORE,a501(c)(3)nonͲprofitmembershiporganization,isdedicatedtobuildingasecureandprosperousAmerica withclean,renewableenergy.ACOREseekstoadvancerenewableenergythroughfinance,policy,technology,and marketdevelopmentandisconcentratingitsmemberfocusin2014onNationalDefense&Security,Power Generation&Infrastructure,andTransportation.Additionalinformationisavailableat:www.acore.org POWER GENERATION & INFRASTRUCTURE INITIATIVE PowerGeneration&InfrastructureInitiativebringstogetherleadersfromtheutility,business,investment, regulatory,publicandnonͲprofitsectorsto:(1)examinethechallenges,opportunitiesandappropriatestrategies relatedtotheexpandeduseandeffectiveintegrationofrenewableenergyinthepowergenerationsector;and(2) explore21stcenturybusinessmodelsthatwillallowforthisrenewableenergyscaleͲup.Additionalinformationis availableat:www.acore.org/programs/memberͲinitiatives/powerͲgeneration COPYRIGHT ©2014ACORE AllRightsReservedunderU.S.andforeignlaw,treaties,andconventions.Thisworkcannotbereproduced, downloaded,disseminated,published,ortransferredinanyformorbyanymeanswithoutthepriorwritten permissionofthecopyrightownerorpursuanttotheLicensebelow: Publishedby: AmericanCouncilOnRenewableEnergy(ACORE) 1600KSt.NW,Suite650 Washington,DC20006 202.393.0001 QuestionsorComments:[email protected] 1 AmericanCouncilOnRenewableEnergy(ACORE) EVOLVINGBUSINESSMODELSFORRENEWABLEENERGY:2014INDUSTRYREVIEW POWER GENERATION & INFRASTRUCTURE INITIATIVE ADVISORY COMMITTEE AUTHORS ACORE AbengoaSolar AmericanCleanEnergy RESAmericas ToddFoley,JamesHewett, PaperCoͲAuthoredby SteveMorgan ShaliniRamanathan LesleyHunter,and ConcentratingSolarPower MichaelBrower AllianceandPerkinsCoieLLP FredMorse(Abengoa),Kate Maracas,Frank(Tex)Wilkins, andArthurHaubenstock ScottMadden,Inc. SiemensSmartGrid Sullivan&WorcesterLLP ChrisVlahoplus,CristinLyons, Services JimWrathall,EliasHinckley andPaulQuinlan ChrisKing andJohnFrenkil POWER GENERATION & INFRASTRUCTURE INITIATIVE SPONSORS 2 AmericanCouncilOnRenewableEnergy(ACORE) EVOLVINGBUSINESSMODELSFORRENEWABLEENERGY:2014INDUSTRYREVIEW TABLE OF CONTENTS ExecutiveSummary.................................................................................................................4 EvolvingBusinessModelsforRenewableEnergy.....................................................................5 RenewableEnergyDriversofChangeandOverviewofActionsfromtheUtilityPerspective, ScottMadden,Inc...............................................................................................................................5 DistributedEnergy:UnderstandingandMitigatingCommercialandRegulatoryRisks, Sullivan&Worcester,LLP.................................................................................................................11 RevisitingtheElectricitySystem:LeveragingDistributedGeneration,AmericanCleanEnergy..........15 RoleofIndustrialandCommercialEnergyUsersinChangingUtilityBusinessModels, RESAmericas.....................................................................................................................................20 MarketSpotlights..................................................................................................................24 GridIntegrationChallengesandtheRoleofConcentratingSolarPower,ConcentratingSolar PowerAlliance,PerkinsCoie,LLPandAbengoaSolar.....................................................................24 ElectricVehicles:Flexibility,Creativity,andProfitPotentialforUtilities,SiemensSmart GridServices......................................................................................................................................28 3 AmericanCouncilOnRenewableEnergy(ACORE) EVOLVINGBUSINESSMODELSFORRENEWABLEENERGY:2014INDUSTRYREVIEW EXECUTIVE SUMMARY Renewableenergycontinuestogrowasashareof challenges,opportunitiesandappropriatestrategies ournationsoverallelectricityportfolio,now relatedtotheexpandeduseandeffective responsiblefor14%oftotalU.S.powergeneration. integrationofrenewableenergyinthepower Acombinationofprivatesectoringenuity, generationsector;and(2)explores21stcentury investmentandgovernmentpolicycertaintyhave businessmodelsthatwillallowforthisrenewable drivensignificantcostreductions,technology energyscaleup. improvements,andscaleupoftherenewable energyindustryoverthepastseveralyears.In2013, PURPOSEOFTHISREPORT nearly40%ofallnewU.S.electricitygenerating ThisIndustryReviewexploreskeyissuesand capacitycamefromrenewableenergy. providesrecommendationsrelatedtotheevolving Atthesametime,developmentsinnaturalgas powersectorandincreaseduseofrenewable extractionoffergameͲchanging,buthighlywaterͲ energy,particularlyrelatedtodistributedgeneration intensiveopportunities;stringentenvironmental andtheeffectiveintegrationofadvancedgrid standardsraiseperformancerequirements;the technologiessuchassmartgridsandmicrogrids.This centralcoalandnucleargenerationfleetisrapidly reportprovidesaseriesofindustryperspectiveswith aging,foretellingaverycostlyreplacementscenario; usefulanalysis,data,andinsightforrenewable andthetransmissionanddistributionsystems energyandutilitystakeholders,including: requireexpansionandupgrade.Anupdatedpolicy Insightintohowdistributedgenerationand frameworkandsignificantcapitalinvestmentare advancedgridtechnologiesarechangingthe requiredtomodernizethepowergenerationsector powergenerationsectorandtraditionalutility andassurereliableservice.Technological businessmodels innovations,regionaldifferencesinresource availability,thechangingnatureofcustomer Suggestedoutcomesforthesuccessful relationsandusepatterns,emergingfinancing integrationofrenewableenergyatscale structures,theelectrificationofthetransportation sector,andamurkypolicycertaintyoutlookpresent SpotlightsonhowCSPandEVsarechangingthe challengesandopportunitiesforthissector. wayutilitieslookatgeneration,integration,and storage Buildingontheconsiderableprogresspower generationcompaniesacrosstheU.S.aremakingto Agroupofprominentrenewableenergydevelopers, integraterenewableenergy,ACOREsPower professionalservicefirms,energyservicecompanies, GenerationandInfrastructureInitiativebrings andothergroupsauthoredthesixarticlesinthis togetherleadersfromtheutility,businessand Review. investment,regulatory,public,andnonͲprofit sectorstodefineaviablearchitectureforthescale Theviewsandopinionsexpressedinthisreportare upandsystemsintegrationofrenewableenergy thoseoftheauthorsanddonotnecessarilyreflect resources.Thecollaboration:(1)examinesthe theviewsofACORE. 4 AmericanCouncilOnRenewableEnergy(ACORE) EVOLVINGBUSINESSMODELSFORRENEWABLEENERGY:2014INDUSTRYREVIEW RENEWABLE ENERGY DRIVERS OF CHANGE AND OVERVIEW OF ACTIONS FROM THE UTILITY PERSPECTIVE ChrisVlahoplus,CristinLyons,andPaulQuinlan ScottMadden,Inc. Renewablegenerationresources,coupledwiththe InitiativesTaskForce(EITF),havetakena innovationofenablingtechnologyonthe conservativeapproachtostateregulatoryriskby distributiongrid,arecreatingthepotentialfor includingrequirementsinrequestsforproposals disruptivechangeforelectricutilities.WhileutilityͲ (RFPs)thatthebiddercomplywithallstateutility scalerenewablestrategiescanbesimilarto laws.Understandingthenuancesofstateregulation traditionalutilityͲscalegeneration(i.e.,largeͲscale mayprovideanopportunityforpowerpurchase assetswithpurchasepoweragreements(PPAs)),the agreements(PPAs)tobeexecutedthatmight utilitybusinessmodelmayfacesignificantchanges otherwisenotbeconsideredreadilyfeasible. fromcustomerͲsiteddistributedresources, especiallydistributedsolarphotovoltaics(PV). FederalregulationofpublicutilitiesbytheFederal EnergyRegulatoryCommission(FERC)isrelatively Utilitiesresponsestodistributedgenerationhave wellͲunderstood,andthereforeisnotthefocusof varied,rangingfromfinancingprojectsoutsideof thisarticle. theserviceterritorytoowningandoperating distributedgenerationwithintheserviceterritory. DRIVERSOFCHANGE Regardlessofdirection,utilitiesarefacedwiththe Resourcesthathavethepotentialtoshifttheutility needtorethinkhowdistributedresourcesaffect businessmodelaregenerallyappearingonthe theirapproachto:realͲtimeoperations;system customersideofthemeterandprovidingutility planning;customerengagement;andstrategy, customerswithalternativestosupplytheir regulatory,financial,andstakeholdermanagement. electricityneedsthatdidnotpreviouslyexist. Inresponse,utilitiesshouldtakeproactiveactionto: PrincipalselfͲsupplyenergyresourcesincludesolar Renewtheregulatorycompact PV,combinedheatandpower(CHP),demand Market,test,orpilotalternativeresources response,andmicrogrids.Theprimarydrivers Defineadjustmentstotheoperatingmodel propellingthegrowthofdistributedgeneration Defineadjustmentstothebusinessmodel resourcesinclude: Despitesomerhetorictothecontrary,utilitieswill TechnologyandDistributedGeneration continuetoexistandplayavitalroleinproviding Advances:AdvancesinPVtechnology,coupled valuableservicestocustomers.Therefore,utilities withcommoditypricedeclines,areintroducing musthaveroomtobecomevaluablepartnersto unprecedentedlevelsofnonͲtraditional ensurethatdistributedgenerationbecomesalongͲ generationtothegrid.Inaddition,distribution term,positiveenhancementoftheelectricgrid. automation,advancedandaggregateddemand response,energyefficiency,andautomated Inrenewableenergyprojectdevelopment, meteringinfrastructureareimprovingthe regulatoryriskcanoftenbeoneofthemore reliabilityandefficiencyofthegrid. frustratingissuesthatrenewableenergydevelopers mustaddress.Todate,U.S.DepartmentofDefense
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