Renewable Energy Update: Key Trends and Developments

Here are several recent and notable developments in the renewable energy industry in Virginia, across the nation, and around the globe. 

 

Virginia CEUR Issues Proposal For Siting and Storage Standards

A new proposal from the Virginia Commission on Electric Utility Regulation (CEUR) aims to establish state standards for permitting and siting large solar and storage projects. Under the proposal, an advisory board would determine if a storage or solar project is a “critical interconnection project” of “statewide significance,” which would only include projects greater than a 20MW capacity. If a local jurisdiction denies a significant project, the developer could appeal the decision to the state. 

 

While this proposal won’t address distributed generation projects such as shared solar or community solar, it does reflect growing awareness that there needs to be a check on county denial of solar projects in light of the state mandate that Dominion Energy must reach 100% renewable by 2045 and Appalachian Power by 2050. 

 

Virginia Releases Highly-Anticipated Data Center Report

Meanwhile, the state is working to address the vast energy capacity demand of Virginia’s data center industry, which is the largest in the world. The Joint Legislative Audit and Review Commission recently released a detailed report that, among other things, reinforces the reality that solar projects alone cannot support data center growth. To avoid significant cost increases and generate enough capacity for all its consumers, the state will need to continue to move forward with a multi-faceted clean energy strategy that addresses local roadblocks.   

 

Virginia Ranks 4th in Nation for Renewable Energy

A new study from PennEnvironment Policy & Research Center has ranked Virginia as the fourth state in the U.S. for expanding renewable energy initiatives. The research used data from the U.S. Department of Energy and other sources on the implementation of wind, solar, geothermal, and battery storage projects, energy efficiency improvements, and electric vehicle use over the last decade. In specific areas, Virginia ranked ninth in new solar and eleventh in the number of electric vehicles on the road. 

 

Trump 2.0: What to Expect in the Renewable Energy Sector

Despite concerning campaign rhetoric about clean energy initiatives, attorney Jared Burden recently outlined some reasons the renewable energy industry can be optimistic about President Trump’s second administration in a new blog post

 

Many provisions of the Inflation Reduction Act (IRA) have positively impacted a wide range of geographic regions, making it complex and impractical to repeal with significant investments already underway. For example, in an August letter to Speaker Mike Johnson, 18 House Republicans argued that the clean energy tax credits shouldn’t be repealed because they’ve spurred innovation and created good-paying jobs in their districts. The oil and gas industry is also lobbying Republicans not to gut certain sections of the IRA.  

 

Levelized Cost for Wind and Solar Dropping Across the Globe

Wood MacKenzie recently announced that the levelized cost of electricity (LCOE) is dropping for renewable energy technologies, particularly wind and solar. There was a 4.2% decrease in LCOE across North America in 2024. According to WoodMac, the short-term drop was driven by diminishing costs and supply chain pressures. In the long-term, advancement in things like cell technology is expected to lower LCOE for solar 60% by 2060. While, LCOE for offshore and onshore wind projects is expected to decrease 67% and 42%, respectively, by 2060.    

   

Tesla Doubles Deployment of Energy Storage

Tesla’s Q3 earnings call revealed the company is on track to double its year-over-year energy storage deployments. In the third quarter, Tesla upped energy storage deployments to 6.9 GHw, an increase of 75% from Q3 2023. Utility Dive reported that the company is targeting shipping 100 GHw of stationary storage per year in the near future.

 

These recent developments underscore how renewable energy policy and the multifaceted efforts required to transition to a sustainable energy future will shift in the coming months and years. From regulatory changes and financial incentives to state-level programs and corporate trends, the landscape is evolving rapidly, offering both challenges and opportunities for stakeholders in the renewable energy sector. If you have any questions or require assistance, please contact GreeneHurlocker.

Author

Jared Burden
jburden@greenehurlocker.com
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