LADWP Board Members To Offer Solar Energy At Record Low Rates

Board of Commissioners at The LA Department of Water and Power (LADWP) will probably approve a two-phase 25-year PPA (power purchase agreement) at the rate of 1.3¢ per kWh for electricity from a 400 MW/800 MWh power storage system, and 1.997¢ per kWh for 400 MWac/530 MWdc of solar energy.

As first reported by photovoltaic news journal pv magazine, the Eland Solar & Storage Center project would offer solar energy at cheapest rates throughout the country, and one of the cost-effective across the globe. James Barner—LADWP manager for strategic initiatives—informed Forbes.

A private solar and storage development company, 8minute Solar Energy, is constructing the project. Under this project, the company will build two 200 MWac solar phrases.

General Electric—American multinational conglomerate—revealed that it would terminate its outdated and uneconomical natural gas-fired plant. It plans to sale the site for the construction of an energy storage project.

With the expansion and significantly more utilization of renewable, the energy production rate by fossil fuels has lagged behind renewable energy in terms of energy generation.

Chubb—the globally biggest commercially traded property and casualty insurance firm—has revealed fresh guidelines on coal.

On a similar note, the renewable energy capacity of Brazil will reach 60 GW by 2030, according to analytics firm GlobalData. The estimated compound annual growth rate of renewable energy capacity would be 6% throughout the period.

Last year, the country’s total renewable capacity was 31 GW.

GlobalData expects that the reason behind the expansion in the upcoming years will likely be due to renewable energy targets accomplishment, increasing renewable energy auctions, tax incentives, and grid access policies.

Renewable energy will probably make up nearly 18% of the country’s grid. The key renewable energy generators, onshore wind turbines and solar photovoltaic, are likely to grow annually at the rate of 6% and 14%, respectively.