Insight and analysis from Day 1 of the Solar & Energy Storage Summit 2024

The 2024 Solar and Energy Storage Summit from Wood Mackenzie kicked off in San Francisco this week. We were there to capture all the debate and discussion on the future of the solar energy sector. If you couldn’t be there in person, we’ve got you covered. We are joined by a roster of expert analysts and industry leaders to explore the key topics. It’s a packed show, with conversation around the technology, policy and financing of the solar industry. 

There’s over a terawatt of solar, and gigawatts of storage in interconnection queues around the US. If all of that was built today, we’d have all the solar and storage we need to decarbonise the grid. How are these bottlenecks being eased? Why are projects taking years to complete? Becca Jones-Albertus, from US Department of Energy, joins us first on the show to discuss it, and analyse the latest advanced solar tech. 

Plus, what impact has the IRA had on the industry? Cassidy DeLine is CEO of Linea Energy, and she argues that there are three clear wins from the historic bill. David gets a new perspective on financing for projects from Kelsey Clair, Director at NY Green Bank, and a look at storage technology and government policy with Mike Graveley from the California Energy Commission.

 Finally, it wouldn’t be an energy podcast in 2024 without a look at the integration of AI. Kendra Williamson is Senior Principal at Key Capture Energy, and she talks with us about the nuances of storage optimisation. 

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For more information from our sponsor Convergent Energy and Power on their industry-leading battery storage and solar solutions, please go to convergentep.com

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Increased energy demand is inevitable. How do make sure the grid can cope?

We’ll likely need a grid twice the size it is today. And balancing supply and demand in the years ahead will require a smart approach.

Transmission capacity is one of the most important things to address as we accelerate the energy transition. Achieving net zero by 2050 will require an upgrade and expansion of the grid, in the UK and US. So how do we do it?

We are joined by Ben Wilson, Chief Strategy and Regulation Officer at National Grid, to analyse the grid-enhancing technology and investment we need to see deployed. Together they discuss the path to a smarter, more advanced grid.

Ben highlights the need for policy support as well; streamlining permitting processes is crucial.

In this episode, find out how National Grid is planning and investing in new infrastructure, the approach to finding and investing in the latest tech, and the importance of dynamic line ratings in managing energy demand.

About National Grid

National Grid is an electricity, natural gas, and clean energy delivery company serving more than 20 million people through our networks in New York and Massachusetts. National Grid is focused on building a smarter, stronger, cleaner energy future — transforming our networks with more reliable and resilient energy solutions to meet state climate goals and reduce greenhouse gas emissions.

Catch up on the latest episodes of National Grid’s podcast, The Clean Energy Revolution, which explores the people, policies, and projects that are leading the transition to clean energy.

For more information, please visit nationalgrid.com

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Can innovative new lithium extraction methods prevent a supply chain crisis?

New lithium extraction methods are essential to meet the rising demand driven by EVs and grid storage. Traditional methods are time-consuming, geographically limited, and in some cases environmentally damaging. The concentration of lithium mines worldwide has implications for the supply chain; the fewer producers there are, the higher the likelihood of disruption. Lithium often travels tens of thousands of miles, so reducing these scope 3 emissions is critical.

Xerion is a company who are trying to address this issue. John Busbee is Founder and CEO, and he chats to us about Xerion’s development of new lithium extraction techniques.

Xerion are also developing methods to create newer, more efficient batteries with the lithium they extract. Paul Braun is the Director of the Materials Research Laboratory, and Professor of Materials Science and Engineering at the University of Illinois. He also joins the show, and says there’s no escaping lithium as a key component for EVs and batteries, so the question is how to mine it efficiently and with minimal environmental impact.

New techniques in extraction and battery production promise to reduce CAPex by two-thirds and emissions by 40%. How do they do it? Can these technologies make clean energy more accessible and affordable? We find out. 

The Interchange will be at the annual Solar & Energy Storage Summit in San Francisco from the 12th of June. We’ll be recording some special shows from the event, with all the conversation and analysis on the solar sector in the US and beyond. Get your ticket at woodmac.com/events/solar-energy-storage-summit

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In the UK, the collaboration between banks and policymakers is crucial for accelerating the energy transition. The financial sector in the UK managed assets worth over 9 trillion UK pounds (11.3 trillion USD) as of 2020, with a considerable portion needing realignment towards sustainable investments to meet the 2050 net zero goal. The Climate Change Committee, an independent advisory board to the UK government, estimates 50 billion UK pounds, or US$60 billion per year, is needed to meet net zero goals.

Heather Buchanan is co-founder of Bankers For Net Zero, an initiative aiming to involve banks with governments to make better investment and policy decisions for the energy transition. One significant need for investment is the retrofitting of the housing stock; over half of the UK’s homes are old and inefficient. This a major challenge for banks. With host David Banmiller, Heather explores the financial implications of decarbonizing financed emissions from all banking products by 2050.

Plus, the importance of Energy Performance Certificates and measuring efficiency, the financial incentives to de-risk clean energy investments, and how B4NZ is working to engage banks, government and NGOs to drive us to net zero. Collaboration is crucial, but it’s a constant struggle.

For more information visit woodmac.com/podcasts. The Interchange is back at Wood Mackenzie’s Solar Energy and Storage Summit, in San Francisco on June 12. To secure your ticket visit woodmac.com/events/solar-energy-storage-summit.

In this episode:

00:00:08: Importance of collaboration between banks and policymakers for energy transition

00:00:43: About Bankers for Net Zero initiative

00:01:20: Discussion begins about financial community involvement in energy transition

00:01:35: Introduction and milestones of Bankers for Net Zero

00:04:19: Focus area for Bankers for Net Zero

00:06:06: Challenges faced in housing issue and retrofit issue

00:08:33: Introduction to National Retrofit Hub and role of energy performance certificate

00:10:40: Ideas to de-risk financial burden of energy efficiency

00:12:24: Coordinating energy efficiency on a larger scale

00:14:41: Importance of convincing constituents

00:15:22: Role of communities in the energy efficiency transition

00:16:20: Designing policy to support the energy efficiency efforts

00:18:01: Importance and issues of EPC in retrofitting

00:20:00: Balancing energy security and costs

00:23:35: The Role of Financial Institutions & SME's

00:25:50: Changes to GHG Protocols

00:27:04: Introduction to Project Perseus

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Estimates for the cost of decarbonising could be inaccurate. What does that mean for investment and policy-making?

About $1.2 trillion is invested annually in climate technology and infrastructure worldwide, with significant portions allocated to China due to its accelerated decarbonization goals. However, experts argue that about $9 trillion could be needed annually to effectively counter climate change, indicating a substantial gap in current funding​. Debate continues over the economic feasibility of such costs, to the detriment of progress, but what if the cost was actually far less? RMI, the research and clean energy advocacy group, says that this may indeed be the case. These forecasts could be overinflated by trillions of dollars. If that’s true, what will it mean for investors, markets and policy? 

We are joined by Dan Goldman, managing partner at Clean Energy Ventures, a VC that funds startups developing early stage breakthrough technologies. He says the there’s a significant investment shortfall – regardless of the total cost of decarbonising – currently to stabilise global temperatures. He discusses a downturn in venture capital investments in climate tech, particularly affecting early-stage companies and innovation in new technologies. Challenges remain in scaling up clean energy technologies due to a combination of high interest rates, inflationary pressures, and supply chain disruptions, which increase costs and complicate project implementations.

There's a specific shortfall in investment for infrastructure necessary for large-scale renewable energy implementations, like wind and solar, which are essential for a robust energy transition. We discuss how this could be addressed, and analyse the current economic environment, characterized by high costs and uncertain returns.  

Is it these barriers that are hindering significant capital flow into this sector, or the forecasted cost for decarbonising global energy systems? How can global financial strategies be adjusted to accelerate the necessary investments in clean energy and technology? Find out on the show.

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SMRs: a new horizon in Nuclear Power.

This week on The Interchange: Recharged, we are joined by Ted Nordhaus, Executive Director at the Breakthrough Institute, an environmental research centre in Berkley, California. They focus on finding technological solutions to environmental problems.

Achieving a net-zero emission grid by 2050, they claim, with a significant nuclear component would not only be feasible but also cost-effective compared to over-reliance on variable renewable energy sources. This approach requires substantial investment, estimated between US$150 to US$220 billion by 2035, escalating to over a trillion dollars by 2050. Together they discuss the likelihood that the private sector will drive this investment, provided that nuclear technologies are economically viable and regulatory uncertainties are addressed. They look at the Build Nuclear Now campaign, which aims to rally public support for nuclear energy and drive towards grassroots pro-nuclear advocacy. Is this a sign that public sentiment is changing?

The main challenges hindering the adoption of nuclear energy include regulatory hurdles, financial barriers and ongoing concerns surrounding nuclear safety. Ted explains that regulatory reform and public sector commitment could overcome these obstacles. The Nuclear Energy Innovation and Modernisation Act are examples of a policy aimed at modernising the regulatory environment, to facilitate the licensing of advanced nuclear reactors.

So, are SMRs the solution to everything nuclear? They’re designed to produce between 50 to 300 MW of electricity per module, which is about one-third of the generation capacity of traditional nuclear power reactors. NuScale's design (listen back to our episode from April last year for more on this) for instance, is for a 77 MW module, with plans to deploy modules in groups that can generate up to 924 MW. The U.S. Department of Energy (DOE) has been actively supporting SMR development, investing over US$600 million in the past decade to assist in the design, licensing and siting of new SMR technologies in the U.S. The technology seems to be there, as does the baseline investment.

What’s next for the nuclear industry? Listen to find out.

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New battery technology could get EV prices down and drive mass adoption

In this week’s episode of Wood Mackenzie’s The Interchange Recharged, we look at the rapidly evolving landscape of EVs and the battery technology that powers them. Market sentiment in the US is up and down; despite a 40% sales increase from the last quarter of 2022 to the same period in 2023, the industry is struggling with competition from China amid a price war. Batteries have a critical role to play in accelerating mass EV adoption and so their dramatic cost reduction - nearly 90% over the past 14 years – has potentially sparked an EV revolution.

Joining us is Haresh Kamath, an expert in energy storage and clean tech from the Electric Power Research Institute (EPRI). Together, they explore the nuances of battery economics, the potential of cutting-edge technologies like solid-state batteries and the imperative of developing efficient recycling methods to sustain this green momentum.

They examine the challenges of scaling EV infrastructure and supply chains, looking forward at the technologies that will continue to drive down costs and extend EV ranges.

Subscribe to The Interchange Recharged on your preferred podcast platform, and join the conversation on X – we’re @interchangeshow. 

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A breakthrough way of producing hydrocarbons, crucial to the aviation industry, could reduce costs and accelerate decarbonisation.

Sustainable aviation fuel (SAF) is a key component in the aviation industry's path to decarbonization, which contributes to only 2% of global carbon emissions but is actively seeking cleaner solutions. Airbus and other aerospace companies are leading the charge, with Airbus integrating over 11 million litres of SAF in its operations in 2023, reducing carbon emissions significantly. The industry aims to increase SAF production to 17.5 billion litres by 2030, supported by initiatives like the IRA. 

On this episode of Wood Mackenzie's The Interchange Recharged, we speak with Andrew Symes, founder and CEO of OXCCU. They’re developing a more efficient way of converting CO2 and hydrogen into hydrocarbons, potentially a monumental step towards more scalable and environmentally-friendly fuels. 

Despite technological advancements, challenges in financing, regulatory support, and talent acquisition persist. SAF's integration with existing aviation infrastructure without the need for modifications is one key benefit; it could create a smoother transition to greener aviation, with expectations for SAF to achieve cost parity with Jet A fuel (the current standard) as technology and scale improve. The SAF industry enjoys broad support from airlines, governments and regulatory initiatives, who are pushing for increased SAF adoption towards a net-zero future by 2050. The technology behind SAF, and as Andrew explains, the science behind OXCCU, not only promises to revolutionise aviation but also has applications in producing chemicals and plastics, signalling a broader impact on sustainability across various sectors and the goal of a circular economy.

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Half of the energy workforce is employed in clean energy technologies. By 2030, over 10 million new jobs will need to be filled as the energy transition continues. China, for example, employs 3 million workers in clean energy manufacturing – accounting for 80% of solar PV and EV battery manufacturing jobs globally. Skill shortages are as significant a bottleneck as lack of investment or supply chain constraints, so how can the industry ensure there’s enough people to build, maintain and design clean energy infrastructure?

On the show today, we are joined by Caleigh Andrews, Energy Analyst and Modeller at the International Energy Agency. The IEA emphasises the need for clear policies that drive demand for clean technologies, in order to attract and retain skilled labor. Reskilling and attracting new people to the energy workforce require a combination of market incentives and political will, so what are these incentives? And what can governments do to incentivise reskilling?

AI can play a role in easing the skilling burden and establishing standardised credentials, but with manufacturing and maintenance a large part of it, are the use cases for AI limited?

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Recent legislation in the US promises to be a boon for geothermal energy production.

In January, the US House Energy and Commerce Committee passed a bipartisan bill that could have a big impact on the geothermal sector. Effectively putting geothermal on the same footing as oil and gas - by excluding geothermal development from strict NEPA rules – the bill could cut the red tape and boost production in the sector.

Geothermal has a lot of potential. The DOE estimates it could contribute almost 10% of US energy capacity by 2050. New geothermal technology, which uses horizontal drilling to drill multiple wells into geothermal reservoirs from a single location, is a promising start, but more innovation is needed to become cost competitive.

Joining us to discuss the legislation, and the technology that underpins the geothermal sector, are Dr Joseph Moore - Research Professor at the University of Utah and Managing Principal Investigator at Utah FORGE, a geothermal research facility managed by the Energy & Geoscience Institute at the University of Utah, and sponsored by the DOE – and Lauren Boyd, Director of the EERE’s Geothermal Technologies Office, which is sponsoring the Utah FORGE laboratory. 

Together they examine the cost, operation and scope for geothermal energy in the US.

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