During the November Constellation monthly Energy Market Intelligence Webinar, Constellation’s Commodities Management Group (CMG) provided comprehensive coverage of various significant factors...
The post Webinar Analysts: 2024 Election Impacts, Winter Weather Outlook and Natural Gas Fundamentals appeared first on Constellation's Energy4Business Blog.
[attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/dc/elements/1.1/] => Array ( [creator] => Array ( [0] => Array ( [data] => Constellation [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/rss/1.0/modules/content/] => Array ( [encoded] => Array ( [0] => Array ( [data] => 3 min readDuring the November Constellation monthly Energy Market Intelligence Webinar, Constellation’s Commodities Management Group (CMG) provided comprehensive coverage of various significant factors affecting the energy landscape. The webinar featured discussions on current drivers of energy market prices including a forecast of winter weather, the impact of the 2024 election on energy markets, natural gas production and storage fundamentals and a look at the 2024 NERC Winter Assessment.
Weather Report
The team kicked off the webinar covering the current weather patterns and forecasts. The latest data suggests a neutral or weak La Niña leading to a more neutral weather pattern, with above-normal temperatures in the eastern U.S., while the Northwest and Rockies may experience stormy and cold weather. The team also discussed the recent hydro outlook in California and an update on the drought conditions across the U.S.
All Things Economic
Moving to the economy, Chief Economist, Ed Fortunato, provided insights into the current and future state of the economy post-election. In the short-term, the stock market and cryptocurrency markets have responded positively to the election and economic indicators such as mortgage rates, yield curve and GDP point towards a strengthening economy. In the longer term, the market seems to be anticipating corporate tax cuts, potential rollbacks of regulations and the impact of tariffs on imported goods.
2024 Election Impacts
The biggest news in the United States in November was the 2024 Presidential election and the perceived impacts that a second Trump administration would have on the energy markets. Constellation’s Vice President of Federal Government Affairs, David Gilbert, joined the webinar to provide his insights into the next four years. The discussion highlighted the future of regulations that have hindered oil and gas drilling. In the renewable space, the clean energy support of the Inflation Reduction Act (IRA) may be in jeopardy as well as U.S. involvement with the Paris Climate Agreement. The team also covered budget reconciliation, which is a legislative process that allows for expedited consideration of certain tax, spending and debt limit legislation that the administration will try to pass.
Natural Gas Fundamentals
Mild weather to start the traditional “heating season” has allowed for injections to continue, bringing stocks just below 4.0 Tcf, a level not seen since 2016. On the production side, several key factors such as heating demand and policies of the incoming administration are influencing producers’ activity, which has settled around 100-101 Bcf/d in recent months.
NERC Winter Assessment
The team then highlighted the NERC Winter Reliability Assessment, the steady increase in natural gas demand from generation and its implications for grid reliability. The assessment emphasized the importance of ensuring sufficient natural gas supplies to meet the increased demand during the winter months. It also addressed the potential risks and challenges associated with maintaining grid reliability in the face of variable weather patterns and increased energy consumption. Overall, the assessment underscored the need for careful planning and coordination to ensure a reliable energy supply during the winter season.
Market Trends and Temperature
The team concluded the webinar by looking at forward power charts, the “Market Temperature,” and other factors affecting the energy market.
We invite you to join us for our next Energy Market Intel Webinar on Wednesday, December 18 at 2 pm ET. Constellation energy experts will offer detailed and timely updates on factors affecting energy landscape such as weather, natural gas storage and production, and domestic and global economic conditions. Register by visiting www.constellation.com/marketintelwebinar.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved. The views, thoughts and opinions expressed in the webcast by each participant belong solely to the speaker and not necessarily to the speaker’s employer (including Constellation Energy Corporation or any of its affiliates), organization, committee or other group or individual. Constellation does not make and expressly disclaims, any express or implied guaranty, representation or warranty regarding any opinions or statements set forth herein or in the webcast. Constellation shall not be responsible for any reliance upon any information, opinions, or statements contained in the webcast or for any omission or error of fact.
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The post Managing Scope 2 Emissions appeared first on Constellation's Energy4Business Blog.
[attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/dc/elements/1.1/] => Array ( [creator] => Array ( [0] => Array ( [data] => Constellation [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/rss/1.0/modules/content/] => Array ( [encoded] => Array ( [0] => Array ( [data] => 3 min readAs businesses work to reduce their carbon footprint and meet sustainability goals, addressing Scope 2 emissions has become a critical part of their environmental strategy. Businesses can implement a variety of immediate and long-term solutions to reduce Scope 2 emissions and meet their sustainability goals.
Understanding Scope 2 Emissions
These indirect greenhouse gas emissions come from purchased energy used to power company operations. Although they physically occur at the facility where the energy is generated, they are included in an organization’s GHG inventory because they stem from the organization’s energy use.
When accounting for Scope 2 emissions from purchased electricity, businesses have two primary approaches:
- Location-Based Method: Assesses average emission factors for regional utility grids supplying a company’s facilities. It provides insights into the general carbon intensity of electricity where a company operates.
- Market-Based Method: Reflects emissions from electricity that companies have purposefully chosen. It inventories emissions via contractual instruments, which include any type of contract between two parties for the sale and purchase of energy bundled with attributes about the energy generation, or for unbundled attributes.
While understanding the distinction between location-based and market-based methods is crucial, businesses should also consider the impact of their chosen solutions. To effectively reduce emissions, it’s important to consider strategies based on their timeframes. At Constellation, we have a variety of Scope 2 products categorized by their immediate and long-term impact.
Solutions for Reducing Scope 2 Emissions
Reducing Scope 2 emissions is essential for demonstrating a commitment to environmental sustainability. This can be achieved through carbon-free power generation, energy efficiency measures, on-site generation, purchasing renewable energy certificates (RECs) or emission-free energy certificates (EFECs), and improving grid integration.
When choosing the optimal solutions, businesses should consider several factors including urgency, budget constraints and sustainability goals. Immediate impact solutions provide quick, measurable results for urgent emissions reduction, while long-term solutions involve direct actions and commitments, supporting the development of new renewable energy projects.
Immediate Impact Solutions
Customers can make a cost-effective investment to support the production of electric power from generation sources that do not directly emit greenhouse gases (GHG) by purchasing carbon-free or renewable electricity. Both are easy to implement, significantly impact emissions reduction and help meet sustainability goals.
- Emission-Free Energy Certificates (EFECs) represent the emission-free attributes of generation sources like solar, wind, nuclear and hydropower. Available in both regulated and competitive energy markets, this low-cost solution supports emission-free energy generation sources and may assist your company in meeting goals for lowering emissions associated with its annual electricity consumption.1, 2
- Renewable Energy Certificates (RECs) support sustainability goals by representing the environmental benefits of renewable energy. Sourced from renewable generating facilities within the continental U.S., each REC represents proof that energy has been generated from renewable sources and is retired on behalf of a company’s environmental commitment.
- Project-Specific RECs offer location-specific benefits by sourcing RECs from specific offsite renewable projects. Available in both competitive and regulated energy markets, businesses that purchase project RECs are supporting renewable energy projects that can lower their Scope 2 emissions.2
Long-Term Solutions
Businesses looking for longer-term solutions can choose between solutions that provide substantial benefits and significantly reduce carbon emissions.
- Constellation Offsite Renewables (CORe) integrates renewable energy purchases from existing or new build renewable generation assets into a load-following energy supply agreement. Constellation provides customers energy and project RECs from the renewable project.
- Hourly Carbon-Free Energy Matching (HCFE) aligns a company’s electricity consumption with local, emission-free energy sources on an hourly basis, helping eliminate carbon impact so businesses can reach net-zero goals.
Charting a Path Towards Sustainability
Businesses can leverage any of these immediate impact or long-term solutions to find the optimal strategy that aligns with their needs. Connect with a Constellation expert today to identify a custom strategy and move towards a more sustainable future.
1 Check your GHG reporting protocols to confirm.
2 Based on current World Resources Institute (WRI) guidance. Scope 2 reporting claims of this product may be affected by future changes.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation Navigator, LLC, Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved.
The post Managing Scope 2 Emissions appeared first on Constellation's Energy4Business Blog.
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The post Expanding Access to Offsite Renewable Energy appeared first on Constellation's Energy4Business Blog.
[attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/dc/elements/1.1/] => Array ( [creator] => Array ( [0] => Array ( [data] => Constellation [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/rss/1.0/modules/content/] => Array ( [encoded] => Array ( [0] => Array ( [data] => 2 min readThe search for sustainable energy solutions has become a defining narrative in the corporate sector, proving the escalating commitment of businesses to sustainable practices. This commitment is evident in the current energy landscape, which has seen remarkable year-over-year growth in renewable energy procurement. As we continue our series on the foundational elements of corporate sustainability, we now build on our previous discussion and turn to the solutions that are driving this transformation.
At Constellation, part of our mission is to guide organizations on their transition towards cleaner energy sources. Our innovative approaches allow companies to face the challenges and opportunities that come with the transition while reducing their carbon footprint. Constellation’s Offsite Renewables (CORe) program is our proven solution that offers businesses renewable energy products that focus on transaction simplification and risk management.
Simplifying the Complex: Expanding Access Through CORe
Constellation launched CORe to help handle the intricacies of offsite clean energy purchasing. The program simplifies and scales the procurement process, making renewable energy more accessible.
After successfully implementing the initiative for some of the largest corporations and institutions across the U.S., Constellation dedicated itself to expanding access to small- and medium-sized businesses. This platform expansion aims to make the clean energy revolution more inclusive by breaking down barriers that traditionally prevented small- and medium-sized businesses from participating in offsite renewable projects. Offering renewable energy in smaller increments empowers a broader range of companies to participate and support the financial viability of new renewable energy projects.
Advancing Renewable Energy Solutions
The CORe program facilitates access to clean power and integrates risk management solutions that help mitigate potential financial risks associated with renewable energy procurement. This approach supports the financial viability of new renewable energy projects and helps businesses manage their carbon footprints more effectively.
Key Benefits of Expanding Access
The expansion of Constellation’s offsite renewable product suite to smaller customers offers a range of advantages, making renewable energy procurement more accessible and manageable for customers of all sizes. By providing tailored solutions, CORe empowers companies to take significant steps towards sustainability. Here are some of the key benefits:
- Simplification: The CORe program simplifies the contracting process, making it easier for businesses to support clean energy development.
- Inclusivity: By offering clean energy in smaller increments, CORe expands the ecosystem of companies that can participate in the offsite renewable marketplace.
- Risk Management: The program includes integrated risk management services that help organizations effectively manage the unpredictable budgets associated with clean energy purchasing.
Join Constellation in the Renewable Energy Movement
The drive for renewable energy procurement is growing, and Constellation is leading the transition. Whether you’re a small business or large corporation, you can find tailored solutions to help you achieve your sustainability goals. By participating in CORe, your company can contribute to building a sustainable, inclusive energy future.
Take Action
The Preparing for the Next Era of Corporate Renewable Procurement White Paper delves deeper into offsite renewable energy procurement as well as Constellation’s other innovative offsite clean energy solutions. Looking to take a proactive step towards sustainability? Learn more about the full scope of Constellation’s renewable energy solutions and how we can help you transform your sustainability journey by downloading our white paper today.
Learn more about how you can leverage Constellation’s expertise to shape your energy strategy.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation Navigator, LLC, Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved.
The post Expanding Access to Offsite Renewable Energy appeared first on Constellation's Energy4Business Blog.
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The post Plugged In Podcast: Navigating the Future of Nuclear Energy appeared first on Constellation's Energy4Business Blog.
[attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/dc/elements/1.1/] => Array ( [creator] => Array ( [0] => Array ( [data] => Constellation [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/rss/1.0/modules/content/] => Array ( [encoded] => Array ( [0] => Array ( [data] => 3 min readThe energy landscape is undergoing a significant transformation, driven by factors such as the data economy and national security. Customers are looking for clean, emissions-free energy they can rely on and nuclear energy is an obvious choice for customers. However, the path to widespread adoption of new nuclear technologies is full of challenges. Innovative solutions and investments are being pursued as organizations work to overcome these challenges and achieve a sustainable energy future.
While the energy industry is increasingly recognizing the importance of nuclear, the path to widespread adoption requires the collaborative efforts of policymakers, industry leaders and innovators to address high costs associated with early deployment and the need for robust policy and regulatory support.
Policy and Regulatory Support
Addressing rising demand challenges requires strong policy and regulatory actions to ensure that the grid can handle increasing demand while maintaining reliability.
Federal programs play a pivotal role in supporting the existing nuclear fleet. These programs provide financial incentives and stability, ensuring that nuclear plants can continue to operate and invest in necessary upgrades. This surge in demand underscores the importance of innovative solutions and technological advancements in the energy sector.
Small Modular Reactors (SMRs) and Investment in Nuclear Energy
Building on the strengths of traditional nuclear energy, Small Modular Reactors (SMRs) have emerged as a promising solution. Designed to be smaller and more flexible than traditional nuclear reactors, SMRs represent a significant advancement in nuclear technology. SMRs also offer enhanced safety features, scalability and the ability to be deployed in a variety of settings, making them ideal for replacing fossil generation and providing reliable, carbon-free power.
Recognizing the potential of SMRs, various companies and organizations are investing in these innovative technologies to meet policy requirements and achieve their sustainability goals. For instance, Google has partnered with Kairos Power to support the first commercial deployment of Kairos Power’s reactor by 2030 and a fleet totaling 500 MW of capacity by 2035. This partnership aims to accelerate the development and deployment of advanced nuclear technologies, contributing to Google’s 24/7 carbon-free energy and net-zero goals.
Similarly, Amazon has signed agreements to support the development of several new SMRs as part of its plan to transition to carbon-free energy. These projects include the construction of SMRs by Energy Northwest and investments in X-energy’s advanced nuclear reactor design. These initiatives demonstrate the growing interest and investment in SMRs as a viable solution for meeting the increasing energy demands while reducing carbon emissions.
Another organization that’s making significant strides in the deployment of SMRs is Rolls Royce. The company signed a Memorandum of Understanding with ULC-Energy BV to support the deployment of a fleet of Rolls-Royce SMRs in the Netherlands. These reactors are designed to provide consistent baseload generation for at least 60 years, with 90% of the SMR being built in factory conditions, which significantly reduces project risk and shortens construction timelines.
These investments by leading companies and organizations highlight the growing confidence in SMRs as a key component of the evolving energy landscape. By leveraging advanced nuclear technologies, they are not only addressing the challenges of decarbonization and grid reliability but also paving the way for a more sustainable and resilient energy system.
Learn More with Our Podcast
If you’re interested in learning more about the challenges and solutions in the energy sector, we invite you to listen to our podcast, Plugged In: Exploring Energy, hosted by Chuck Hanna, Vice President of Solutions and National Accounts at Constellation. In the first episode, we dive deeper into the topics covered in this blog, as well as additional topics including the impact of AI and data centers on electricity demand, the importance of developing nuclear technologies domestically for international partnerships and national security and the various industry-specific applications of microreactors. Tune in for our entire series to gain valuable insights and stay informed about the future of energy.
By addressing these challenges and offering custom solutions, Constellation is leading the way in the transition to a sustainable and reliable energy future. Join us on this journey and discover how we can help you achieve your energy goals.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved. The views, thoughts and opinions expressed in the blog and podcast by each participant belong solely to the speaker and not necessarily to the speaker’s employer (including Constellation Energy Corporation or any of its affiliates), organization, committee or other group or individual. Constellation does not make and expressly disclaims, any express or implied guaranty, representation or warranty regarding any opinions or statements set forth herein or in the webcast. Constellation shall not be responsible for any reliance upon any information, opinions, or statements contained in the webcast or for any omission or error of fact.
The post Plugged In Podcast: Navigating the Future of Nuclear Energy appeared first on Constellation's Energy4Business Blog.
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The post Reducing your Carbon Footprint with RECs and EFECs appeared first on Constellation's Energy4Business Blog.
[attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/dc/elements/1.1/] => Array ( [creator] => Array ( [0] => Array ( [data] => Constellation [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/rss/1.0/modules/content/] => Array ( [encoded] => Array ( [0] => Array ( [data] => 4 min readAs we continue our series exploring strategies organizations can implement to reduce their carbon footprint, this post explores the next steps in the sustainability journey by evaluating organizations’ energy sources and ways to mitigate emissions through decarbonization.
While decarbonizing your organization’s energy supply may seem daunting, there are a variety of options to consider. Your organizational objectives should inform whether your plan focuses on renewable energy supply, supply from carbon-free non-renewable resources, or a combination of both. With guidance from an energy supplier, your business can navigate the energy solutions that can help decarbonize your organization’s energy supply, a crucial step towards meeting your overall environmental goals.
Choose Carbon-Free Energy Sources
Emission-Free Energy Certificates (EFECs) allow businesses to quickly begin their process towards achieving and claiming lower emissions. EFECs represent one megawatt-hour (MWh) of electricity generated from an emission-free source, typically nuclear energy. By purchasing EFECs matching all or a portion of your organization’s electricity usage, your organization is supporting emission-free generation sources, while reducing emissions associated with its annual electricity usage. This is an especially effective solution for:
- Organizations that are not well-positioned to source their power from onsite renewable sources based on land or capital limitations
- Organizations that do not have a specific sustainability roadmap established but want to communicate their incremental efforts and impacts
- Assisting your company in meeting goals for lowering emissions associated with its annual electricity consumption1, 2
Champion Carbon Reduction
Another option is by matching all or a portion of your organization’s annual electricity usage with Renewable Energy Certificates (RECs). RECs serve as a way to incentivize renewable energy generation and support the development of clean energy projects. They provide a means for businesses, organizations and individuals to claim the environmental benefits of renewable energy without having to physically consume the electricity generated from renewable sources. Each REC represents the environmental benefits of one megawatt-hour (MWh) of electricity generated by a renewable power plant and is retired on behalf of your environmental commitment.
RECs can be purchased as a block or a percentage of your electricity supply to match a percentage of your organization’s annual energy use and allow you to claim a reduction in “Scope 2” greenhouse gas (GHG) emissions from electricity use, while supporting facilities that generate clean, renewable energy.1, 2
For example, NewMix® RECs purchased are sourced from wind and/or solar energy facilities in the lower 48 states.
Choose your Purchasing Strategy
RECs and EFECs can be bought as either load following or block purchases. Load following purchases match every unit of electricity consumed by the organization with an equivalent amount of renewable or carbon-free energy generated and added to the grid. The organization receives a REC or EFEC for each unit of renewable or carbon-free energy generated, which can be used to match a percentage (up to 100% in certain cases) of greenhouse gases. This ensures that the organization’s electricity usage is directly matched by the generation of renewable or carbon-free energy.
With some timing and deadline limitations, a customer may purchase REC or EFEC blocks to match historical consumption and/or they can purchase REC or EFEC blocks to match expected or projected volumes.
For example, a company could be hosting a conference and want it to be powered by sustainable energy. It can buy a block of REC or EFECs for the duration of the conference. For example, an organization would look to purchase an 800 MWh block of EFECs for the conference.
Another example would be a company that wants to meet its sustainability goals, estimating it uses 3,000 MW a year based on its historic load. The company can buy a block of RECs or EFECs for that amount and then buy more, if needed, towards the end of the year.
Take Action Today
Both products provide flexibility to meet regulatory requirements or voluntary sustainability goals. RECs and EFECs can be purchased, transferred and tracked easily and reliably.
“While investing in RECs or EFECs comes with a small incremental cost, it creates the opportunity for a business to quickly indicate to its customers and shareholders that it has started the process toward achieving sustainable practices.” – Raj Bazaj, Vice President of Sustainability Solutions, Constellation
No matter how your organization leverages available carbon reduction options, when it comes to your company’s commitment to decarbonization, feel free to begin incrementally and progress at the speed and complexity needed to help achieve your corporate efficiency commitments. RECs or EFECs offer a method for organizations to begin decarbonization of their energy supply, while working toward fully carbon-free energy supply through offsite renewable purchases or hourly carbon-free energy matching.
Ready to work with energy experts who have the tools to easily connect your energy usage to your sustainability goals? Constellation can help your organization set a pathway to a more sustainable future.
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Learn more about building your sustainability roadmap with our new white paper.
Interested in reading our previous posts in this series? We’ve explored critical foundations like establishing your GHG emissions baseline to understand your current footprint, connecting energy usage to business goals to drive reductions, and implementing energy efficiency to reduce consumption. With the foundational strategies from these four blogs, your business should be well equipped to continue your business’s sustainability journey.
1 Check your GHG reporting protocols to confirm.
2 Based on current World Resources Institute (WRI) guidance. Scope 2 reporting claims of this product may be affected by future changes.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved.
The post Reducing your Carbon Footprint with RECs and EFECs appeared first on Constellation's Energy4Business Blog.
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The post Emissions Reporting Legislation for Business appeared first on Constellation's Energy4Business Blog.
[attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/dc/elements/1.1/] => Array ( [creator] => Array ( [0] => Array ( [data] => Constellation [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/rss/1.0/modules/content/] => Array ( [encoded] => Array ( [0] => Array ( [data] => 3 min readSustainability is a growing trend impacting both individuals and businesses, with over 23,000 companies disclosing their carbon reduction performance to the Carbon Disclosure Project and 6,000 companies committing to science-based targets. Beyond voluntary disclosures, there has been an increase in legislation from the federal, state and local levels that has led businesses to assess and evaluate their emissions and energy consumption. Constellation’s Sustainability Management Group and Constellation Navigator division held a webinar discussing the impacts that this legislation has on businesses.
Green City Mandates
Constellation’s sustainability experts kicked off the webinar discussing the ever-growing list of Green City Mandates. Given the increasing severity of the climate crisis, the Federal U.S. Government has committed to achieve a net zero goal by 2050 under the Paris Agreement. In response, many large cities in the U.S, where commercial and industrial buildings account for about 40% to 80% of a city’s emissions, have also begun to develop climate action plans to reduce their carbon footprint. A common initiative among these cities is the implementation of building emission mandates or ordinances, often referred to as “Green City Mandates.” The team discussed a handful of cities that have made climate plans as aggressive as the federal government. They also discussed how cities are benchmarking large buildings’ Energy Use Intensity (EUI), different strategies that buildings can leverage and the potential financial penalties for non-compliance.
California State Senate Bills 253 and 261
Beyond localized, building-level mandates, other regulations, such as California Senate Bill 253 and 261, made California the first U.S. state to introduce statewide legislation specifically targeting greenhouse gas (GHG) emissions reporting at the organizational level. California State Bills 253 and 261 impose stringent new requirements on large companies doing business in California to publicly report their annual GHG emissions and climate-related financial risks. Senate Bill 253 requires entities with total annual revenues of $1 billion or more that do business in California to report their GHG emissions annually. The bill does not define what it means to “do business in California,” but the state tax code defines this term as engaging in any transaction for financial gain within California, being organized or commercially domiciled in California, or having California sales, property or payroll that exceed specified amounts. Senate Bill 261 requires companies with over $500 million to prepare a climate-related financial risk report biennially and make it publicly available on their websites.
The California Air Resources Board (CARB) will be developing final requirements for disclosure, and reporting entities must publicly disclose their prior fiscal year’s Scope 1 and 2 GHG emissions with limited third-party assurance starting January 1, 2025. By January 1, 2026, entities must also prepare a climate-related financial risk report and make it publicly available, with third-party assurance evaluation for Scope 3 emissions being discussed currently.
The webinar emphasized that Senate Bill 253 and 261 require third-party auditors to verify and certify the data reported by organization. This verification process ensures the accuracy and reliability of the reported energy consumption, carbon emissions and other building characteristics.
Take Action Today
Constellation offers solutions tailored to different cities’ mandates, as the requirements can vary significantly. For example, a solution that is effective for a building in Boston may not produce the same results for a building in Chicago. Constellation’s expertise in navigating these differences and providing customized solutions can be a significant advantage for businesses looking to comply with emissions reporting legislation.
Gain valuable insights from Constellation’s expert panel and the audience Q&A in the webinar below.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved. The views, thoughts and opinions expressed in the webcast by each participant belong solely to the speaker and not necessarily to the speaker’s employer (including Constellation Energy Corporation or any of its affiliates), organization, committee or other group or individual. Constellation does not make and expressly disclaims, any express or implied guaranty, representation or warranty regarding any opinions or statements set forth herein or in the webcast. Constellation shall not be responsible for any reliance upon any information, opinions, or statements contained in the webcast or for any omission or error of fact.
The post Emissions Reporting Legislation for Business appeared first on Constellation's Energy4Business Blog.
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=> ) [9] => Array ( [data] => Capacity Markets [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) [10] => Array ( [data] => Energy Production [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) [11] => Array ( [data] => market analysis [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) [12] => Array ( [data] => October 2024 [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) [13] => Array ( [data] => energy buyer [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) [14] => Array ( [data] => hurricane impacts [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) [15] => Array ( [data] => oil markets [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) [16] => Array ( [data] => economic impacts [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) [17] => Array ( [data] => AI [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) [18] => Array ( [data] => US oil production [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) [19] => Array ( [data] => Chinese oil imports [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) [20] => Array ( [data] => weather forecasts [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) [21] => Array ( [data] => La Niña pattern [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) [guid] => Array ( [0] => Array ( [data] => https://blogs.constellation.com/energy-management/webinar-analysts-a-record-setting-pjm-auction-copy/ [attribs] => Array ( [] => Array ( [isPermaLink] => false ) ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) [description] => Array ( [0] => Array ( [data] =>During the October Constellation monthly Energy Market Intelligence Webinar, Constellation’s Commodities Management Group (CMG) provided comprehensive coverage of various significant...
The post Webinar Analysts: Hurricane Season, Natural Gas Fundamentals and Capacity Market Updates appeared first on Constellation's Energy4Business Blog.
[attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/dc/elements/1.1/] => Array ( [creator] => Array ( [0] => Array ( [data] => Constellation [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/rss/1.0/modules/content/] => Array ( [encoded] => Array ( [0] => Array ( [data] => 3 min readDuring the October Constellation monthly Energy Market Intelligence Webinar, Constellation’s Commodities Management Group (CMG) provided comprehensive coverage of various significant factors affecting the energy landscape. The webinar featured discussions on current drivers of energy market prices including recent hurricane impacts, recent rate cuts by the Fed, natural gas fundamentals and oil markets
Weather Report
The team kicked off the webinar by covering important weather forecasts and insights, discussing the current hurricane season, which has 13 named storms so far, with five making landfall in the United States. This hurricane season was highlighted as having an unusual, including the first Category 5 hurricane recorded in June and the longest stretch of quiet period in over 50 years. The team also discussed an outlook for the remainder of the hurricane season and the upcoming winter, predicting a mild winter dominated by a weak La Niña pattern.
All Things Economic
Chief Economist, Ed Fortunato, shared insights on the economy, focusing on interest rates, energy impacts and the Federal Reserve’s actions. The recent 50 basis point rate cut by the Federal Reserve and its implications for the economy were highlighted, along with the strong performance of the equity markets, driven by AI and a broader-based rally. Fortunato also discussed the impact of energy production and consumption on the economy, noting that U.S. oil production has been rising while China, the largest importer of oil, has been experiencing a slowdown.
Natural Gas Fundamentals
Constellation’s energy market experts then analyzed the factors influencing natural gas prices. They noted that natural gas production is holding steady in the 101-102 Bcf/d range, with some cutbacks by Gulf of Mexico producers. Although there have been several below-average injections, the forecasts for end-of-season storage inventory have not changed significantly. The team also discussed the impact of higher oil prices on natural gas supply, suggesting that increased oil production in the Permian Basin could lead to higher associated natural gas production.
Fiscal conservatism continues to guide producers as they await a market signal. Space heating demands and a decline in storage could boost prices enough to encourage an increase in drilling activity, which would be a bearish influence. The U.S. is expected to begin the heating season with a comfortable amount of gas in storage, and a winter forecast suggesting heating demand may fall below average. If the La Niña conditions continue, we may end the winter with more than 2 Tcf remaining in storage.
Oil Markets
Recent developments in the oil markets include the impact of geopolitical events on oil prices. The announcement that Israel would not attack Iranian oil production facilities led to a drop in prices. However, a larger threat to global supply lies in the potential for shutting down the Straits of Hormuz. The U.S., while being the world’s largest producer of crude oil, still imports approximately 6 million barrels per day, with only 1 million barrels per day coming from OPEC. This means that troubles in OPEC are much more muted for the U.S. than in the past.
Capacity Markets
The team commented on recent capacity markets developments, focusing on PJM and noting the recent six-month delay requested by PJM to FERC for the 2026/’27. They discussed the challenges associated with these changes and urged market participants to continue to follow news developments. PJM’s site Inside the Lines (https://insidelines.pjm.com/) remains an excellent source for news on market developments.
Market Trends and Temperature
The team concluded the webinar by looking at forward power charts, the “Market Temperature,” and other factors affecting the energy market.
We invite you to join us for our next Energy Market Intel Webinar on Wednesday, November 20 at 2 pm ET. Constellation energy experts will offer detailed and timely updates on factors affecting energy landscape such as weather, natural gas storage and production, and domestic and global economic conditions. Register by visiting www.constellation.com/marketintelwebinar.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved. The views, thoughts and opinions expressed in the webcast by each participant belong solely to the speaker and not necessarily to the speaker’s employer (including Constellation Energy Corporation or any of its affiliates), organization, committee or other group or individual. Constellation does not make and expressly disclaims, any express or implied guaranty, representation or warranty regarding any opinions or statements set forth herein or in the webcast. Constellation shall not be responsible for any reliance upon any information, opinions, or statements contained in the webcast or for any omission or error of fact.
The post Webinar Analysts: Hurricane Season, Natural Gas Fundamentals and Capacity Market Updates appeared first on Constellation's Energy4Business Blog.
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The post Leading the Way in Corporate Renewable Energy Solutions appeared first on Constellation's Energy4Business Blog.
[attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/dc/elements/1.1/] => Array ( [creator] => Array ( [0] => Array ( [data] => Constellation [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/rss/1.0/modules/content/] => Array ( [encoded] => Array ( [0] => Array ( [data] => 3 min readIn today’s energy landscape, an increasing number of businesses are looking for ways to reduce their greenhouse gas emissions, support their sustainability strategies and mitigate their energy pricing risk. Renewable energy procurement has been a key solution for many businesses striving to achieve these goals. According to the Clean Energy Buyers Association, renewable energy purchases by commercial and industrial customers surged to nearly 17 GW in 2022, a 172% increase since 2018.
Constellation has been at the forefront of this transition, simplifying and scaling access to offsite renewables through Constellation’s Offsite Renewables (CORe) program. CORe enables customers to support the development of new wind or solar projects that feed power into the grid and match their usage through a simple retail renewable energy contract. Constellation handles the most complicated aspects of the process, including sourcing viable projects, conducting analytics, negotiating PPAs and structuring the transactions – making the process easier for customers.
In this first blog in our corporate renewable energy series, we discuss our innovative solutions and their impact on supporting local communities and matching usage to carbon-free sources.
Constellation’s Next Wave of Renewable Energy Products
After establishing the CORe program, Constellation recognized additional challenges customers faced in procuring renewable energy. It committed to establishing innovative products to help even more customers access clean power, support local communities and match their usage to carbon-free sources.
Expanding access to offsite renewable energy
Constellation recognized the challenges small- and medium- sized businesses faced while looking to purchase renewable energy, including high credit standards, time and resource constraints, and access to renewable projects. Constellation is developing new offerings to allow more commercial businesses to commit to their sustainability journeys and overcome these barriers by:
- Purchasing portions of CORe projects in smaller increments.
- Significantly reducing the minimum energy commitment.
Impact PPAs for local communities
To deliver broader community benefits in addition to clean power, Constellation developed an impact PPA model, which expands the benefits of the large offsite renewable energy projects they support to local communities. Under the impact PPA model, Constellation and the project developer:
- Dedicate a portion of revenues to fund initiatives such as workforce training, education and job placement assistance in underserved communities.
- Tailor these programs based on the project location, company location and needs of the residents.
- Expand renewable energy careers to underrepresented groups, provide the training needed while strengthening local inclusion and enabling renewable energy expansion.
This model was designed for broad application across various industries and projects, ensuring that community benefits and support are consistently delivered in every market. For a real-world example of how impact PPAs can benefit local communities, read about our collaboration with the City of Chicago, which highlights the city’s renewable energy commitment and workforce development.
Hourly carbon-free energy matching for real-time performance
Constellation developed an hourly matching product, leveraging Microsoft technology, to pair customer usage with carbon-free and renewable sources on an hour-by-hour basis. The hourly carbon-free energy matching product combines Constellation’s expertise in generation and supply management with advanced data analytics to deliver a comprehensive solution that empowers businesses to:
- Gain visibility into hourly energy supply and emissions on the local grid.
- Receive recommendations on supply strategies and investments to reduce carbon impact.
- Track progress towards achieving hourly carbon-free energy matching.
Powered by advanced and reliable data tracking and analytics that match a customer’s real-time energy usage to the grid’s generation mix, businesses can easily understand their performance and emissions rates and identify the most impactful steps for improvement.
Take Action Today
Ready to revolutionize your renewable energy strategy while effectively managing risks and costs? Reach out to Constellation to get started on the path to a more sustainable future. Plus, stay tuned for our upcoming deep dives into the solutions highlighted in this blog as we progress through our corporate renewable energy series.
Learn more about how you can leverage Constellation’s expertise to shape your energy strategy.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation Navigator, LLC, Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved.
The post Leading the Way in Corporate Renewable Energy Solutions appeared first on Constellation's Energy4Business Blog.
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The post How to Leverage Rebates for Energy Efficiency Projects appeared first on Constellation's Energy4Business Blog.
[attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/dc/elements/1.1/] => Array ( [creator] => Array ( [0] => Array ( [data] => Constellation [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/rss/1.0/modules/content/] => Array ( [encoded] => Array ( [0] => Array ( [data] => 2 min readAs your organization begins to consider energy efficiency projects to meet your carbon reduction goals or federal, state or local regulations, it is important to know that various rebate and incentives may be available from utilities, governments or third-parties. A rebate or incentive refers to a financial or non-financial benefit provided to individuals, businesses, or organizations as a reward or encouragement for implementing energy-saving measures or investing in energy-efficient technologies. These programs are designed to promote energy conservation, reduce greenhouse gas emissions, and enhance sustainability. They can range from new construction or equipment replacement to retrofit projects.
But what kinds of rebates and incentives are available to your business? There are a variety of different incentive types that may be offered such as:
Energy Efficiency Rebates: Many utility companies offer rebates for energy-efficient upgrades such as high-efficiency appliances, HVAC systems, insulation, windows, lighting, and more. These rebates typically provide a financial incentive to encourage customers to invest in energy-saving measures.
Demand Response Programs: Some utilities offer demand response programs that provide incentives for reducing electricity usage during peak demand periods. Customers who participate in these programs, typically by adjusting their energy consumption during specific times, can receive financial rewards or lower electricity rates.
Time-of-Use (TOU) Rates: Utilities may offer TOU rates, where the cost of electricity varies based on the time of day. These rates incentivize customers to shift their energy usage to off-peak periods when electricity prices are lower. This can be beneficial for energy efficiency projects that involve scheduling energy-intensive activities during low-demand periods.
Renewable Energy Incentives: Incentives may be available for installing renewable energy systems like solar panels or wind turbines. These incentives can come in the form of tax credits, grants, rebates, or net metering programs that allow you to sell excess electricity back to the grid.
Energy Audits and Assessments: Some utilities or local organizations provide energy audits or assessments for homes or businesses. These assessments help identify areas where energy efficiency improvements can be made. In some cases, the cost of the audit or assessment may be subsidized or even offered for free.
Financing Options: Utilities or third-party organizations may offer low-interest loans, on-bill financing, or other financing options to help fund energy efficiency projects. These programs can make it easier for customers to afford the upfront costs of energy-saving upgrades.
It’s important to note that the availability and specifics of these rebates and incentives can vary widely depending on your location and the programs offered by your local utility or government. These programs are often complex and require end-to-end management, coordination, and implementation. Constellation can review your project scope and site list to determine which sites may be eligible for rebates or other incentives, helping you to prioritize projects. We’ll help you optimize your schedule, making sure you are aware of deadlines. This optimization process could provide rebate revenue which you may choose to reinvest back into your budget, fund more projects, and achieve more savings.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation Navigator, LLC, Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved.
The post How to Leverage Rebates for Energy Efficiency Projects appeared first on Constellation's Energy4Business Blog.
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The post Webinar Analysts: A Record-Setting PJM Auction appeared first on Constellation's Energy4Business Blog.
[attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/dc/elements/1.1/] => Array ( [creator] => Array ( [0] => Array ( [data] => Constellation [attribs] => Array ( ) [xml_base] => [xml_base_explicit] => [xml_lang] => ) ) ) [http://purl.org/rss/1.0/modules/content/] => Array ( [encoded] => Array ( [0] => Array ( [data] => 4 min readDuring the September Constellation monthly Energy Market Intelligence Webinar, Constellation’s Commodities Management Group (CMG) provided comprehensive coverage of various significant factors affecting the energy landscape. These included a recap on this year’s summer weather, recent actions by the Federal Reserve, natural gas fundamentals and the record-setting PJM Base Residual Auction results.
Weather Report
Constellation’s Chief Meteorologist, David Ryan, discussed the summer weather patterns and provided insights into the second hottest summer on record. The summer began with the hottest June on record, with temperatures reaching over 100°F in many areas, including Washington, DC, and Chicago. The Southwest and Rockies experienced very strong heat, most recently in California. In the East, strong heat in June and July became more variable in August, with normal conditions in the Midwest.
Ryan also provided an early winter outlook, mentioning that the current conditions are very close to neutral, with a weak La Niña developing. He discussed the impacts of Hurricane Francine, which made landfall in central Louisiana and mentioned that the storm would likely cause some short-term damage with no long-lasting impacts.
All Things Economic
Chief Economist, Ed Fortunato, shared insights on the economy, focusing on interest rates, energy impacts and the Federal Reserve’s actions. Since the Webinar, the Federal Reserve cut interest rates by a half point in the meeting on September 18th. The Fed’s concern is more about the jobs market slowing down rather than inflation, which, while it has been coming down, has not reached the Fed’s target of 2%. The equities markets have been volatile, with speculations on the rate cuts driving swings in stock market pricing. The jobs market has been slowing as August reported a gain of 142,000 jobs vs. an average gain of 202,000 the past 12 months. The weekly indicator shows a consistent range of job losses, and the Fed is concerned about this trend.
The discussion also highlighted the impact of energy production and consumption on the economy. U.S. oil production has been rising, reaching record high of 13.5 million barrels/day which is also leading to more “associated” natural gas being extracted in the Permian basin of west Texas and New Mexico. Meanwhile on the demand side for oil, China, the world’s largest importer of oil, has been experiencing a continued economic slowdown and this has led to both lower crude oil prices and gasoline prices.
Natural Gas Fundamentals
Constellation’s energy market experts analyzed the factors influencing natural gas prices. Natural gas production is holding in the 101-102 Bcf/d range before some shut ins of production from Hurricane Francine reduced it to ~100 Bcf/d. Appalachian producers such as Chesapeake Energy have signaled they intend to make production cuts but have not implemented cuts as of yet. The gas rig count is down 20 percent from January, currently at 94 rigs and this has traditionally served as a leading indicator of where production might be headed. Yet producers are increasing efficient so they can produce more gas with fewer rigs over time.
There is uncertainty about whether producers will cut more into Q4 but winter weather forecasts and weather in November and December could ultimately drive those actions. Despite a string of below-average injections, forecasts for end-of-season storage inventory are largely unchanged since July, between 3.9-4.0 Tcf. The injection season is winding down, and a major deviation from the forecast is unlikely. Across the pond, European storage is nearly full at 93%, which will keep global LNG prices in check to start winter. Any significant sustained cold weather would draw on storage and call on U.S. LNG to resupply via pricing action at the European Title Transfer Facility (TTF) location in the Netherlands, which serves as a benchmark for LNG.
By the end of 2028, the Energy Information Administration (EIA) estimates LNG export capacity will grow by 0.8 Bcf/d in Mexico, 2.5 Bcf/d in Canada, and 8.2 Bcf/d in the U.S. with the delay of Golden Pass trains 2 and 3.
2025/26 PJM Base Residual Auction
The team transitioned to cover one of the biggest developments in power markets this year, the unexpected results of the 2025/2026 PJM Base Residual Auction which saw the highest ever price for system RTO capacity at $269.92/MW-Day. The PJM Auction is an annual auction that secures commitments from electricity suppliers to provide capacity to meet the forecasted demand for electricity in the PJM region. The auction ensures that there is enough electricity supply to meet the peak demand and maintain grid reliability. For the 2025/26 years, the RTO price of $269/MW-Day was driven by a decrease in supply offers of 6.6 GW, mainly due to generator retirements, an increase in the peak summer load of 3.3GW, and an increase of the Installed Reserve Margin (IRM) from 14.7% to 17.8%. Additionally, the Federal Energy Regulatory Commission (FERC) approved Critical Issue Fast Path (CIFP) changes to better reflect risks from extreme weather and introduced new resource accreditation metrics for a more accurate picture of plant performance during high-stress times.
An overall tightening of the electricity supply and demand balance in PJM, along with FERC-approved market rules has caused a spike in RTO capacity clearing prices which will significantly increase the price a customer will have to pay for this cost component.
Market Trends and Temperature
The team concluded the webinar by looking at forward power charts, the “Market Temperature” and other factors affecting the energy market.
We invite you to join us for our next Energy Market Intel Webinar on Wednesday, October 16 at 2 pm ET. Constellation energy experts will offer detailed and timely updates on factors affecting energy landscape such as weather, natural gas storage and production, and domestic and global economic conditions. Register by visiting www.constellation.com/marketintelwebinar.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved. The views, thoughts and opinions expressed in the webcast by each participant belong solely to the speaker and not necessarily to the speaker’s employer (including Constellation Energy Corporation or any of its affiliates), organization, committee or other group or individual. Constellation does not make and expressly disclaims, any express or implied guaranty, representation or warranty regarding any opinions or statements set forth herein or in the webcast. Constellation shall not be responsible for any reliance upon any information, opinions, or statements contained in the webcast or for any omission or error of fact.
The post Webinar Analysts: A Record-Setting PJM Auction appeared first on Constellation's Energy4Business Blog.
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]]>During the November Constellation monthly Energy Market Intelligence Webinar, Constellation’s Commodities Management Group (CMG) provided comprehensive coverage of various significant factors affecting the energy landscape. The webinar featured discussions on current drivers of energy market prices including a forecast of winter weather, the impact of the 2024 election on energy markets, natural gas production and storage fundamentals and a look at the 2024 NERC Winter Assessment.
Weather Report
The team kicked off the webinar covering the current weather patterns and forecasts. The latest data suggests a neutral or weak La Niña leading to a more neutral weather pattern, with above-normal temperatures in the eastern U.S., while the Northwest and Rockies may experience stormy and cold weather. The team also discussed the recent hydro outlook in California and an update on the drought conditions across the U.S.
All Things Economic
Moving to the economy, Chief Economist, Ed Fortunato, provided insights into the current and future state of the economy post-election. In the short-term, the stock market and cryptocurrency markets have responded positively to the election and economic indicators such as mortgage rates, yield curve and GDP point towards a strengthening economy. In the longer term, the market seems to be anticipating corporate tax cuts, potential rollbacks of regulations and the impact of tariffs on imported goods.
2024 Election Impacts
The biggest news in the United States in November was the 2024 Presidential election and the perceived impacts that a second Trump administration would have on the energy markets. Constellation’s Vice President of Federal Government Affairs, David Gilbert, joined the webinar to provide his insights into the next four years. The discussion highlighted the future of regulations that have hindered oil and gas drilling. In the renewable space, the clean energy support of the Inflation Reduction Act (IRA) may be in jeopardy as well as U.S. involvement with the Paris Climate Agreement. The team also covered budget reconciliation, which is a legislative process that allows for expedited consideration of certain tax, spending and debt limit legislation that the administration will try to pass.
Natural Gas Fundamentals
Mild weather to start the traditional “heating season” has allowed for injections to continue, bringing stocks just below 4.0 Tcf, a level not seen since 2016. On the production side, several key factors such as heating demand and policies of the incoming administration are influencing producers’ activity, which has settled around 100-101 Bcf/d in recent months.
NERC Winter Assessment
The team then highlighted the NERC Winter Reliability Assessment, the steady increase in natural gas demand from generation and its implications for grid reliability. The assessment emphasized the importance of ensuring sufficient natural gas supplies to meet the increased demand during the winter months. It also addressed the potential risks and challenges associated with maintaining grid reliability in the face of variable weather patterns and increased energy consumption. Overall, the assessment underscored the need for careful planning and coordination to ensure a reliable energy supply during the winter season.
Market Trends and Temperature
The team concluded the webinar by looking at forward power charts, the “Market Temperature,” and other factors affecting the energy market.
We invite you to join us for our next Energy Market Intel Webinar on Wednesday, December 18 at 2 pm ET. Constellation energy experts will offer detailed and timely updates on factors affecting energy landscape such as weather, natural gas storage and production, and domestic and global economic conditions. Register by visiting www.constellation.com/marketintelwebinar.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved. The views, thoughts and opinions expressed in the webcast by each participant belong solely to the speaker and not necessarily to the speaker’s employer (including Constellation Energy Corporation or any of its affiliates), organization, committee or other group or individual. Constellation does not make and expressly disclaims, any express or implied guaranty, representation or warranty regarding any opinions or statements set forth herein or in the webcast. Constellation shall not be responsible for any reliance upon any information, opinions, or statements contained in the webcast or for any omission or error of fact.
The post Webinar Analysts: 2024 Election Impacts, Winter Weather Outlook and Natural Gas Fundamentals appeared first on Constellation's Energy4Business Blog.
]]>The post Managing Scope 2 Emissions appeared first on Constellation's Energy4Business Blog.
]]>As businesses work to reduce their carbon footprint and meet sustainability goals, addressing Scope 2 emissions has become a critical part of their environmental strategy. Businesses can implement a variety of immediate and long-term solutions to reduce Scope 2 emissions and meet their sustainability goals.
Understanding Scope 2 Emissions
These indirect greenhouse gas emissions come from purchased energy used to power company operations. Although they physically occur at the facility where the energy is generated, they are included in an organization’s GHG inventory because they stem from the organization’s energy use.
When accounting for Scope 2 emissions from purchased electricity, businesses have two primary approaches:
- Location-Based Method: Assesses average emission factors for regional utility grids supplying a company’s facilities. It provides insights into the general carbon intensity of electricity where a company operates.
- Market-Based Method: Reflects emissions from electricity that companies have purposefully chosen. It inventories emissions via contractual instruments, which include any type of contract between two parties for the sale and purchase of energy bundled with attributes about the energy generation, or for unbundled attributes.
While understanding the distinction between location-based and market-based methods is crucial, businesses should also consider the impact of their chosen solutions. To effectively reduce emissions, it’s important to consider strategies based on their timeframes. At Constellation, we have a variety of Scope 2 products categorized by their immediate and long-term impact.
Solutions for Reducing Scope 2 Emissions
Reducing Scope 2 emissions is essential for demonstrating a commitment to environmental sustainability. This can be achieved through carbon-free power generation, energy efficiency measures, on-site generation, purchasing renewable energy certificates (RECs) or emission-free energy certificates (EFECs), and improving grid integration.
When choosing the optimal solutions, businesses should consider several factors including urgency, budget constraints and sustainability goals. Immediate impact solutions provide quick, measurable results for urgent emissions reduction, while long-term solutions involve direct actions and commitments, supporting the development of new renewable energy projects.
Immediate Impact Solutions
Customers can make a cost-effective investment to support the production of electric power from generation sources that do not directly emit greenhouse gases (GHG) by purchasing carbon-free or renewable electricity. Both are easy to implement, significantly impact emissions reduction and help meet sustainability goals.
- Emission-Free Energy Certificates (EFECs) represent the emission-free attributes of generation sources like solar, wind, nuclear and hydropower. Available in both regulated and competitive energy markets, this low-cost solution supports emission-free energy generation sources and may assist your company in meeting goals for lowering emissions associated with its annual electricity consumption.1, 2
- Renewable Energy Certificates (RECs) support sustainability goals by representing the environmental benefits of renewable energy. Sourced from renewable generating facilities within the continental U.S., each REC represents proof that energy has been generated from renewable sources and is retired on behalf of a company’s environmental commitment.
- Project-Specific RECs offer location-specific benefits by sourcing RECs from specific offsite renewable projects. Available in both competitive and regulated energy markets, businesses that purchase project RECs are supporting renewable energy projects that can lower their Scope 2 emissions.2
Long-Term Solutions
Businesses looking for longer-term solutions can choose between solutions that provide substantial benefits and significantly reduce carbon emissions.
- Constellation Offsite Renewables (CORe) integrates renewable energy purchases from existing or new build renewable generation assets into a load-following energy supply agreement. Constellation provides customers energy and project RECs from the renewable project.
- Hourly Carbon-Free Energy Matching (HCFE) aligns a company’s electricity consumption with local, emission-free energy sources on an hourly basis, helping eliminate carbon impact so businesses can reach net-zero goals.
Charting a Path Towards Sustainability
Businesses can leverage any of these immediate impact or long-term solutions to find the optimal strategy that aligns with their needs. Connect with a Constellation expert today to identify a custom strategy and move towards a more sustainable future.
1 Check your GHG reporting protocols to confirm.
2 Based on current World Resources Institute (WRI) guidance. Scope 2 reporting claims of this product may be affected by future changes.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation Navigator, LLC, Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved.
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]]>The post Expanding Access to Offsite Renewable Energy appeared first on Constellation's Energy4Business Blog.
]]>The search for sustainable energy solutions has become a defining narrative in the corporate sector, proving the escalating commitment of businesses to sustainable practices. This commitment is evident in the current energy landscape, which has seen remarkable year-over-year growth in renewable energy procurement. As we continue our series on the foundational elements of corporate sustainability, we now build on our previous discussion and turn to the solutions that are driving this transformation.
At Constellation, part of our mission is to guide organizations on their transition towards cleaner energy sources. Our innovative approaches allow companies to face the challenges and opportunities that come with the transition while reducing their carbon footprint. Constellation’s Offsite Renewables (CORe) program is our proven solution that offers businesses renewable energy products that focus on transaction simplification and risk management.
Simplifying the Complex: Expanding Access Through CORe
Constellation launched CORe to help handle the intricacies of offsite clean energy purchasing. The program simplifies and scales the procurement process, making renewable energy more accessible.
After successfully implementing the initiative for some of the largest corporations and institutions across the U.S., Constellation dedicated itself to expanding access to small- and medium-sized businesses. This platform expansion aims to make the clean energy revolution more inclusive by breaking down barriers that traditionally prevented small- and medium-sized businesses from participating in offsite renewable projects. Offering renewable energy in smaller increments empowers a broader range of companies to participate and support the financial viability of new renewable energy projects.
Advancing Renewable Energy Solutions
The CORe program facilitates access to clean power and integrates risk management solutions that help mitigate potential financial risks associated with renewable energy procurement. This approach supports the financial viability of new renewable energy projects and helps businesses manage their carbon footprints more effectively.
Key Benefits of Expanding Access
The expansion of Constellation’s offsite renewable product suite to smaller customers offers a range of advantages, making renewable energy procurement more accessible and manageable for customers of all sizes. By providing tailored solutions, CORe empowers companies to take significant steps towards sustainability. Here are some of the key benefits:
- Simplification: The CORe program simplifies the contracting process, making it easier for businesses to support clean energy development.
- Inclusivity: By offering clean energy in smaller increments, CORe expands the ecosystem of companies that can participate in the offsite renewable marketplace.
- Risk Management: The program includes integrated risk management services that help organizations effectively manage the unpredictable budgets associated with clean energy purchasing.
Join Constellation in the Renewable Energy Movement
The drive for renewable energy procurement is growing, and Constellation is leading the transition. Whether you’re a small business or large corporation, you can find tailored solutions to help you achieve your sustainability goals. By participating in CORe, your company can contribute to building a sustainable, inclusive energy future.
Take Action
The Preparing for the Next Era of Corporate Renewable Procurement White Paper delves deeper into offsite renewable energy procurement as well as Constellation’s other innovative offsite clean energy solutions. Looking to take a proactive step towards sustainability? Learn more about the full scope of Constellation’s renewable energy solutions and how we can help you transform your sustainability journey by downloading our white paper today.
Learn more about how you can leverage Constellation’s expertise to shape your energy strategy.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation Navigator, LLC, Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved.
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]]>The post Plugged In Podcast: Navigating the Future of Nuclear Energy appeared first on Constellation's Energy4Business Blog.
]]>The energy landscape is undergoing a significant transformation, driven by factors such as the data economy and national security. Customers are looking for clean, emissions-free energy they can rely on and nuclear energy is an obvious choice for customers. However, the path to widespread adoption of new nuclear technologies is full of challenges. Innovative solutions and investments are being pursued as organizations work to overcome these challenges and achieve a sustainable energy future.
While the energy industry is increasingly recognizing the importance of nuclear, the path to widespread adoption requires the collaborative efforts of policymakers, industry leaders and innovators to address high costs associated with early deployment and the need for robust policy and regulatory support.
Policy and Regulatory Support
Addressing rising demand challenges requires strong policy and regulatory actions to ensure that the grid can handle increasing demand while maintaining reliability.
Federal programs play a pivotal role in supporting the existing nuclear fleet. These programs provide financial incentives and stability, ensuring that nuclear plants can continue to operate and invest in necessary upgrades. This surge in demand underscores the importance of innovative solutions and technological advancements in the energy sector.
Small Modular Reactors (SMRs) and Investment in Nuclear Energy
Building on the strengths of traditional nuclear energy, Small Modular Reactors (SMRs) have emerged as a promising solution. Designed to be smaller and more flexible than traditional nuclear reactors, SMRs represent a significant advancement in nuclear technology. SMRs also offer enhanced safety features, scalability and the ability to be deployed in a variety of settings, making them ideal for replacing fossil generation and providing reliable, carbon-free power.
Recognizing the potential of SMRs, various companies and organizations are investing in these innovative technologies to meet policy requirements and achieve their sustainability goals. For instance, Google has partnered with Kairos Power to support the first commercial deployment of Kairos Power’s reactor by 2030 and a fleet totaling 500 MW of capacity by 2035. This partnership aims to accelerate the development and deployment of advanced nuclear technologies, contributing to Google’s 24/7 carbon-free energy and net-zero goals.
Similarly, Amazon has signed agreements to support the development of several new SMRs as part of its plan to transition to carbon-free energy. These projects include the construction of SMRs by Energy Northwest and investments in X-energy’s advanced nuclear reactor design. These initiatives demonstrate the growing interest and investment in SMRs as a viable solution for meeting the increasing energy demands while reducing carbon emissions.
Another organization that’s making significant strides in the deployment of SMRs is Rolls Royce. The company signed a Memorandum of Understanding with ULC-Energy BV to support the deployment of a fleet of Rolls-Royce SMRs in the Netherlands. These reactors are designed to provide consistent baseload generation for at least 60 years, with 90% of the SMR being built in factory conditions, which significantly reduces project risk and shortens construction timelines.
These investments by leading companies and organizations highlight the growing confidence in SMRs as a key component of the evolving energy landscape. By leveraging advanced nuclear technologies, they are not only addressing the challenges of decarbonization and grid reliability but also paving the way for a more sustainable and resilient energy system.
Learn More with Our Podcast
If you’re interested in learning more about the challenges and solutions in the energy sector, we invite you to listen to our podcast, Plugged In: Exploring Energy, hosted by Chuck Hanna, Vice President of Solutions and National Accounts at Constellation. In the first episode, we dive deeper into the topics covered in this blog, as well as additional topics including the impact of AI and data centers on electricity demand, the importance of developing nuclear technologies domestically for international partnerships and national security and the various industry-specific applications of microreactors. Tune in for our entire series to gain valuable insights and stay informed about the future of energy.
By addressing these challenges and offering custom solutions, Constellation is leading the way in the transition to a sustainable and reliable energy future. Join us on this journey and discover how we can help you achieve your energy goals.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved. The views, thoughts and opinions expressed in the blog and podcast by each participant belong solely to the speaker and not necessarily to the speaker’s employer (including Constellation Energy Corporation or any of its affiliates), organization, committee or other group or individual. Constellation does not make and expressly disclaims, any express or implied guaranty, representation or warranty regarding any opinions or statements set forth herein or in the webcast. Constellation shall not be responsible for any reliance upon any information, opinions, or statements contained in the webcast or for any omission or error of fact.
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]]>The post Reducing your Carbon Footprint with RECs and EFECs appeared first on Constellation's Energy4Business Blog.
]]>As we continue our series exploring strategies organizations can implement to reduce their carbon footprint, this post explores the next steps in the sustainability journey by evaluating organizations’ energy sources and ways to mitigate emissions through decarbonization.
While decarbonizing your organization’s energy supply may seem daunting, there are a variety of options to consider. Your organizational objectives should inform whether your plan focuses on renewable energy supply, supply from carbon-free non-renewable resources, or a combination of both. With guidance from an energy supplier, your business can navigate the energy solutions that can help decarbonize your organization’s energy supply, a crucial step towards meeting your overall environmental goals.
Choose Carbon-Free Energy Sources
Emission-Free Energy Certificates (EFECs) allow businesses to quickly begin their process towards achieving and claiming lower emissions. EFECs represent one megawatt-hour (MWh) of electricity generated from an emission-free source, typically nuclear energy. By purchasing EFECs matching all or a portion of your organization’s electricity usage, your organization is supporting emission-free generation sources, while reducing emissions associated with its annual electricity usage. This is an especially effective solution for:
- Organizations that are not well-positioned to source their power from onsite renewable sources based on land or capital limitations
- Organizations that do not have a specific sustainability roadmap established but want to communicate their incremental efforts and impacts
- Assisting your company in meeting goals for lowering emissions associated with its annual electricity consumption1, 2
Champion Carbon Reduction
Another option is by matching all or a portion of your organization’s annual electricity usage with Renewable Energy Certificates (RECs). RECs serve as a way to incentivize renewable energy generation and support the development of clean energy projects. They provide a means for businesses, organizations and individuals to claim the environmental benefits of renewable energy without having to physically consume the electricity generated from renewable sources. Each REC represents the environmental benefits of one megawatt-hour (MWh) of electricity generated by a renewable power plant and is retired on behalf of your environmental commitment.
RECs can be purchased as a block or a percentage of your electricity supply to match a percentage of your organization’s annual energy use and allow you to claim a reduction in “Scope 2” greenhouse gas (GHG) emissions from electricity use, while supporting facilities that generate clean, renewable energy.1, 2
For example, NewMix® RECs purchased are sourced from wind and/or solar energy facilities in the lower 48 states.
Choose your Purchasing Strategy
RECs and EFECs can be bought as either load following or block purchases. Load following purchases match every unit of electricity consumed by the organization with an equivalent amount of renewable or carbon-free energy generated and added to the grid. The organization receives a REC or EFEC for each unit of renewable or carbon-free energy generated, which can be used to match a percentage (up to 100% in certain cases) of greenhouse gases. This ensures that the organization’s electricity usage is directly matched by the generation of renewable or carbon-free energy.
With some timing and deadline limitations, a customer may purchase REC or EFEC blocks to match historical consumption and/or they can purchase REC or EFEC blocks to match expected or projected volumes.
For example, a company could be hosting a conference and want it to be powered by sustainable energy. It can buy a block of REC or EFECs for the duration of the conference. For example, an organization would look to purchase an 800 MWh block of EFECs for the conference.
Another example would be a company that wants to meet its sustainability goals, estimating it uses 3,000 MW a year based on its historic load. The company can buy a block of RECs or EFECs for that amount and then buy more, if needed, towards the end of the year.
Take Action Today
Both products provide flexibility to meet regulatory requirements or voluntary sustainability goals. RECs and EFECs can be purchased, transferred and tracked easily and reliably.
“While investing in RECs or EFECs comes with a small incremental cost, it creates the opportunity for a business to quickly indicate to its customers and shareholders that it has started the process toward achieving sustainable practices.” – Raj Bazaj, Vice President of Sustainability Solutions, Constellation
No matter how your organization leverages available carbon reduction options, when it comes to your company’s commitment to decarbonization, feel free to begin incrementally and progress at the speed and complexity needed to help achieve your corporate efficiency commitments. RECs or EFECs offer a method for organizations to begin decarbonization of their energy supply, while working toward fully carbon-free energy supply through offsite renewable purchases or hourly carbon-free energy matching.
Ready to work with energy experts who have the tools to easily connect your energy usage to your sustainability goals? Constellation can help your organization set a pathway to a more sustainable future.
.
Learn more about building your sustainability roadmap with our new white paper.
Interested in reading our previous posts in this series? We’ve explored critical foundations like establishing your GHG emissions baseline to understand your current footprint, connecting energy usage to business goals to drive reductions, and implementing energy efficiency to reduce consumption. With the foundational strategies from these four blogs, your business should be well equipped to continue your business’s sustainability journey.
1 Check your GHG reporting protocols to confirm.
2 Based on current World Resources Institute (WRI) guidance. Scope 2 reporting claims of this product may be affected by future changes.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved.
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]]>The post Emissions Reporting Legislation for Business appeared first on Constellation's Energy4Business Blog.
]]>Sustainability is a growing trend impacting both individuals and businesses, with over 23,000 companies disclosing their carbon reduction performance to the Carbon Disclosure Project and 6,000 companies committing to science-based targets. Beyond voluntary disclosures, there has been an increase in legislation from the federal, state and local levels that has led businesses to assess and evaluate their emissions and energy consumption. Constellation’s Sustainability Management Group and Constellation Navigator division held a webinar discussing the impacts that this legislation has on businesses.
Green City Mandates
Constellation’s sustainability experts kicked off the webinar discussing the ever-growing list of Green City Mandates. Given the increasing severity of the climate crisis, the Federal U.S. Government has committed to achieve a net zero goal by 2050 under the Paris Agreement. In response, many large cities in the U.S, where commercial and industrial buildings account for about 40% to 80% of a city’s emissions, have also begun to develop climate action plans to reduce their carbon footprint. A common initiative among these cities is the implementation of building emission mandates or ordinances, often referred to as “Green City Mandates.” The team discussed a handful of cities that have made climate plans as aggressive as the federal government. They also discussed how cities are benchmarking large buildings’ Energy Use Intensity (EUI), different strategies that buildings can leverage and the potential financial penalties for non-compliance.
California State Senate Bills 253 and 261
Beyond localized, building-level mandates, other regulations, such as California Senate Bill 253 and 261, made California the first U.S. state to introduce statewide legislation specifically targeting greenhouse gas (GHG) emissions reporting at the organizational level. California State Bills 253 and 261 impose stringent new requirements on large companies doing business in California to publicly report their annual GHG emissions and climate-related financial risks. Senate Bill 253 requires entities with total annual revenues of $1 billion or more that do business in California to report their GHG emissions annually. The bill does not define what it means to “do business in California,” but the state tax code defines this term as engaging in any transaction for financial gain within California, being organized or commercially domiciled in California, or having California sales, property or payroll that exceed specified amounts. Senate Bill 261 requires companies with over $500 million to prepare a climate-related financial risk report biennially and make it publicly available on their websites.
The California Air Resources Board (CARB) will be developing final requirements for disclosure, and reporting entities must publicly disclose their prior fiscal year’s Scope 1 and 2 GHG emissions with limited third-party assurance starting January 1, 2025. By January 1, 2026, entities must also prepare a climate-related financial risk report and make it publicly available, with third-party assurance evaluation for Scope 3 emissions being discussed currently.
The webinar emphasized that Senate Bill 253 and 261 require third-party auditors to verify and certify the data reported by organization. This verification process ensures the accuracy and reliability of the reported energy consumption, carbon emissions and other building characteristics.
Take Action Today
Constellation offers solutions tailored to different cities’ mandates, as the requirements can vary significantly. For example, a solution that is effective for a building in Boston may not produce the same results for a building in Chicago. Constellation’s expertise in navigating these differences and providing customized solutions can be a significant advantage for businesses looking to comply with emissions reporting legislation.
Gain valuable insights from Constellation’s expert panel and the audience Q&A in the webinar below.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved. The views, thoughts and opinions expressed in the webcast by each participant belong solely to the speaker and not necessarily to the speaker’s employer (including Constellation Energy Corporation or any of its affiliates), organization, committee or other group or individual. Constellation does not make and expressly disclaims, any express or implied guaranty, representation or warranty regarding any opinions or statements set forth herein or in the webcast. Constellation shall not be responsible for any reliance upon any information, opinions, or statements contained in the webcast or for any omission or error of fact.
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]]>The post Webinar Analysts: Hurricane Season, Natural Gas Fundamentals and Capacity Market Updates appeared first on Constellation's Energy4Business Blog.
]]>During the October Constellation monthly Energy Market Intelligence Webinar, Constellation’s Commodities Management Group (CMG) provided comprehensive coverage of various significant factors affecting the energy landscape. The webinar featured discussions on current drivers of energy market prices including recent hurricane impacts, recent rate cuts by the Fed, natural gas fundamentals and oil markets
Weather Report
The team kicked off the webinar by covering important weather forecasts and insights, discussing the current hurricane season, which has 13 named storms so far, with five making landfall in the United States. This hurricane season was highlighted as having an unusual, including the first Category 5 hurricane recorded in June and the longest stretch of quiet period in over 50 years. The team also discussed an outlook for the remainder of the hurricane season and the upcoming winter, predicting a mild winter dominated by a weak La Niña pattern.
All Things Economic
Chief Economist, Ed Fortunato, shared insights on the economy, focusing on interest rates, energy impacts and the Federal Reserve’s actions. The recent 50 basis point rate cut by the Federal Reserve and its implications for the economy were highlighted, along with the strong performance of the equity markets, driven by AI and a broader-based rally. Fortunato also discussed the impact of energy production and consumption on the economy, noting that U.S. oil production has been rising while China, the largest importer of oil, has been experiencing a slowdown.
Natural Gas Fundamentals
Constellation’s energy market experts then analyzed the factors influencing natural gas prices. They noted that natural gas production is holding steady in the 101-102 Bcf/d range, with some cutbacks by Gulf of Mexico producers. Although there have been several below-average injections, the forecasts for end-of-season storage inventory have not changed significantly. The team also discussed the impact of higher oil prices on natural gas supply, suggesting that increased oil production in the Permian Basin could lead to higher associated natural gas production.
Fiscal conservatism continues to guide producers as they await a market signal. Space heating demands and a decline in storage could boost prices enough to encourage an increase in drilling activity, which would be a bearish influence. The U.S. is expected to begin the heating season with a comfortable amount of gas in storage, and a winter forecast suggesting heating demand may fall below average. If the La Niña conditions continue, we may end the winter with more than 2 Tcf remaining in storage.
Oil Markets
Recent developments in the oil markets include the impact of geopolitical events on oil prices. The announcement that Israel would not attack Iranian oil production facilities led to a drop in prices. However, a larger threat to global supply lies in the potential for shutting down the Straits of Hormuz. The U.S., while being the world’s largest producer of crude oil, still imports approximately 6 million barrels per day, with only 1 million barrels per day coming from OPEC. This means that troubles in OPEC are much more muted for the U.S. than in the past.
Capacity Markets
The team commented on recent capacity markets developments, focusing on PJM and noting the recent six-month delay requested by PJM to FERC for the 2026/’27. They discussed the challenges associated with these changes and urged market participants to continue to follow news developments. PJM’s site Inside the Lines (https://insidelines.pjm.com/) remains an excellent source for news on market developments.
Market Trends and Temperature
The team concluded the webinar by looking at forward power charts, the “Market Temperature,” and other factors affecting the energy market.
We invite you to join us for our next Energy Market Intel Webinar on Wednesday, November 20 at 2 pm ET. Constellation energy experts will offer detailed and timely updates on factors affecting energy landscape such as weather, natural gas storage and production, and domestic and global economic conditions. Register by visiting www.constellation.com/marketintelwebinar.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved. The views, thoughts and opinions expressed in the webcast by each participant belong solely to the speaker and not necessarily to the speaker’s employer (including Constellation Energy Corporation or any of its affiliates), organization, committee or other group or individual. Constellation does not make and expressly disclaims, any express or implied guaranty, representation or warranty regarding any opinions or statements set forth herein or in the webcast. Constellation shall not be responsible for any reliance upon any information, opinions, or statements contained in the webcast or for any omission or error of fact.
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]]>The post Leading the Way in Corporate Renewable Energy Solutions appeared first on Constellation's Energy4Business Blog.
]]>In today’s energy landscape, an increasing number of businesses are looking for ways to reduce their greenhouse gas emissions, support their sustainability strategies and mitigate their energy pricing risk. Renewable energy procurement has been a key solution for many businesses striving to achieve these goals. According to the Clean Energy Buyers Association, renewable energy purchases by commercial and industrial customers surged to nearly 17 GW in 2022, a 172% increase since 2018.
Constellation has been at the forefront of this transition, simplifying and scaling access to offsite renewables through Constellation’s Offsite Renewables (CORe) program. CORe enables customers to support the development of new wind or solar projects that feed power into the grid and match their usage through a simple retail renewable energy contract. Constellation handles the most complicated aspects of the process, including sourcing viable projects, conducting analytics, negotiating PPAs and structuring the transactions – making the process easier for customers.
In this first blog in our corporate renewable energy series, we discuss our innovative solutions and their impact on supporting local communities and matching usage to carbon-free sources.
Constellation’s Next Wave of Renewable Energy Products
After establishing the CORe program, Constellation recognized additional challenges customers faced in procuring renewable energy. It committed to establishing innovative products to help even more customers access clean power, support local communities and match their usage to carbon-free sources.
Expanding access to offsite renewable energy
Constellation recognized the challenges small- and medium- sized businesses faced while looking to purchase renewable energy, including high credit standards, time and resource constraints, and access to renewable projects. Constellation is developing new offerings to allow more commercial businesses to commit to their sustainability journeys and overcome these barriers by:
- Purchasing portions of CORe projects in smaller increments.
- Significantly reducing the minimum energy commitment.
Impact PPAs for local communities
To deliver broader community benefits in addition to clean power, Constellation developed an impact PPA model, which expands the benefits of the large offsite renewable energy projects they support to local communities. Under the impact PPA model, Constellation and the project developer:
- Dedicate a portion of revenues to fund initiatives such as workforce training, education and job placement assistance in underserved communities.
- Tailor these programs based on the project location, company location and needs of the residents.
- Expand renewable energy careers to underrepresented groups, provide the training needed while strengthening local inclusion and enabling renewable energy expansion.
This model was designed for broad application across various industries and projects, ensuring that community benefits and support are consistently delivered in every market. For a real-world example of how impact PPAs can benefit local communities, read about our collaboration with the City of Chicago, which highlights the city’s renewable energy commitment and workforce development.
Hourly carbon-free energy matching for real-time performance
Constellation developed an hourly matching product, leveraging Microsoft technology, to pair customer usage with carbon-free and renewable sources on an hour-by-hour basis. The hourly carbon-free energy matching product combines Constellation’s expertise in generation and supply management with advanced data analytics to deliver a comprehensive solution that empowers businesses to:
- Gain visibility into hourly energy supply and emissions on the local grid.
- Receive recommendations on supply strategies and investments to reduce carbon impact.
- Track progress towards achieving hourly carbon-free energy matching.
Powered by advanced and reliable data tracking and analytics that match a customer’s real-time energy usage to the grid’s generation mix, businesses can easily understand their performance and emissions rates and identify the most impactful steps for improvement.
Take Action Today
Ready to revolutionize your renewable energy strategy while effectively managing risks and costs? Reach out to Constellation to get started on the path to a more sustainable future. Plus, stay tuned for our upcoming deep dives into the solutions highlighted in this blog as we progress through our corporate renewable energy series.
Learn more about how you can leverage Constellation’s expertise to shape your energy strategy.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation Navigator, LLC, Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved.
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]]>The post How to Leverage Rebates for Energy Efficiency Projects appeared first on Constellation's Energy4Business Blog.
]]>As your organization begins to consider energy efficiency projects to meet your carbon reduction goals or federal, state or local regulations, it is important to know that various rebate and incentives may be available from utilities, governments or third-parties. A rebate or incentive refers to a financial or non-financial benefit provided to individuals, businesses, or organizations as a reward or encouragement for implementing energy-saving measures or investing in energy-efficient technologies. These programs are designed to promote energy conservation, reduce greenhouse gas emissions, and enhance sustainability. They can range from new construction or equipment replacement to retrofit projects.
But what kinds of rebates and incentives are available to your business? There are a variety of different incentive types that may be offered such as:
Energy Efficiency Rebates: Many utility companies offer rebates for energy-efficient upgrades such as high-efficiency appliances, HVAC systems, insulation, windows, lighting, and more. These rebates typically provide a financial incentive to encourage customers to invest in energy-saving measures.
Demand Response Programs: Some utilities offer demand response programs that provide incentives for reducing electricity usage during peak demand periods. Customers who participate in these programs, typically by adjusting their energy consumption during specific times, can receive financial rewards or lower electricity rates.
Time-of-Use (TOU) Rates: Utilities may offer TOU rates, where the cost of electricity varies based on the time of day. These rates incentivize customers to shift their energy usage to off-peak periods when electricity prices are lower. This can be beneficial for energy efficiency projects that involve scheduling energy-intensive activities during low-demand periods.
Renewable Energy Incentives: Incentives may be available for installing renewable energy systems like solar panels or wind turbines. These incentives can come in the form of tax credits, grants, rebates, or net metering programs that allow you to sell excess electricity back to the grid.
Energy Audits and Assessments: Some utilities or local organizations provide energy audits or assessments for homes or businesses. These assessments help identify areas where energy efficiency improvements can be made. In some cases, the cost of the audit or assessment may be subsidized or even offered for free.
Financing Options: Utilities or third-party organizations may offer low-interest loans, on-bill financing, or other financing options to help fund energy efficiency projects. These programs can make it easier for customers to afford the upfront costs of energy-saving upgrades.
It’s important to note that the availability and specifics of these rebates and incentives can vary widely depending on your location and the programs offered by your local utility or government. These programs are often complex and require end-to-end management, coordination, and implementation. Constellation can review your project scope and site list to determine which sites may be eligible for rebates or other incentives, helping you to prioritize projects. We’ll help you optimize your schedule, making sure you are aware of deadlines. This optimization process could provide rebate revenue which you may choose to reinvest back into your budget, fund more projects, and achieve more savings.
© 2024 Constellation. The offerings described herein, if applicable, are those of either Constellation Navigator, LLC, Constellation NewEnergy, Inc. or Constellation NewEnergy-Gas Division, LLC, affiliates of each other. Brand names and product names are trademarks or service marks of their respective holders. All rights reserved.
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]]>The post Webinar Analysts: A Record-Setting PJM Auction appeared first on Constellation's Energy4Business Blog.
]]>During the September Constellation monthly Energy Market Intelligence Webinar, Constellation’s Commodities Management Group (CMG) provided comprehensive coverage of various significant factors affecting the energy landscape. These included a recap on this year’s summer weather, recent actions by the Federal Reserve, natural gas fundamentals and the record-setting PJM Base Residual Auction results.
Weather Report
Constellation’s Chief Meteorologist, David Ryan, discussed the summer weather patterns and provided insights into the second hottest summer on record. The summer began with the hottest June on record, with temperatures reaching over 100°F in many areas, including Washington, DC, and Chicago. The Southwest and Rockies experienced very strong heat, most recently in California. In the East, strong heat in June and July became more variable in August, with normal conditions in the Midwest.
Ryan also provided an early winter outlook, mentioning that the current conditions are very close to neutral, with a weak La Niña developing. He discussed the impacts of Hurricane Francine, which made landfall in central Louisiana and mentioned that the storm would likely cause some short-term damage with no long-lasting impacts.
All Things Economic
Chief Economist, Ed Fortunato, shared insights on the economy, focusing on interest rates, energy impacts and the Federal Reserve’s actions. Since the Webinar, the Federal Reserve cut interest rates by a half point in the meeting on September 18th. The Fed’s concern is more about the jobs market slowing down rather than inflation, which, while it has been coming down, has not reached the Fed’s target of 2%. The equities markets have been volatile, with speculations on the rate cuts driving swings in stock market pricing. The jobs market has been slowing as August reported a gain of 142,000 jobs vs. an average gain of 202,000 the past 12 months. The weekly indicator shows a consistent range of job losses, and the Fed is concerned about this trend.
The discussion also highlighted the impact of energy production and consumption on the economy. U.S. oil production has been rising, reaching record high of 13.5 million barrels/day which is also leading to more “associated” natural gas being extracted in the Permian basin of west Texas and New Mexico. Meanwhile on the demand side for oil, China, the world’s largest importer of oil, has been experiencing a continued economic slowdown and this has led to both lower crude oil prices and gasoline prices.
Natural Gas Fundamentals
Constellation’s energy market experts analyzed the factors influencing natural gas prices. Natural gas production is holding in the 101-102 Bcf/d range before some shut ins of production from Hurricane Francine reduced it to ~100 Bcf/d. Appalachian producers such as Chesapeake Energy have signaled they intend to make production cuts but have not implemented cuts as of yet. The gas rig count is down 20 percent from January, currently at 94 rigs and this has traditionally served as a leading indicator of where production might be headed. Yet producers are increasing efficient so they can produce more gas with fewer rigs over time.
There is uncertainty about whether producers will cut more into Q4 but winter weather forecasts and weather in November and December could ultimately drive those actions. Despite a string of below-average injections, forecasts for end-of-season storage inventory are largely unchanged since July, between 3.9-4.0 Tcf. The injection season is winding down, and a major deviation from the forecast is unlikely. Across the pond, European storage is nearly full at 93%, which will keep global LNG prices in check to start winter. Any significant sustained cold weather would draw on storage and call on U.S. LNG to resupply via pricing action at the European Title Transfer Facility (TTF) location in the Netherlands, which serves as a benchmark for LNG.
By the end of 2028, the Energy Information Administration (EIA) estimates LNG export capacity will grow by 0.8 Bcf/d in Mexico, 2.5 Bcf/d in Canada, and 8.2 Bcf/d in the U.S. with the delay of Golden Pass trains 2 and 3.
2025/26 PJM Base Residual Auction
The team transitioned to cover one of the biggest developments in power markets this year, the unexpected results of the 2025/2026 PJM Base Residual Auction which saw the highest ever price for system RTO capacity at $269.92/MW-Day. The PJM Auction is an annual auction that secures commitments from electricity suppliers to provide capacity to meet the forecasted demand for electricity in the PJM region. The auction ensures that there is enough electricity supply to meet the peak demand and maintain grid reliability. For the 2025/26 years, the RTO price of $269/MW-Day was driven by a decrease in supply offers of 6.6 GW, mainly due to generator retirements, an increase in the peak summer load of 3.3GW, and an increase of the Installed Reserve Margin (IRM) from 14.7% to 17.8%. Additionally, the Federal Energy Regulatory Commission (FERC) approved Critical Issue Fast Path (CIFP) changes to better reflect risks from extreme weather and introduced new resource accreditation metrics for a more accurate picture of plant performance during high-stress times.
An overall tightening of the electricity supply and demand balance in PJM, along with FERC-approved market rules has caused a spike in RTO capacity clearing prices which will significantly increase the price a customer will have to pay for this cost component.
Market Trends and Temperature
The team concluded the webinar by looking at forward power charts, the “Market Temperature” and other factors affecting the energy market.
We invite you to join us for our next Energy Market Intel Webinar on Wednesday, October 16 at 2 pm ET. Constellation energy experts will offer detailed and timely updates on factors affecting energy landscape such as weather, natural gas storage and production, and domestic and global economic conditions. Register by visiting www.constellation.com/marketintelwebinar.
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