The discovery of oil at Spindletop led to the energy renewal industry dominating the economy in Texas. This state is home to the third largest amount of Fortune 500 companies in the United States of America. The next company could very well be from the solar industry, allowing for green technology development in the state.
A famous analyst named Paula Mints explained the pros and cons of this industry technology, as well as the demand for these types of technologies at a gathering in Dallas, Texas. The analyst frequently publishes with journals focused on this type of technology and recently she published a chapter about and the benefits and information that these technologies can bring the state of Texas.
It is uncertain whether the next Fortune 500 company will be an industry focused on solar advancements, but it is looking like the state is beginning to open up more to this type of technology and the benefits it can bring the state.
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Texas is experiencing a challenge of peak capacity constraint. Drought and climate change has also added to this challenge. This presents a need for the state to adopt cleaner resources and a smarter grid. There have been ongoing conversations between the Electricity Reliability Council of Texas and the Public Utilities Commission of Texas regarding reformation of the state’s energy market.
Texas faces a dilemma as energy companies are unwilling to take a risk to invest in the construction of costly power plants. This is because there are no incentives to encourage investment. There is also no guarantee of a great return on any investment made, as the state employs a energy-only market which only pays for the energy which power plants produce.
In a committee meeting held recently by the Senate Natural Resources Committee a debate sparked over the changing energy market in Texas. During the meeting, Demand Response was highlighted as an alternative to natural gas power plants. Demand Response is an energy management solution which switches of energy intensive devices during high demand periods, or change their use to different times of the day. Demand Response is more cost effective and can be built in a short time.
Algonquin Power and Utilities Corp. has announced plans for further investment in the U.S wind generation. The company signed an agreement recently with Gamesa Wind US, LLC to obtain the remaining 40 percent of the 400 megawatt wind power portfolio of the “Projects”. The Portfolio consists of three facilities which are located in Texas, Illinois and Pennsylvania. Although Gamesa will relinquish their 40 percent ownership, they have however secured a 20 year contract to for provision maintenance and warranty services for the wind turbines.
Since 2012 Algonquin Power and Utilities Corp has been the manager and owner of the Projects. Therefore, the company is not expecting to incur any additional management and administrative costs. The acquisition will be funded in accordance with the company’s targeted investment grade consolidated capital structure. It is expected that that the acquisition will be completed by early 2014 has soon as regulatory approvals have been obtained.