NextEra US Growth, Equinor $1B Loss

Allen discusses NextEra Energy's growth potential amid the new tax
bill, Equinor's financial setback in US offshore wind projects, and
Statkraft's strategic shift due to falling electricity prices.
Additional highlights include Wisconsin's approval of its first
long-duration energy storage project, Jupiter Bach's facility
expansion in Florida, and record electricity prices in the US power
auction. Sign up now for Uptime Tech News, our weekly email update
on all things wind technology. This episode is sponsored
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YouTube channel here. Have a question we can answer on the
show? Email us! US Renewable Energy Leader NextEra Energy says
Trump's new tax bill will help the company grow despite concerns
about renewable energy credits. The Florida energy giant told
investors it can protect most of its wind and solar projects from
losing tax credits under the One Big Beautiful Bill Act. NextEra
President John Ketchum says the company is already building so many
projects that it can lock in tax benefits through twenty twenty
nine. Ketchum believes smaller energy companies will struggle to
meet the new deadline of July fourth twenty twenty six. That will
likely mean less competition and more business for NextEra. Of
course, Wall Street analysts are skeptical. Analysts from Jefferies
wrote there is a clear long-term challenge ahead for the company.
NextEra has signed contracts for three point two gigawatts of new
projects since April. And the company is also exploring nuclear
energy and small modular reactors. Norwegian energy company Equinor
is taking a nearly one billion dollar loss on its US offshore wind
projects. The company reported a nine hundred fifty five million
dollar impairment in the second quarter. Most of that money is
linked to the Empire Wind project off New York and a marine
terminal in Brooklyn. Equinor says regulatory changes in the United
States have reduced future profits and increased costs for offshore
wind projects. Despite the financial hit, Equinor says it is moving
forward with Empire Wind One. The company also completed financing
for two offshore wind projects in Poland. The company says it
remains committed to growing its renewable energy business.
Wisconsin regulators have approved the first long-duration energy
storage project of its kind in the United States. Alliant Energy
will build the Columbia Energy Storage Project using a new carbon
dioxide battery system designed by Energy Dome. The project will
provide enough electricity to power eighteen thousand Wisconsin
homes for ten hours on a single charge. Raja Sundararajan from
Alliant Energy says the project will strengthen the power grid and
help meet growing energy needs. The Energy Dome system works by
converting carbon dioxide gas into compressed liquid for storage.
When electricity is needed, the liquid turns back to gas and powers
a turbine. Currently Energy Dome has a system running in Italy.
Construction in Wisconsin will begin in twenty twenty six and the
project should be completed by the end of twenty twenty seven. The
storage system is part of Alliant Energy's long-term plan to expand
power generation with a balanced mix of energy sources. Norwegian
energy company Statkraft took a three billion dollar hit on its
wind power projects due to falling electricity prices. The company
reported strong power generation in the second quarter but said
lower prices in northern Norway and Sweden hurt profits. Statkraft
President Birgitte Ringstad Vartdal says the company is refocusing
its strategy after a period of high energy prices following the
Russian war in Ukraine. The company is streamlining operations and
focusing on fewer technologies and markets. Statkraft has stopped
new development of green hydrogen projects and most offshore wind
activities. The changes will include job cuts as the company aims
to reduce costs by two point nine billion dollars annually by
twenty twenty seven. Statkraft plans to invest sixteen to twenty
billion dollars per year in hydropower upgrades in Norway and new
onshore wind projects in Norway and Sweden. And Jupiter Bach is
investing more than four million dollars to expand its wind turbine
manufacturing facility. Jupiter Bach is spending funds on a twenty
thousand square foot expansion of its manufacturing plant. The new
facility will include production systems designed to reduce waste
and improve efficiency. The company is also adding point-of-use
warehousing to organize materials more effectively. Jupiter Bach
has built more than seventy thousand wind turbines worldwide. The
company says the expansion will help set industry standards for
lowering wind power costs. Originally scheduled to open a few
months ago it appears the new facility is set to open at the end of
the month -- congrats to everyone at Jupiter Bach. Electricity
prices in the biggest US power auction jumped twenty two percent to
record highs as demand continues to outstrip supply. The PJM
Interconnection auction cleared at three hundred twenty nine
dollars and seventeen cents per megawatt day. That is the highest
price ever recorded in the auction. PJM operates the largest power
grid in North America, covering thirteen states and the District of
Columbia. The network includes one in five Americans and Virginia's
data center alley. The surge in electricity demand is driven by big
tech companies building data centers. This has created a supply
shortage that is driving up prices. Power company stocks rose on
the news. Talen Energy shares jumped more than nine percent.
Constellation Energy rose over five percent. The auction results
will affect electricity bills starting next summer. PJM says home
and business bills will rise one point five to five percent.
Environmental groups criticized the results, saying PJM has failed
to quickly connect new renewable energy sources like wind and solar
power. That's this week's top stories. Stay tuned to the uptime
wind energy podcast tomorrow.