Tag: Lee Taylor

Solar + Wind Finance & Investment Summit 2024

REsurety is excited to be returning to the Solar + Wind Finance & Investment Summit. Book a meeting with us

Solar + Wind Finance & Investment Summit 2024

REsurety will be attending the 2024 Solar + Wind Finance & Investment Summit on March 10-13 in Phoenix, AZ. Co-Founder & CEO, Lee Taylor, and SVP of Sales & Customer Success, Adam Reeve, will be representing REsurety at the show.

About the event

Infocast’s Solar + Wind Finance & Investment Summit in 2023 gathered an unprecedented number of leading industry players to network, make deals, and get fully briefed on the renewables markets. This exceptional event is back to once again gather a who’s who for phenomenal deal-making and strategizing opportunities.

Join us for 2024’s summit March 11-13, with an exclusive pre-summit evening of Keynote sessions followed by a welcome reception on March 10.

Mark these dates in your calendar and get ready for the most powerful networking place for top-level renewables and financial executives and capitalize on today’s booming renewables market!

One year into the Inflation Reduction Act and the industry is still figuring out the new normal, with lingering supply issues, inflation, and interest rate hikes on the one hand and expanded tax credits, transferability, and long-term policy certainty on the other. This is a particularly critical year to attend Solar + Wind Finance & Investment Summit for a deep dive into how IRA guidance is affecting assumptions and how the emerging transferability market is creating a whole new outlook on financing possibilities. You’ll get insider tips on how to successfully navigate these waters, capitalize on the booming opportunities of the future, handle the lingering difficulties of the present, and meet everyone you need to know to take maximum advantage of your opportunities to develop, finance, and invest in today’s renewable energy projects.

Mingle with other C-Suite executives at the preeminent networking event for leaders in finance, solar, wind, and storage, top-rated by attendees as the place where deals and valuable business connections are made. Get the latest update on the finance and investment landscape, gain prescient insights into market trends, and network with the “highest quality of industry participants on the conference circuit.”

Bump into all the right people at the premier source of information for shaping your organization’s strategic direction – Let’s reconnect once again!

Access the agenda for the entire event here.

Book a meeting with us

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Blog post: Is 24/7 or Emissions First right for you? It depends on what you are trying to achieve.

Lee Taylor
Lee Taylor, REsurety's CEO, discussions Emissions First for clean energy leaders
Lee Taylor, Co-Founder and CEO


Authored by Lee Taylor, Co-Founder and CEO, REsurety


Clean energy leaders today agree clearly on one thing: annual MWh-based accounting was a phenomenally successful driver of our industry’s past success, but it is insufficient to meet the needs of our industry’s future – and our planet’s future.1 However, those same clean energy leaders have different proposals for what should replace annual MWh-based accounting. From these proposals two approaches have emerged: Hourly Energy Matching (the methodology advocated for by 24/7 proponents) and Carbon Matching (the methodology advocated for by the Emissions First Partnership).

Hourly Energy Matching asserts that buyers of clean energy should match their consumption with clean energy generation in both time and location. Carbon Matching advocates that buyers of clean energy calculate the induced carbon emissions of their consumption and then subtract the avoided carbon emissions of their clean energy procurement, with the goal of pursuing strategies for both consumption and generation, independently, to get to an end result of zero as fast as possible. In the corporate community, Google has led the charge on Hourly Energy Matching whereas the Emissions First Partnership (including Akamai, Amazon, General Motors, HASI, Heineken, Intel, Meta, Rivian, Salesforce, and Workday) has advocated for Carbon Matching.2

There is a perception by some that these two camps are in direct conflict. In reality, Carbon Matching and Hourly Energy Matching share a common long-term goal: a carbon-free grid. However, Carbon Matching and Hourly Energy Matching are two different strategies to achieve that goal and should be considered alternative – not mutually exclusive – options, each of which is an improvement over the status quo.

Hourly Energy Matching is an attempt to approximate the physical sourcing of clean energy. Said another way, Hourly Energy Matching is effectively a proxy for behind-the-meter co-location and temporal matching of clean energy generation and energy consumption. It is an effort to get most of the benefits of co-location without giving up the benefits of grid interconnection. Done correctly (more on this below), this strategy provides a tool to attempt to physically consume carbon-free energy.3

By contrast, Carbon Matching is an attempt to minimize carbon emissions as fast as possible. The basic premise is: our climate doesn’t care when and where carbon is emitted, it all goes into the same atmosphere and drives climate change. So Carbon Matching focuses on driving dollars to the projects and strategies that decrease overall carbon emissions as fast as possible, whether or not that results in consumption and clean energy generation occurring in the same time and location. For example: siting new load in a clean grid while siting new renewable generation in a dirty grid achieves faster decarbonization than co-locating load and generation in either one location.

Regarding the “done correctly” point above, I do have one significant bone to pick with the messaging to date by the Hourly Energy Matching camp. In many real world applications, Hourly Energy Matching has a significant “deliverability problem” that has thus far been downplayed or outright ignored. Here’s the problem: using grid connected projects as a “proxy” for co-location is only defensible if there are no material transmission constraints between the location of your generation and the location of your consumption. Just as transmission constraints drive dramatic price differences within a region, they also drive large differences in the carbon intensity of electricity within the same grid at the same time.

Hourly Energy Matching advocates acknowledge this and so define “deliverability” as existing between any two locations on the grid between which there is no material congestion. But, as a result of the complex and rapidly changing congestion patterns of modern grids, that means that whether or not generation in one location is “deliverable” to load in another changes every 5 minutes in many markets and can cause locations that are just a few miles apart to become non-deliverable. That reality presents challenges to the ease of Hourly Energy Matching’s implementation, so advocates have thus far taken a “let’s not let the perfect be the enemy of the good” approach and suggest using unjustifiably large geographic boundaries such as balancing authorities or the DOE’s geographic regions as approximations of deliverability.

But calling something deliverable doesn’t make it so. For example, in renewables-rich Texas, out of the hundreds of operating wind farms only two would be considered deliverable to Houston if you used energy price differentials as an indicator of congestion – as many have proposed.4 And congestion is not just a Texas problem. In MISO in 2022, renewables were being curtailed 71% of the time as a result of local congestion.5 In summary: matching generation and consumption hourly while ignoring local transmission constraints is the definition of precision without accuracy – and Hourly Energy Matching advocates need to acknowledge this and ensure that the implementation of “deliverability” consistently avoids that outcome.6

In the end, as a buyer of power, you have a choice. Is your goal to attempt to physically consume local carbon free energy? And are you comfortable knowing that your dollars spent could very likely have abated carbon further and faster if deployed elsewhere? If so, then you should pursue an Hourly Energy Matching strategy.

Alternatively, is your goal to reduce overall carbon emissions as fast as possible? And are you comfortable with the fact that your choice may lead you to invest in projects that aren’t located in your backyard? If so, then you should pursue a Carbon Matching strategy.

Both strategies have their respective merits and it is important to note that they are not mutually exclusive. I can speak to this personally. I live in Massachusetts, which means I live in a house that gets (relatively) little sunshine and draws power from a (relatively) clean grid. Even so, I installed solar panels on my roof in order to source carbon-free energy for my own consumption. However, like many 24/7 strategies, my rooftop solar system is both expensive and exclusive. The implied cost of carbon underlying the RECs generated by my rooftop system translates to nearly $650 per metric ton of avoided carbon. And, residential solar isn’t a financial option for all homeowners and is no option at all for renters. While I still feel good about my decision to install solar, I recognize that this kind of behavior alone simply is not cost-effective nor scalable enough to stave off the worst effects of climate change. Given that, the majority of my time and effort go into our work at REsurety, where we provide the tools required to enable Carbon Matching throughout the clean energy ecosystem (from corporate procurement, to energy storage, to hydrogen development) – with the primary objectives of maximizing the speed with which we decarbonize the grid as a whole.

Have a question on this topic? We’re always happy to discuss so send us a note at [email protected].


1 For further reading or listening on this, see: Carbon Accounting Changes Could Lift Corporate Greenhouse-Gas Emissions, WSJ, May 2023. GHG accounting reform could change energy investment, The Interchange Podcast, July 2023. Going beyond megawatt hour matching, Climate Positive Podcast, July 2023.

2 The Emissions First Partnership states that it supports companies with hourly match goals, and its carbon matching approach can serve as a foundation for those goals (see EFP website).

3 I say “attempt” instead of “ensure” on purpose, because it’s not possible to trace electrons from generation to consumption across a grid. 24/7’s advocates agree with this: “We know from Kirchoff’s circuit laws that electricity generated in one spot cannot be directed to a specific user over the electricity grid. Once you put electricity on the grid there is no actual way to know ‘the energy from wind farm X is going to my data center Y.’” – Google’s Green PPAs

4 Many Hourly Energy Matching proponents have suggested that two locations could be considered “deliverable” if the Locational Marginal Price (“LMP”) at the generator location is within 10% of the (hourly-matched) LMP at the consumption location. Using trailing 2-year observed prices, only 2 wind farms in Texas have experienced LMP differentials of less than 10% to Houston Hub.

5 See Table 1 from MISO’s 2022 State of the Market report. Wind and solar were on the margin and as such set pricing in 68% and 3% of intervals, respectively.

6 For more detail on how local transmission can undermine or even reverse the carbon benefits of hourly matching, see REsurety’s white paper on this topic related to defining green hydrogen: Emissions Implications for Clean Hydrogen Accounting Methods.

S&P Global Commodity Insights Financing US Power Conference

S&P Global Financing US Power Conference

REsurety’s Lee Taylor joined the panel, Investment Opportunities and the IRA

S&P Global Financing US Power Conference: Panel on Investment Opportunities and the IRA

REsurety attended the S&P Global Commodity Insights Financing US Power Conference on October 30-31. REsurety’s Co-Founder and CEO, Lee Taylor, participated in the panel, Investment Opportunities and the IRA on October 30th at 11:15 am ET. Learn more about the session below.

Title: Investment Opportunities and the IRA

Topics covered:

  • Scope and reach of the IRA
  • Where is investment taking place stimulated by new federal support?
  • Key challenges that remain
  • Supply chain challenges

Session Speakers:
Himanshu Saxena, CEO, Lotus Infrastructure Partners
Rich Roloff, Managing Director, LS Power
Lee Taylor, Co-Founder and CEO, REsurety
John Morton, Managing Director and Global Head of Advisory, Pollination Group
Moderator: Daryna Kotenko, Lead, North American Power, S&P Global Commodity Insights

About the event

The Financing US Power Conference is the premier power finance event, giving you unique opportunities to explore the critical drivers for electric power investment. Meet with colleagues, including leaders from utilities, investors, developers, and analysts, while gaining valuable insight into the investment climate and the challenges for power finance deals.

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The Fight To Define Clean Hydrogen, as published by GreenBiz

What counts as green hydrogen is a $100 billion dollar question.

Authored by Sarah Golden, VP of Energy, GreenBiz Group

GreenBiz addresses the challenges behind defining what “clean hydrogen” really means, with different stakeholders in the industry advocating for definitions that would secure them high investments and large returns. Lee Taylor provides his perspective on the matter and REsurety’s energy matching data is featured. See below for an excerpt from the article.

Excerpt:

GreenBiz

“How it would work: An electrolyzer is placed somewhere close to a clean energy plant (solar, wind, hydro, nuclear), and runs directly off clean energy.

I confess, before thinking about this, I pictured this to be how green hydrogen would work, as ‘green’ generally refers to hydrogen created from exclusively clean energy. ‘Clean’ hydrogen, on the other hand, has a bit more flexibility, as it would include hydrogen made from dirty energy with carbon capture.

The upshot: While demonstrably clean, this method is not scalable at the level needed for clean hydrogen to displace conventional hydrogen today – much less ramp up to other applications.

‘[Co-locating electrolysis with clean energy] will work in a very small number of geographies, and at an extremely high cost,’ said Lee Taylor, CEO of REsurety, who spoke to me about these four buckets. ‘You just won’t get the growth of the hydrogen industry if it all has to be co-located on site.'”

Read the full article here.

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GreenFin 23

REsurety is excited to be joining a panel with other industry leaders.

Greenfin: The Premiere Sustainable Finance and Investing Event

REsurety attended GreenFin 23, the premier sustainable finance and investing event on June 26-28 in Boston. REsurety’s Co-Founder and CEO, Lee Taylor, was on the panel, Going Beyond Megawatt Hour Matching on June 26th at 4:00 pm, along with HASI, General Motors, TCR and Putnam Investments. Learn more about the session below.

Title: Going Beyond Megawatt Hour Matching

Description:
The release of the Scope 2 Guidance in 2015 coincided with significant growth in corporate voluntary procurement. It has been foundational to corporate decarbonization strategies ever since.

Corporate buyers, developers, NGOs and investors are ready to embrace an accounting framework that moves beyond the current approach of megawatt-hour matching to focus on emissions impact. Is it time to update corporate emissions accounting standards to ensure that clean energy investments maximize electricity decarbonization?

Session Speakers:
Chad Reed, Vice President, Strategic Initiatives and ESG, HASI
Katherine Collins, Head of Sustainable Investing, Putnam Investments
Lee Taylor, Co-Founder and CEO, REsurety
Hank He, Director, Tabors Caramanis Rudkevich
Rob Threlkeld, Global Energy Strategy, General Motors

Learn more here.

If you haven’t registered yet, register to attend the event here.

About the event

Despite ESG frameworks and rankings’ imperfections, they are impacting billions of investments. And, hundreds of trillions more are needed to realize a just transition to a decarbonized global economy.

GreenFin 23 will convene an influential audience of finance, investment and sustainability professionals to share insights, address key challenges and showcase leading sustainable financial products and services.

Access the agenda for the entire event here.

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CohnReznick 10th Renewable Energy Summit

REsurety’s Lee Taylor joined the panel, Risk in the new age

CohnReznick 10th Renewable Energy Summit

REsurety attended the CohnReznick Renewable Energy Summit on June 14-16, 2023, in Dana Point, CA. REsurety’s Co-Founder and CEO, Lee Taylor, joined the panel, Risk in the new age on June 16th at 9:15 am PT. Learn more about the session below.

Title: Risk in the new age

Description:
The energy transition will play out in a market rife with risk, including global economic uncertainty, inflation, supply-chain disruptions, tariff threats, permitting delays, and transmission bottlenecks. How can market participants reduce risk while maximizing returns on investment?

This panel will examine the risk impact of changing market conditions including:

  • Volatility in power pricing
    • What happens if more renewables or storage is built than expected?
    • Inversion of on-peak and off-peak pricing?
  • Supply chain disruptions and U.S. ramp up
    • How are developers responding to continued rise in inflation and AD/CVD issues, and how are they finding/financing new module suppliers?
    • How to meet expectations for buildout of new domestic production?
  • Disruption in the banking market: Impact on tax capacity/debt markets and overall sector

Session Speakers:
Michael Tatarsky, Managing Director, CohnReznick Capital
Lee Taylor, Co-Founder and CEO, REsurety

About the event

CohnReznick and CohnReznick Capital are thrilled to host the 10th Annual Renewable Energy Summit and celebrate a decade of ocean-side deal-making at the Ritz Carlton, Laguna Niguel. This flagship, invite-only event uniting leading financiers, developers, and power generators shaping the energy transition will be the most exciting to date. Get inspired, strengthen industry connections, and enjoy curated activities in an idyllic Southern California setting. We invite you to join us!

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CERAWeek 2023

Lee Taylor

Maximizing & Measuring Carbon Impact: How to Operationalize “Emissions First” Principles

CERAWeek 2023
Lee Taylor, host of the Agora Pod Session, Maximizing & Measuring Carbon Impact: How to Operationalize "Emissions First" Principles

REsurety’s Co-Founder and CEO, Lee Taylor, hosted the Agora Pod session, Maximizing & Measuring Carbon Impact: How to Operationalize “Emissions First” Principles at the 2023 CERAWeek conference in March. The session revolved around learning how marginal emissions data, which measures the carbon impact of consuming or generating energy at a given time and place, can be used to maximize the impact of clean energy investments, and to accurately measure that impact. Click the link below to watch a recording of the full session. Learn more about CERAWeek here.

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Tuck Energy Currents Podcast: The Impacts of Recent Legislation on Renewable Development

Lee Taylor
Lee Taylor on Tuck Energy Currents Podcast: The Impacts of Recent Legislation on Renewable Development

This podcast features REsurety’s Co-Founder and CEO, Lee Taylor, discussing his career journey leading to the founding of REsurety and the impacts of recent legislation on renewable development. There is also a full transcript with a PDF download option below.

Listen to the full podcast here or on Spotify.

Tuck Energy Currents is a student-led podcast from the Revers Center for Energy at the Tuck School of Business that explores career paths and contemporary topics across the energy industry.

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