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Financing the Decarbonized Electric Future Our biggest challenge yet?

Financing the Decarbonized Electric Future Our biggest challenge yet?. NARUC Summer 2010 Committee Meetings Sacramento, California Remarks of Ron Binz, Chairman Colorado Public Utilities Commission July 17, 2010. Outline of this presentation. CapEx for US Electric Supply 2010-2030

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Financing the Decarbonized Electric Future Our biggest challenge yet?

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  1. Financing the Decarbonized Electric Future Our biggest challenge yet? NARUC Summer 2010 Committee Meetings Sacramento, California Remarks of Ron Binz, Chairman Colorado Public Utilities Commission July 17, 2010

  2. Outline of this presentation • CapEx for US Electric Supply 2010-2030 • With and without carbon regulation • How big is the challenge? • What are the regional differences? • What are our regulatory and policy tools? • Implications for design of carbon legislation

  3. Caveat • I am one of three equal commissioners • My positions are my own • I am confused by many things and have not made up my mind on much at all • I don’t even agree with some of the things I say • Good advice: don’t believe everything you think

  4. What Would EPRI Do?

  5. Efficiency Biomass Wind Hydro Nuclear Gas Retrofit CCS New CCS Non-CCS Coal

  6. Efficiency Biomass Wind Hydro Nuclear Gas Retrofit CCS New CCS Non-CCS Coal

  7. US Investor-owned utilities total assets: $1.1 Trillion • Brattle Group estimates $2.0 trillion CapEx needed in 2010-2030 under climate legislaton assumption; $1.5 trillion otherwise

  8. Brattle Group CapEx Estimate

  9. EIA Regional Groupings

  10. Brattle Group CapEx Estimate

  11. Brattle Group CapEx Estimate

  12. International Energy Agency View $1.1 T $2.7 T $3.8 Trillion

  13. Implications for Climate Legislation • Urgency: important to start soon • Electric sector ready to move now • Encourage early action • Cost containment: climate adds to cost pressure • Allocation of allowances • Curbs on speculation • Innovation needed: Manhattan Project scale • Substantial R&D funding essential • Keep options open: EPRI may be right • CCS and nuclear must be kept viable

  14. Electric power fIrst • Carbon cap • $4/ton CO2 research fee • Allowance allocation • Dampened trading • Early action provision Available at www.fortnightly.com

  15. Implications for State Regulation

  16. Thanks for the invitation. I look forward to your questions.

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