The types of market risks include interest rate and counterparty credit risks. Highview Power, maker of a long-duration, cryogenic energy storage system that uses liquid air to deliver over 4 hours of energy, has broken ground on a 50MW/250MWh long duration energy storage facility in the UK. the breaking of water into hydrogen and oxygen, and storing the hydrogen to be used as a fuel in a conventional motor to drive a generator. Certain existing projects can count toward the total, and the program is designed to encourage a range of ownership models. Ownership of shares - 75% or more as a member of a firm Based upon a hypothetical 10% decrease in rates, NEP’s net derivative liabilities at June 30, 2021 would increase by approximately $116 million. State or other jurisdiction of incorporation or organization: Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. (a)    Evaluation of Disclosure Controls and Procedures. As I explained to Scottish Scientist many years ago, his proposals are commercially untenable, as well as unworkable from an operations standpoint. NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account. View contact number for free. The concrete caissons from which the barrage is constructed are accumulators, designed to store water under air pressure – very simple. That is, it would cost just £220,000? Mobile number. Life is a balance. NEP may not be able to extend, renew or replace expiring or terminated PPAs, natural gas transportation agreements or other customer contracts at favorable rates or on a long-term basis. I have to agree with most of the observations above. . Licensing will be very difficult in such a small country, so fond we are, quite rightly, of our wonderful but threatened landscapes. For the six months ended June 30, 2021 and 2020, net loss (income) attributable to noncontrolling interests reflects the net income or loss attributable to NEE Equity's noncontrolling interest in NEP OpCo, a third party's 10% interest in one of the Texas pipelines, the loss allocated to differential membership interest investors, the income allocated to the Class B noncontrolling interests and NEER's approximately 50% noncontrolling interest in Silver State. David Smart, it’s not entirely clear what you are talking about with “Before-Generator Energy Storage”. Responsible for Foreign Assignment policy and team. and a 50-year plus design life for water pumps. It’s hard to vote without some of these details. If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms. NEP recognized approximately $14 million of equity in earnings of non-economic ownership interests during the six months ended June 30, 2021 compared to $18 million of losses in the prior year period. (“as £110/MWh for a 10-hour, 200MW/2GWh” – implies a cost of the 200MW turbine/generator systems << £100×2000 = £200k — nice if could scale down to << £1k for a 1 MW generator systems — very domestic ), Gravity storage: to replicate Highview Power’s 50 MW / 250 MW-h scheme let’s say we have an array of 50 x 1 MW wind turbines 100m high each raising a weight over 5 hours, to give the 250 MW-h (= 9×10^11 Joules total, or 1.8×10^9 Joules per turbine). Compress air and seperate CO2 into dry Ice, Store the dry ice as a solid and allow it to evaporate as required, A short term storage of a few million tonnes of CO2 spread over the whole globe would at least take some out of the general atmosphere, or is the general toxic nature of high concentrations of CO2 too dangerous? At June 30, 2021 and December 31, 2020, the cash sweep amounts held in accounts belonging to NEER or its affiliates were approximately $, Guarantees and Letters of Credit Entered into by Related Parties, - Certain PPAs include requirements of the project entities to meet certain performance obligations. Natural gas is a fossil fuel with environmentally “horrific” long term consequences for carbon dioxide pollution of the atmosphere, yes. Highview Power uses readily available equipment to store liquid air and release electricity on demand. Highview has not yet disclosed the exact location of its site, but it is currently in procurement processes for the construction stage and is locking down agreements to purchase the stored energy from the new plant, which could be in operation by 2022. the case of NEP OpCo, until such funds are required to make distributions or to pay expenses or other operating costs. From the earlier comment about the buying/selling margin for electricity being ~ £20 per MW-h and assuming you worked on a daily cycle that is a gross revenue of £6,280 a day or £2.3 million a year before operating costs (including a reasonable sized maintenance crew for those 28,800 winches). "We are excited to work with Enlasa to bring Highview's . For the majority of the project-level financings, minimum debt service coverage ratios must be satisfied in order to make a distribution. Based upon a hypothetical 10% decrease in interest rates, which is a reasonable near-term market change, the fair value of NEP's long-term debt would increase by approximately $33 million at June 30, 2021. • Highview Power Holdings, . “Modularizing our liquid air technology will help us deploy our systems more efficiently and cost-effectively, providing an attractive advantage for project developers and investors.”. I voted for it because I believe it could have some applications (including, for example, dealing with the wind & combined gas power failures that resulted in the August power-cut). Pierpaolo is currently the CEO of Gazelle Wind power, a disruptive and unique floating offshore wind platform technology company. Cash flows from the interest rate contracts are reported in cash flows from operating activities in the condensed consolidated statements of cash flows. For the three months ended June 30, 2021, NEP recorded income tax benefit of approximately $22 million on loss before income taxes of $224 million, resulting in an effective tax rate of 10%. - Under the MSA, an indirect wholly owned subsidiary of NEE provides operational, management and administrative services to NEP, including managing NEP’s day-to-day affairs and providing individuals to act as NEP’s executive officers and directors, in addition to those services that are provided under the existing O&M agreements and ASAs described above between NEER subsidiaries and NEP subsidiaries. Holders of NEP's units may be subject to voting restrictions. - 08/2013 - 11/2014 Project Manager in TIIMA working time management system implementation. Item 3. Am I missing something? With regard to environmental proceedings to which a governmental authority is a party, NEP's policy is to disclose any such proceeding if it is reasonably expected to result in monetary sanctions of greater than or equal to $1 million. The plant provides Customer access and ownership of solar and other DERs has predominantly proliferated . Founder of Canamens Energy Ltd., Cynthia S. Dubin is on the board of Hurco Cos., Inc., Franchise Group, Inc. and Synthomer Plc. Citec is headquartered in Vaasa, Finland, and has offices in Finland, Sweden, Norway, France, Germany, Russia, India, and Saudi Arabia. Highview's CryoEnergy System pilot plant, hosted by SSE (Scottish and Southern Energy), Slough Heat and Power plant, UK, uses commercially available components that have proven performances and life times. And does the costing including the gas-turbine/generator equipment? Announced at the BloombergNEF summit in London yesterday by Highview CEO Javier Cavarda, the plant will use technology demonstrated at a pilot plant in Slough and developed further at a demonstration plant in Manchester. As of June 30, 2021, NEP had performed an evaluation, under the supervision and with the participation of its management, including its chief executive officer and chief financial officer, of the effectiveness of the design and operation of NEP's disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)). Why put that Transit van gearbox back in a smelter, in order to make more knives and forks………………..? Management's Discussion and Analysis of Financial Condition and Results of Operations, Quantitative and Qualitative Disclosures About Market Risk, Amendment to Membership Interest Purchase Agreement, dated as of May 16, 2021, among Genesis Solar Holdings, LLC, NextEra Energy Partners, LP, Genesis Solar Funding, LLC and the Class B purchasers thereto, Amended and Restated Purchase and Sale Agreement, dated as of February 22, 2016, by and between NEP US SellCo, LLC and NextEra Energy Partners Acquisitions, LLC, as amended by First Global Amendment to Amended and Restated Purchase and Sale Agreement, dated as of September 8, 2016, by and between NEP US SellCo, LLC, NextEra Energy Partners Acquisitions, LLC and ESI Energy, LLC (filed as Exhibit 2.1 to Form 10-Q for the quarter ended September 30, 2017, File No. At June 30, 2021, the estimated fair value of NEP's long-term debt was approximately $4.1 billion and the carrying value of the long-term debt was $4.0 billion. Size of plant is very small and does not have the geo-considerations of air or gravity storage. The barrage should have, say 10-20 generators onshore, all fed by the water pumps set in the dam. NEP OpCo and its subsidiaries' secured long-term debt agreements are secured by liens on certain assets and contain provisions which, under certain conditions, could restrict the payment of distributions or related party fee payments. Either we need a high availability, low carbon source of electricity (= nuclear) or if we are wedded to ever-more solar & wind we need to set up a lot of new high-demand electricity based industries operating on a interruptible tariff at rock-bottom prices to match demand to supply swings on a near instantaneous basis, I did some calculations and estimates based upon UK pumped storage systems (see WIKIs) Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy. . Lifting weights does seem to have the appeal of simplicity, though I don’t know the overall efficiency. (Innovation stymied!). View contact number for free. Using liquid air as the storage medium, Highview can design bespoke Liquid Air Energy Storage (LAES) plants ranging from 5MW/20MWh to 100MW/1,000MWh+ to service a growing multi billion dollar market. Though the lifetime seems good and reasonable this seems to be an opencycle system – which means contaminants (CO2 and H2O) need to be removed assiduously. Recurring Non-Derivative Fair Value Measurements, Financial Instruments Recorded at Other than Fair Value -, Long-term debt, including current maturities. For one project-level financing, the project must maintain a leverage ratio and an interest coverage ratio in order to make a distribution. A single, massive pumped storage hydro facility is the worst of all worlds. Directions from Agent 31 1/2 Road north to Saddle Gulch Drive, east to Highview Road. We are very excited to get this first project – both parties’ ambition is to create and establish a long term partnership. Capital expenditures primarily represent the estimated cost of capital improvements, including construction expenditures that are expected to increase NEP OpCo’s operating income or operating capacity over the long term. Please enable Strictly Necessary Cookies first so that we can save your preferences! U.K.-based energy firm Highview has begun to convert wind power into freezing liquid, allowing the energy to be stored for . During the six months ended June 30, 2021, NEP issued $500 million in aggregate principal amount of 0% convertible senior notes due in 2024 (see Note 7). Strictly speaking, pumped hydro is one implementation of ‘gravity’. If you still have surplus electricity, you can use it to top up your storage. At June 30, 2021 and December 31, 2020, the net notional amounts of the interest rate contracts were approximately $. View Current Number. NEP is closely monitoring the global outbreak of COVID-19 and is taking steps intended to mitigate the potential risks to NEP posed by COVID-19. It won’t be the “largest energy storage facility in Europe” either though, not even the largest in the UK. All changes in the derivatives' fair value are recognized in interest expense in the condensed consolidated statements of income (loss). NEP has consolidated the results of NEP OpCo and its subsidiaries because of its controlling interest in the general partner of NEP OpCo. Includes deferred tax impact of approximately $, (b)    Distributions per common unit of $, (c)    See Note 7 for further discussion. See Note 11 - Coronavirus Pandemic. NEP's insurance coverage does not provide protection against all significant losses. Risk Factors in the 2020 Form 10-K, as well as other information set forth in this report, which could materially adversely affect NEP's business, financial condition, liquidity, results of operations and ability to make cash distributions to its unitholders should be carefully considered. From offices around the world, SNC-Lavalin's employees are proud to build what matters. (b)    Changes in Internal Control Over Financial Reporting. NEP OpCo pays NEE an annual management fee equal to the greater of, - NEP OpCo is a party to the CSCS agreement with NEER under which NEER and certain of its affiliates provide credit support in the form of letters of credit and guarantees to satisfy NEP’s subsidiaries’ contractual obligations. The primary inputs used in the fair value measurements include the contractual terms of the derivative agreements, current interest rates and credit profiles. As mentioned previously, CO2 could be collected as a solid for e.g. Drive Wheels 4WD. NEP's future tax liability may be greater than expected if NEP does not generate NOLs sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions. Highview’s technology uses excess energy, such as that generated by renewable sources, which cannot be sent immediately to the grid to liquefy air and store the liquid until the electricity is needed and can be distributed. 21-40ACB:10 Buick & GMC Consumer Cash Program. Click here for our guidelines. E-mail: [email protected], Javier Cavada, CEO, Highview Power NEP estimates the fair value of its derivative instruments using an income approach based on a discounted cash flows valuation technique utilizing the net amount of estimated future cash inflows and outflows related to the agreements. As of June 30, 2021, the NEP subsidiary had invested approximately $, Item 2. The fair value of money market funds that are included in cash and cash equivalents, current other assets and noncurrent other assets on NEP's condensed consolidated balance sheets is estimated using a market approach based on current observable market prices. I believe that , at such temperatures, polymeric based ultra-insulation can help for the long term storage. So natural gas as a stable base load in the event of the wind not blowing at the right rate is “Horrific”? This CRYOBattery plant will provide the critical services needed to help maintain a stable and reliable grid,” said Cavada. The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. Click for complete details on 99acres.com This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages. So, to reduce the storage capacity required to run new renewables with maximum efficiency, I advocate the integration of wind/wave and tidal into a single industry. See Note 10 - Noncontrolling Interests. I have been working on the concept of gravity storage for some time and you do need geography on your side but supposing you installed 20 water filled hoppers and then used gravity on their release to generate electrcity coupled to AI and robotics to allow them to deliver power one at a time, so their output could, on the face of it, be spread over 24hrs. Equity in earnings of equity method investees increased approximately $38 million during the six months ended June 30, 2021 primarily due to $25 million of earnings related to the ownership interests in Pine Brooke Holdings acquired in December 2020 as well as an increase of $13 million in earnings primarily related to the ownership interest in Desert Sunlight. The long-duration energy storage technology, which has been dubbed the CRYOBattery, is safe and has a low cost of ownership over its lifetime, Highview Power claims, with a megawatt-scale demonstrator project already in operation near to the much larger system's site. NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties and the New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements. “Last year, power prices were on average about 5.1 cents per kilowatt-hour in Germany, 6.2 cents in the UK and just over 5.0 cents in France. NEP recognizes in income its applicable ownership share of U.S. income taxes due to the disregarded tax status of substantially all of the U.S. projects under NEP OpCo. NEP does not utilize hedge accounting for its derivative instruments. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support. SBIRPhase I2014Department of Homeland Security. NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms. At June 30, 2021, NEP expects to record approximately $, NEP uses derivative instruments (primarily interest rate swaps) to manage the interest rate cash flow risk associated with outstanding and expected future debt issuances and borrowings. Could we not also try a weight dropping down the tower supporting each wind turbine. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Change in noncash investments in equity method investees – net, CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY, Changes in non-economic ownership interests, Other differential membership investment activity, Sale of Class B noncontrolling interest – net, (a)    See Note 8 - ATM Program for further discussion. NEP is pursuing the repowering of wind projects and the expansion of natural gas pipelines that will require up-front capital expenditures and expose NEP to project development risks. The tax expense is comprised primarily of income tax expense of approximately $88 million at the statutory rate of 21% and $12 million of state taxes, partly offset by $50 million of income tax benefit attributable to noncontrolling interests. During the six months ended June 30, 2021, all of the outstanding borrowings under the NEP OpCo credit facility were repaid. Please could you clarify/confirm: a 2 GW-h system will cost £110 per MW-h? Additionally, certain NEP subsidiaries pay affiliates for transmission and retail power services which are reflected as operations and maintenance in the condensed consolidated statements of income (loss). In the early wind turbines (HAWTS), gearboxes failed. Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months. Forward-looking statements involve estimates, assumptions and uncertainties. They (pumped hydro) also seem to have a capacity to deliver full power for about 5 to 10 hours – which limits them for dealing with winter solar and for large area persistent wind calms; But is fine for load-following (which is what they were designed for) Management continues to regularly monitor NEP's financing needs consistent with prudent balance sheet management. Transportation and Fuel Management Agreements -, A subsidiary of NEP assigned to a subsidiary of NEER certain gas commodity agreements in exchange for entering into transportation agreements and a fuel management agreement whereby the benefits of the gas commodity agreements (net of transportation paid to the NEP subsidiary) are passed back to the NEP subsidiary. Highview Power General Information Description. MSRP $62,555. Net Loss (Income) Attributable to Noncontrolling Interests. . Included in NEP’s operating revenues for the three months ended June 30, 2021 is $. 1-36518), Amendment No. Number of NextEra Energy Partners, LP common units outstanding at June 30, 2021: Acronyms and defined terms used in the text include the following: senior unsecured convertible notes issued in 2017, senior unsecured convertible notes issued in 2020, senior unsecured convertible notes issued in 2021, NEP's Annual Report on Form 10-K for the year ended December 31, 2020, accumulated other comprehensive income (loss), amended and restated cash sweep and credit support agreement, certain payments from NEP OpCo to NEE Management as a component of the MSA which are based on the achievement by NEP OpCo of certain target quarterly distribution levels to its unitholders, limited partner interest in NEP OpCo's common units, Item 2. See this by George Monbiot: https://www.theguardian.com/commentisfree/2011/mar/21/pro-nuclear-japan-fukushima. Our liquid air energy storage solution can power up to 200,000 homes for a whole day. The truly wonderful lithium ion battery is of course essential for any sort of mobile power electronics, handheld tools, scooters etc. or And those batteries would last between 10 and twenty years so need replacing at huge cost on a regular basis even if the essential materials were available. NEP may issue additional units without unitholder approval, which would dilute unitholder interests. Our investment of $46M, gives us ownership in the company and in this role we will be active in bringing the CryoBattery Also, under certain financing agreements, indemnifications have been provided by NEECH. NEP's ability to use NOLs to offset future income may be limited. NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Ms Kathryn M Delbono, Ms Kathryn Delbono. The issuance of securities convertible into, or settleable with, common units may affect the market price for NEP's common units, will dilute common unitholders’ ownership in NEP and may decrease the amount of cash available for distribution for each common unit. Our investment of $46M, gives us ownership in the company and in this role we will be active in bringing the CryoBattery View Property Details for 3184 Highview Drive, Grand Junction, CO at REcolorado. NEP expects to satisfy these requirements primarily with internally generated cash flow. It came from The Sun via plants and plankton and now we are using it to power our civilisation. In July 2021, an indirect subsidiary of NEP entered into an agreement with an indirect subsidiary of NEER to acquire ownership interests in a portfolio of wind and solar generation facilities with a combined net generating capacity totaling approximately 589 MW. I always start with a clean sheet. For more information, please visit: www.highview-power.com About SNC-Lavalin Founded in 1911, SNC-Lavalin is a global fully integrated professional services and project management company and a major player in the ownership of infrastructure. These services are reflected as operations and maintenance in the condensed consolidated statements of income (loss). For example flexible ‘off’ peak tariffs. There have been no material changes from the risk factors disclosed in the 2020 Form 10-K. I must first state my commercial interest which is that my company acts as European Sales Representative for http://www.eosenergystorage.com. It holds the potential of being the worlds lowest cost utility scale energy storage, but has never received funding to support the demonstration. Highview Power’s cryogenic technology uses liquid air to deliver clean, reliable and cost-efficient long-duration energy storage, which helps provide stability to grids using intermittent sources of renewable power. NEP entered into capped call transactions (2021 capped call) in connection with the issuance of the 2021 convertible notes. The Class B investors receive a specified allocation of the related subsidiaries' distributable cash, which could increase if certain minimum buyout rights are not exercised or are not exercised during a certain period. I hope we readers of The Engineer can demand that these crucial matters are properly and openly debated among us, before the UK Government takes us all down this deep rabbit hole! Citec uses cookies to improve your user experience. Cavada attributes his company's value to its ownership of intellectual property for a . In 2017, prices were lower across Europe, with levels between 3.4 and 5.5 cents per kWh – Norway being the cheapest, at just over 2.8 cents/kWh.”. - Diluted earnings (loss) per unit is based on the weighted-average number of common units and potential common units outstanding during the period, including the dilutive effect of convertible notes and preferred units. NEP agrees to furnish to the SEC upon request any instrument with respect to long-term debt that NEP has not filed as an exhibit pursuant to the exemption provided by Item 601(b)(4)(iii)(A) of Regulation S-K. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Highview notes that the technology uses only environmentally-friendly materials, has no carbon emissions and no impact on water usage or quality. What happened to Hydrogen ? Utility-scale energy storage has become big business with an estimated $600billion (£365billion) market forecasted over the next 10 years. Ownership of the time management system TIIMA. Cryogenic storage is small scale in comparison. The main criticism of any sort of “gravity” storage, including pumped hydro, is low energy density and therefore tendency toward landscape destruction. Stock Number G2583A. The options in this poll all store electricity. The transaction is subject to the satisfaction of customary closing conditions and the receipt of regulatory approvals. These estimates are subject to continuing review and adjustments and actual capital expenditures may vary significantly from these estimates. Financial Statement Impact of Derivative Instruments, Gains (losses) recognized in interest expense, The valuation of certain interest rate swap transactions entered into during the fourth quarter of 2019 was corrected during the three months ended June 30, 2020, which resulted in a one-time gain of approximately $, - Certain of NEP's derivative instruments contain credit-related cross-default and material adverse change triggers, none of which contain requirements to maintain certain credit ratings or financial ratios. The parties are obligated, subject to certain limitations, to indemnify each other for certain customary and other specified matters, including breaches of representations and warranties, nonfulfillment or breaches of covenants and for certain liabilities and third-party claims. The MAN Energy Solutions turbomachinery train is to form the core of the liquid air energy storage facility, which Highview claims will be one of the largest battery storage systems in Europe once completed.
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