Power Surge: Geothermal Breakthroughs, Nuclear Revival & Offshore Wind Expansion!
1.) Advanced Geothermal company Fervo Energy completes new tests at Utah Cape Station project exceeding productivity levels that the National Renewable Energy Laboratory did not believe would be met for at least another decade. The company drilled to temperatures of 428 degrees Fahrenheit, plenty hot enough for generating power. It also finalized a construction loan of $100 million to advance the project.
2.) BLM’s Utah office is looking at 2025 new geothermal leasing round of up to 50,000 acres.
3.) Massachusetts and Rhode Island select 2,878 megawatts of offshore wind in the first inter-state coordinated procurement. Massachusetts to take 2,678 MW from three projects, representing nearly 20 percent of its overall power demand, while Rhode Island selects 200 MW, and Connecticut sits out this round.
4.) Oracle says it’s designing a gigawatt-scale data center to be powered by three small modular reactors but offers no detail on location or construction timelines.
5.) Microsoft is working with Constellation Energy to take up to 100% of the revitalized Three Mile Island nuclear power plant’s 837 MW Unit 1. Pending regulatory approval, Constellation would spend $1.6 bn to reopen the mothballed Pennsylvania facility by 2028 to supply data centers in Pennsylvania, Illinois, Virginia, and Ohio under a 20-year Power Purchase Agreement.
6.) The U.S. DOE announces over $3 billion for 25 selected projects across 14 states to boost the domestic production of advanced batteries and battery materials nationwide. The DOE’s Investing in America agenda is expected generate $16 billion in total investment for battery manufacturing and recycling, intended to remedy gaps and create growth opportunities in the battery supply chains.
7.) Owners of some Ford EVs can now participate in Southern California Edison’s Emergency Load Reduction Program, earning $1/kWh of energy reduced during peak grid events. Given high CA rates, it’s unclear whether this incentive will be sufficient.