Energy Transition Blog

Research evidence excerpt

Energy Transition Blog

unced yesterday that it will be partnering with Cypress Creek Energy (Private)INDUSTRY to become the primary investor and off taker in what is expected to be the largest solar energy and storage facility in the

country. Once fully operational in 2029, the three-phase project will deliver ~2.5GW of solar generation along with ~2.9GWh

of battery storage to the grid. Google will back the first two phases of the project which are expected to contribute ~1.6GW

and ~1.9GWh of solar energy and battery storage capacity, respectively. We note this is Google's largest solar and storage

facility in its portfolio.REPORT

■ Nuclear in New Jersey. The Governor of New Jersey signed a bill on Monday directing the state's Board of Public Utilities to

begin procuring at least one new nuclear plant, targeting ~1.1GW of new generation capacity. Under the new framework, the

state will require existing power generators to purchase reliable capacity certificates from the new plants once they're up and

running, which has some concerned that these costs will be passed onto ratepayers, resulting in higher power prices. This

move comes after the governor signed a bill last April removing a moratorium on nuclear expansion as the state continues

to push for more nuclear energy capacity.

■ Lay of the Land for Hyperscalers. Microsoft (MSFT, Not Rated) released its sustainability report late last week, which stated

that the company grew its emissions by ~25% Y-Y largely owing to data centers. However, MSFT noted that it matched 100%

of its global electricity consumption with renewable energy, but we note this will likely get increasingly harder to achieve as

we expect MSFT's electricity consumption to outpace renewable growth owing to AI workloads and it's decision to pause