Renewable Energy Technology Assessments - Kauai Island Utility ...

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Kaua’i Island Utility Cooperative Renewable Energy Technology Assessments 1.0 Executive Summary Hydro Wind Biomass Landfill Gas Waste to Energy Kekaha 0.8 MW Kokee 2.0 MW Kokee 7.0 MW Biomass 20 MW MSW 7 MW Waimea Mauka 2.9 MW Wainiha 4.0 MW Hanapepe 6.6 MW Upper Lihue 0.3 MW Kalaheo 6.6 MW 21 March 2005 1-7 Black & Veatch Omao 6.6 MW Figure 1-4. Selected Project Locations. Poipu 6.6 MW Wailua 6.6 MW Maha’ulepu 6.6 MW Anahola 6.6 MW
Kaua’i Island Utility Cooperative Renewable Energy Technology Assessments 1.0 Executive Summary The production tax credit is an attractive incentive that applies to most of the projects profiled in detail in this report. Although the federal tax incentives typically are only available to taxable entities, there are project structures which may allow KIUC to partner with private entities. In this manner, KIUC could finance the project with its low cost financing, while the taxable entity could take advantage of the value of the tax credits. Further financial and legal review would be required by KIUC, but if tax credits continue to be offered for the next five to eight years, this ownership structure could be an interesting option for KIUC to consider. Various grants offered by the federal government and available to public utilities and governmental entities were also identified. With residential rates at about triple the national average, KIUC would qualify for the USDA High Energy Cost Program. KIUC could also receive funding under provisions of the 2002 Farm Bill supporting renewable energy development. Additionally, from time to time grants are also available from the Department of Energy and other agencies for development and demonstration projects. Any of these programs could potentially provide in excess of $1 million towards the development of a project. These grants are offered to provide assistance for areas with high electric rates, tribal economic development, renewable technology demonstration, and various other policy or technology objectives. Funding for these grant programs can change significantly from year to year, and policy objectives of the organizations that offer grants change over time; therefore, it is difficult to predict the amount of funds available from a particular program for a particular project. In any case, before project development activities proceed, opportunities for grant funding should be identified and pursued. Green pricing and renewable energy credits may be viable methods for KIUC to capture additional value from renewable generation. Utility green pricing programs allow customers that want more renewable energy to pay a small premium on monthly electricity bills to support renewable development. Renewable energy credits are tradable credits that represent the “green attributes” of renewable energy. These credits can be sold to voluntary purchasers (such as the federal government) or used to meet mandatory targets established by renewable portfolio standards. If KIUC has excess renewable energy, it might be able to sell excess credits to other Hawaiian utilities. The remainder of this executive summary reviews key findings for the five technologies which passed the Phase 1 screening. Economic analysis is performed assuming all projects come online in 2009. 21 March 2005 1-8 Black & Veatch
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