Daily News Wrap-Up: Government to Modernize Power Transmission System

ChargePoint’s net loss widened to $78 million in Q4 FY22

March 9, 2023


The government has accepted the recommendations of a task force on modernizing India’s power transmission system, paving the way for real-time monitoring, automated grid operation, and increased renewables integration into the power mix. Other recommendations by the task force relate to equipping the transmission system for better situational assessment, enhanced transmission capacity utilization, centralized and data-driven decision-making, reduced forced outages through self-correcting systems, and greater resilience against cyber-attacks and natural disasters.

Electric vehicle (EV) charging solution provider ChargePoint’s net loss widened to $78 million for the fourth quarter (Q4) of the financial year (FY) 2022 from $60 million in Q4 2021. The company attributed the higher loss to a higher stock-based compensation expense in the current quarter. ChargePoint’s total operating expenses increased by 15% year-over-year to $111.2 million for the October-December quarter.

The Japanese Government’s Green Innovation Fund has committed A$2.35 billion (~$1.6 billion) to the Hydrogen Energy Supply Chain project in Victoria, which is considered Australia’s most advanced clean hydrogen project. The funding will be administered by Japan Suiso Energy (JSE), which comprises Kawasaki Heavy Industries and Iwatani Corporation. The liquefaction and shipping facility at the industrial port of Hastings will be owned and operated by JSE. A newly formed joint venture, ‘JPSC’ between J-Power and Sumitomo Corporation, will provide 30,000 tons of clean hydrogen per year to the facility.

Over 2,649 MW of rooftop solar capacity was installed in Spain in 2022, according to the annual report published by Spain’s Association of Renewable Energy Companies – APPA Renovables. The report analyzed data from over 1,000 homes and industries to observe the generation, costs, and savings associated with different solar projects. Residential installations accounted for 39% (1,024 MW), and industrial projects for 61% (1,625 MW). Since 2018, Spain’s annual installed rooftop solar capacity has grown at an average rate of over 90% yearly.

Around 82% of the new utility-scale generating capacity planned to come online in the United States in 2023 will comprise wind, solar, and battery storage, according to the Energy Information Administration (EIA). The growth of utility-scale solar capacity in the United States was relatively slow until 2010. However, with significant drops in the cost of solar modules and the introduction of tax incentives through state and federal policies, the adoption of solar power began to accelerate rapidly. As of January 2023, the U.S. had an operational utility-scale solar capacity of 73.5 GW, representing 6% of the total capacity.

Researchers from Cornell University have found that growing commercial crops on solar farms is a potentially efficient use of agricultural land, which can increase both commercial food production and improve solar panel performance and longevity. The team published the research in Applied Energy. The researchers said there is a lot of potential for agrivoltaic systems in which agriculture and solar panels coexist. They said agrivoltaic systems can potentially help resolve future global food-energy problems. The research showed that solar panels mounted over vegetation reveal surface temperature drops compared to those arrays built over bare ground.