Transition Finance Weekly - April 24, 2026
Georgia’s New Clean Energy; Hawaii Takes On Polluters; Michigan Data Center Under Fire
Spotlight: Pleiades At Climate Week
Thanks to all those who joined us to cover the wide-ranging political, policy, economic, and real-world implications of the ongoing energy transition, and a special thank you to our partners Climate Cabinet Education, the World Resources Institute, and Natural Resources Defense Council for working with us on these three great panels.
Experts, practitioners, and policymakers came together where climate finance, policy, infrastructure, risk, and the real world all meet. With over 200 people registered across three events, we had awesome turnout and really fruitful conversations about some tough issues. To those of you who attended and this is your first issue of Transition Finance Weekly, welcome!! We’re so happy you’re here.
1. ERCOT Claims Its Load Could Quadruple In Six Years
A new forecast from Texas’s grid operator shows load growth even higher than previous, skyhigh estimates.
ERCOT released a new CEO update this week, in which it said that its forecasted load could grow as high as 368 GW by 2032, a massive increase over the current 2026 load forecast of 98 GW. A similar presentation by the CEO in 2024 anticipated 152 GW of total system load by 2032.
But it’s not a realistic number: regulators and ERCOT officials alike have said that the forecast is likely an overestimate, and it’s likely closer to the highest-end possible scenario.
Still, it’s clear that demand for energy is growing, in Texas and everywhere else. The impetus is on policymakers to make sure the growth in demand continues to drive the clean economy, domestic energy supply chains, and the energy transition, while protecting ratepayers from negative impacts.
2. Repurposed EV Batteries Get New Life
A new deal between EV maker Rivian and storage company Redwood Materials will give new life to Rivian batteries.
Last week, EV maker Rivian and battery recycling company Redwood Materials announced a partnership to repurpose “second-life” EV batteries to provide storage at a Redwood Materials factory in Normal, Illinois.
Second-life batteries are batteries that have reached the end of their useful life as electric car batteries, but are still useful as stationary grid-serving batteries.
The new partnership is an example of the value of a domestic energy supply chain, and is an example of how to deliver one step further toward a circular economy.
3. Georgia Power To Let Businesses Sponsor New Clean Energy
Georgia’s largest utility will let its customers pay for new clean energy resources through the utility.
The Georgia Public Service Commission approved a new plan by Georgia Power to allow major commercial and industrial power users to identify and sponsor new clean energy projects across the state. The program, called the “Customer-Identified Resource” (CIR) Program, comes as data centers are flocking to Georgia and gives a pathway for those large loads to pay their own way — for clean power.
The CIR program will work by having customers pay a monthly tariff to Georgia Power to cover the cost of constructing and operating new renewable energy projects, along with a guaranteed rate of return to the utility. The program also allows 25% of potential savings to be shared with other Georgia Power customers.
However, the program allows up to 3 GW of customer-sponsored resources by 2035, which Georgia Power will use to satisfy a majority of its 4 GW target of new clean energy.
“These large customers are willing to put down capital on the front end and take on the risk,” said Katie Southworth, CEBA’s deputy director for market and policy innovation in the South and Southeast. “This program opens up the procurement pathways.”
4. Hawaii Closer To Requiring Polluters Pay For Their Impact
A Hawaii bill cleared major legislative milestones, bringing new potential pathways for recovering the costs of climate change from polluters.
Last week, the Hawaii House advanced SB1166 in a floor vote, a bill which authorizes the state and insurers to sue large fossil fuel companies for the costs associated with climate-driven disasters. The Senate and House are now resolving their differences after the bill was amended in the House.
Meanwhile, in California, the Senate Insurance Committee failed to advance a similar bill after it cleared the Senate Judiciary Committee on Tuesday. The bill, SB982, would have allowed the Attorney General to sue major polluters for their role in contributing to climate-attributable disasters.
These bills have faced significant opposition in legislative proceedings as the oil and gas industry has funded efforts to pass legislation at the state and federal levels to give the industry legal immunity from paying for the costs associated with their business.
In Congress this week, Wyoming Rep. Harriet Hageman introduced a bill to give the oil industry “sweeping immunity” from legal and financial accountability, including from state lawsuits against th
5. Michigan AG Asks Courts To Examine PSC Approval For Data Center Contracts
AG Nessel is seeking to unseal and examine “special contracts” signed between DTE and a data center developer.
Michigan Attorney General Dana Nessel has once again filed to challenge a utility, as the Michigan PSC approved DTE Energy’s special power contract with a 1.4 GW data center planned south of Ann Arbor. Nessel is seeking to invalidate the PSC’s approval of the contracts, after the Commission rejected her earlier efforts to review the secret contracts.
Nessel previously requested a contested rate hearing before the PSC, seeking the right to review the “still heavily redacted” contracts, verify DTE’s claims about customer affordability, and verify adequate ratepayer protections. Nessel said she is seeking “clarity” on the contracts, stating that they will set a precedent for all future data center development in the state and their deals with utilities.
A big challenge for communities facing data center development has been transparency, with key proposal details shrouded from the public eye — and sometimes even from the key legislators and policymakers.
Michigan Attorney General Dana Nessel said, “Our utility companies are preparing to bring aboard massive new data centers in the years to come. On these first, precedential contracts, we must have clarity from the Court, and hold the MPSC accountable to the law.”
6. VA Clean Energy and Grid Provisions Signed into Law, with Amendments from Spanberger
VA Governor Spanberger amended two key energy bills, signing others, after campaigning on electricity affordability in November.
Virginia Governor Abigail Spanberger, who campaigned heavily on energy affordability in her 2025 gubernatorial race, amended two bills passed by the legislature: amending two bills to reduce how much money Dominion can spend on undergrounding wires and reducing the rate of return Dominion is allowed to earn on its expenses. The legislature will need to concur with them before they can take effect.
Spanberger amended one bill, HB 1393, which extends an existing program that allows Dominion Energy to underground power lines, and requires the State Corporation Commission to approve lines with a per-mile cost of less than $750,000. Spanberger changed the bill to limit the per-mile cost at $900,000, and gave the SCC greater discretion in rejecting deals.
Meanwhile, Spanberger also wants to revise Dominion’s authorized rate of return, the amount of money it’s allowed to earn on its investments, from 9.8% to 9.3% when the SCC conducts its next rate review.