Transition Finance Weekly - February 20, 2026
Maximizing Grid Utilization; Energy Deals at Munich; Climate Disclosure Moves Forward
1. Georgia PSC Elections Continue to Surprise
Georgia PSC Chairwoman Tricia Pridemore announces she won’t run for reelection this year.
In a surprise announcement on Tuesday morning, Public Service Commission Chairwoman Tricia Pridemore announced that she would not run in the race for her seat. Pridemore was appointed by Governor Nathan Deal in 2018 and has never faced voters in all eight years she served on the PSC.
At the time of her appointment, Pridemore had little experience on energy or related issues. Pridemore co-chaired both of Governor Nathan Deal’s inauguration committees, and served on Gov. Brian Kemp’s 2019 transition team.
Pridemore’s decision comes on the heels of the two new Democratic Commissioners Alicia Johnson and Pete Hubbard’s significant wins in their respective races in 2025. Commissioner Hubbard is running for reelection this year, and Democrats will see Pridemore’s decision not to run as a major boon for their chances at flipping the entire Commission.
2. Virginia Legislators Push Grid Utilization
In search of cost savings, legislators pass a pair of bills pushing utilities to more effectively use the grid we have to meet growing electricity needs.
The Senate and House in Virginia’s General Assembly advanced a pair of bills this week (HB 434 and SB 621) that would require the Virginia State Corporation Commission to set a “grid utilization” standard. Grid utilization refers to how efficiently the grid’s infrastructure is used compared to its peak capacity.
The bills would require the SCC to grade Appalachian Power and Dominion Energy, Virginia’s two investor-owned utilities, on their utilization data, and provide recommendations to the utilities on improving service through “non-wires alternatives” with technologies like battery storage, virtual power plants, and distributed generation.
The bills are a key part of new Governor Abigail Spanberger’s promises around protecting Virginians from excessive rate hikes. During her 2025 campaign, Spanberger specifically advocated for using “existing resources more efficiently.” Spanberger has clearly gotten buy-in for her project: the House version of the bill passed unanimously.
Energy entrepreneur and former DOE Loans Program Officer Director Jigar Shah said of the bill: “This is pragmatic, data-driven energy policy — and exactly the kind of step we need to tackle affordability while meeting future load.”
3. California Moves Forward with Climate Diplomacy
Governor Gavin Newsom makes deals with world leaders in Europe on climate and energy — deepening a tradition of city and state climate diplomacy.
Last week, Governor Gavin Newsom was abroad at the Munich Security Conference, where he met with and signed deals with Germany and the United Kingdom on energy and climate issues. Newsom pledged “deepening collaboration on green technologies” alongside German Environment Minister Carsten Schneider.
Newsom also signed a Memorandum of Understanding with UK Energy Security Minister Ed Milliband, to “deepen” the state’s ties with the UK on climate and clean energy collaboration. Newsom also announced a commitment from British energy company Octopus Energy to invest $1 billion into California’s clean tech sector.
While the deals incensed President Trump (who called Newsom a “loser”), they are continued evidence that subnational diplomacy is increasingly concerned with climate change. No one can go it alone: cities and states are still looking for ways to work collaboratively and internationally to tackle these problems globally.
Use the Truman Center’s Multilevel Diplomacy Map to view a list of subnational diplomatic agreements on various topics — including climate change.
4. New York Lawmakers Advance Climate Disclosure
New York Senate passes a bill requiring companies to disclose emissions, echoing California’s law.
The New York Senate passed SB 9072 last week, titled the Climate Corporate Data Accountability Act. The bill would require companies operating in New York that generate more than $1 billion in annual revenues to disclose all greenhouse gas emissions, and is highly similar to California SB 253.
New York’s version of the bill would require companies to report their Scope 1 and 2 emissions beginning in 2028, and their Scope 3 emissions beginning in 2029. California’s bill requires companies to report their Scope 1 and 2 emissions beginning in 2026, and Scope 3 in 2027.
At the same time, the Senate passed bills to limit distribution warehouse pollution, prohibit the sale of certain goods with PFAS chemicals, and fund municipal environmental remediation.
Ceres’s Steven Rothstein:
“This legislation, building on corporate climate reporting in 37 countries and the state of California, will ensure that investors, employees, customers and others of the largest companies will have the information to understand current resiliency and risks.”
5. Maine Report Confirms Natural Gas Driving Rates Up
An Energy Resources Department report lifts up high fuel costs as a key driver of unaffordable electricity — warning of worsening stressors with more LNG exports on the horizon.
A report released this week by the Maine Department of Energy Resources and prepared by the Brattle Group found that Maine’s high electricity rates are being driven by historically high natural gas prices.
The report further warned that historically-high natural gas prices would be driven up even further by expanded natural gas exports, a factor that we at Pleiades have warned will continue to drive the price of energy in the United States.
Of note, the report explicitly recommended that Maine can “mitigate consumer risks” by expanding clean energy development, load flexibility, and energy efficiency in the state, alongside “economical electrification” to replace key fossil fuel-dependent systems like most heating systems in the state.
SPOTLIGHT ON PUBLIC SAFETY: Utility Cutting Thousands Off From Power
On Monday, Coloradans served by Black Hills Energy briefly lost power as the utility declared an Emergency Public Safety Power Shutoff. The utility also warned that it may be forced to cut off power to thousands more as high winds and dry conditions increased fire risk in the area.
Utilities are now looking to protect their customers, and themselves, from increasing fire risks across the United States. Still, despite steps like this, Stanford researchers warned in 2025 that utilities are “unprepared for wildfire risk.” Stanford wrote in their report that “utility-ignited wildfire risk can no longer be ignored by electric utilities, regulators and lawmakers, or the communities they serve.”
