THREAD: So, #energytwitter we did a thing. It is long testimony, but gives a pretty comprehensive look at how climate risks impact utility operations and should inform prudent planning going forward. Just a few words here on "why now?", not the merits of the case itself.
2/ Utilities like @ConEdison are now incorporating the state of the art in climate science to plan their system. Prudent planning requires this in 2020. Awareness of climate risk is here and the genie is not going back in the bottle.
3/ Corporate and investor awareness of climate risk is spiking. @blackrock and @statestreet CEO’s have strong words in the past few weeks/months re: corporations’ fiduciary duty to assess and disclose exposure to climate risk to investors.
4/ Utility commissions are the first line of economic regulation for electric utilities. Economic impacts of climate change are already on the doorstep. The need for risk disclosure exists at the state regulatory level.
5/ December 2019 saw this stellar report from the teams at @ICF and @ConEdison. coned.com/-/media/files/… Prudency turns on what a utility manager “knows or should know” when they made a decision. Planning a system without all available climate inputs is potentially imprudent.
6/ Of course, the Con Edison study came about because of the dogged efforts of legal giants/groups like @MichaelGerrard @columbiaclimate @policyintegrity and many others who have been pursuing legal pathways and strategies or developing invaluable resources re: climate work.
7/ January 2020 saw a first-of-its-kind research report on electric utility climate vulnerabilities from Moody’s. @cmorehouse10 and @CBJenergy each did excellent reporting on its release.
8/ 2019 disasters (CA and AU wildfires) have sharpened the conversation started by groups like @FSB_TCFD @PRI_News @CeresNews @sunriseoz @majorityact. Disclosure of risks has a prerequisite: understanding and quantifying risk. Most feel climate risks are way understated now.
9/ In 2019, @NC_Governor issued EO 80, requiring exec. agencies to look at how they can plan for and mitigate climate impacts on state infrastructure. There will be a collaborative in 2020 w/ @NCCleanTech @NCDEQ @epicuncc on a @DOE funded grid resilience stakeholder process.
