Renewables MMI®: California’s Brown Makes Huge Solar Commitment

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Solar PV array

California could get half its electricity from renewable energy sources in 15 years if a new proposal from Gov. Jerry Brown gains ground. The governor, who was inaugurated for a fourth term Monday night, pledged to accelerate the state’s environmental policies as part of a broader attempt to lead other US states.

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Brown’s proposal would set a 50% renewables goal for all California utilities. It still needs approval from regulators and would expand on California’s existing requirement that power companies derive 33% of their supplies from solar, wind, biomass and other clean sources by 2020. California utilities say they are well on their way to meeting the goal. Nationwide, only about 13% of total US electricity generation came from renewables, including hydropower, in 2013, according to federal energy data.

Neodymium improved by 0.6%, reaching CNY 354,000 ($56,905) per metric ton on the weekly Renewables MMI®. At CNY 220,000 ($35,365) per metric ton, the price of Chinese cobalt cathodes did not change since the previous week. Silicon remained essentially flat from the previous week at CNY 15,000 ($2,411) per metric ton. At CNY 3,190 ($512.79) per metric ton, the week finished with no movement for Chinese steel plate.

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Closing at JPY 80,000 ($669.81) per metric ton, Japanese steel plate remained unchanged for the week. Following a steady week, prices for Korean steel plate closed flat at KRW 900,000 ($821.88) per metric ton. Prices for Chinese steel plate remained constant, closing the week at CNY 3,190 ($512.79) per metric ton. US steel plate prices held steady from the previous week at $811.00 per short ton.

US grain-oriented electrical steel (GOES) held steady on Tuesday, remaining around $2,739 per metric ton.

The Renewables MMI® collects and weights 8 metal price points used extensively within the renewable energy industry to provide a unique view into renewable energy metal price trends. For more information on the Renewables MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

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