TN Advanced Energy Economic Impact Report: Snapshot of media coverage

On June 17, the Tennessee Advanced Energy Business Council released the Tennessee Advanced Energy Economic Impact Report, the first document of its kind that defines the scope and scale of Tennessee’s advanced energy sector and quantifies its economic impact.

The report received statewide media coverage and recognition of advanced energy as an economic driver for Tennessee and a source of high quality jobs. It was distributed to more than 200 local, state and national economic development stakeholders.

Here’s a snapshot of the media coverage from the report release, with links to the full stories. Enjoy!

Tennessee could be a major player in $200B advanced energy economy (Knoxville News Sentinel)
“Tennessee is poised to take a significant chunk of the nation’s $200 billion advanced energy sector according to a new report from the Tennessee Advanced Energy Business Council. The state’s advanced energy sector employs nearly 325,000 individuals…and the jobs pay well above the state average.”

Advanced energy industry grows in Tennessee (Chattanooga Times Free Press)
“Much of the growth in Tennessee is being driven by the automotive industry, which is working to reach a fleet average mileage standard of 54.5 miles per gallon by 2025.”

Report: Tennessee leader in ‘advanced energy’ (The Tennessean)
“’We see advanced energy as an economic driver, especially in rural areas,’ said Steve Bares, president and executive director of Memphis Bioworks Foundation.”

New report tracks Tennessee’s economic impact in ‘advanced energy’ sector (Kingsport Times-News)
“Advanced energy provides a home for Tennessee’s emerging workforce as the state attempts to get 55 percent of Tennesseans equipped with a college degree or certificate by 2025.”

Study: Advanced energy business contributes $33.4 billion to state GDP (Memphis Business Journal)
“Schneider Electric’s Jim Plourde said compiling the information was important for increasing visibility, highlighting Tennessee as a leader in the field, showcasing opportunities to an emerging workforce and driving the economy.”

Budding advanced energy sector grows in Tennessee (Nooga.com)
“The [advanced energy] industry provides opportunities for entrepreneurs. A developing sector means ripe opportunities for new ideas and businesses.”

TAEBC releases first-ever look at state’s advanced energy sector (Teknovation.biz)
“Advanced energy is a lucrative growth sector and a source of high quality jobs in the Volunteer State, according to a new report from the Tennessee Advanced Energy Business Council (TAEBC).”

Schneider Electric among state leaders in advanced energy sector (Daily News Journal)
“’National studies show rapid growth that outpaces the rest of the economy,’ said Matt Murray, with the Howard Baker Jr. Center for Public Policy, which produced the report. He added it also found employment growth in the sector was more robust than any other sector from 2012 to 2013.”

TAEBC releases first advanced energy economic impact report

Tennessee’s advanced energy sector is a rapidly expanding and lucrative growth sector in Tennessee and a source of high-quality jobs, according to a new report released today, Wednesday, June 17, 2015 by the Tennessee Advanced Energy Business Council (TAEBC) and the Howard H. Baker Jr. Center for Public Policy.

The Tennessee Advanced Energy Economic Impact Report is the first document of its kind that defines the scope and scale of Tennessee’s advanced energy sector and quantifies its economic impact. It identifies the number of jobs, contribution to state GDP and state/local taxes and number of companies associated with the state’s advanced energy sector.

Key findings from the report include:

  • Advanced energy is a rapidly expanding and lucrative growth sector in Tennessee. Nearly 325,000 jobs are supported by 17,334 firms in the state’s advanced energy sector in 2013.
  • Advanced energy requires skilled labor and thus is a source of high quality jobs in Tennessee.
    The annual average wage of a worker in advanced energy was $48,764, which is well above the state average.
  • Tennessee manufacturers benefit from a robust advanced energy sector.
    Especially Tennessee’s automotive manufacturers that are integrating advanced energy technologies into their processes and products as a result of higher fuel economy standards.
  • Advanced energy contributes significantly to our state and local economies.
    Tennessee’s advanced energy sector contributes $33.4 billion to state gross domestic product, while workers in the advanced energy sector pay more than $820 million in sales tax to state and local governments.
  • Advanced energy represents an opportunity to promote rural economic development.
    Currently, almost 80 percent of advanced energy activity is centered in just 20 counties in Tennessee. Davidson County leads Tennessee’s advanced energy economy.
    Rural Tennessee could benefit from further growth in advanced energy activity.
  • Tennessee is not the only state vying for a piece of the advanced energy economy. Highlighting our assets and opportunities will provide Tennessee with a competitive edge in the recruitment and retention of the advanced energy sector.
    Approximately 11 states including Arkansas, North Carolina, South Carolina and Florida are benchmarking and tracking their advanced energy economies.

“Advanced energy” is defined as any technology that makes energy cleaner, safer, more secure and more efficient. Rather than favoring specific technologies, advanced energy is technology neutral. Examples include electric and plug-in hybrid cars, lightweight composites for the automotive industry, natural gas fueled trucks, pollution control equipment, bio energy, high-performance buildings, more efficient industrial processes, power reliability, smart grids, combined heat and power and the latest power generation technologies.

Read the news release here.

The report is available online here.

A new tool to assess the benefits and costs of distributed energy resources from the Electric Power Research Institute

The Electric Power Research Institute (EPRI) released The Integrated Grid: A Benefit-Cost Framework in February 2015, which may help resolve the controversy brewing about the benefits and costs that distributed solar power systems bring to the electric grid.

EPRI’s report presents a transparent, consistent, four-part methodology for assessing the benefits and costs of transitioning to a more Integrated Grid. This approach quantifies the impacts of distributed energy resources on the interrelated distribution and bulk power systems, and monetizes these impacts to inform decision-making. New pilot projects will put the framework to the test.

EPRI, whose mission is to advance “safer, reliable, affordable and environmentally responsible electricity for society,” says that the new protocols outlined in The Integrated Grid: A Benefit-Cost Framework seeks “to foster collaboration in five core efforts”:

  • Grid modernization to support distributed energy resource (DER) integration
  • Strategies and tools for grid planning and operation
  • Interconnection rules and standards
  • Pilots to verify and refine DER integration protocols
  • Informing policy and regulatory discussions

Read more about and download the full report here.