• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 18 mins https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 4 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 23 mins Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 19 hours JACK MA versus Xi Jinping
  • 46 mins CNN's Jake Tapper questions double amputee purple heart recipient GOP Rep's commitment to democracy. Tapper is a disgrace.
  • 18 hours Researchers Are Harvesting Precious Metals From Industrial Waste
  • 2 days Tonight Twitter took down Trump's personal account permanently. Trump responded on the POTUS account.
  • 55 mins 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
  • 5 hours Minerals, Mining and Industrial Ecology
  • 8 hours Do Republicans like Liz Cheney, Adam Kinzinger, Mitt Romney and now McConnell think voting for Impeachment can save the party ? Without Trump base what is the Republican constituency ? It's over.
  • 2 days A Message from President Donald J. Trump - 5 minutes from The White House directly
Three Energy Tech Trends To Watch This Year

Three Energy Tech Trends To Watch This Year

Energy technology is evolving quickly…

Will 2021 Be The Year Of Green Energy Stocks?

Will 2021 Be The Year Of Green Energy Stocks?

The green energy sector had…

Colombia Is Betting Big On Wind And Solar

Colombia Is Betting Big On Wind And Solar

Colombia is a nation that…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

$4.5-Trillion: The Price Tag of A Fossil Fuel-Free U.S.

Decarbonizing the U.S. grid and replacing fossil fuels with renewables could cost US$4.5 trillion in investments over the next 10 to 20 years, Wood Mackenzie analysts have calculated.

Such a move away from fossil fuels would require the installation of 1,600 GW of new solar and wind capacity, the research firm said. This compares with a total capacity of 1,060 GW across the United States, of which 130 GW renewable capacity.

Yet a lot more generation capacity is not all, either. A lot of utility-scale storage installations would also be necessary to make the power produced by solar and wind farms reliable enough to replace fossil fuels in the long run. More precisely, Wood Mac’s analysts have calculated the storage capacity needed at 900 GW.

This sort of change has no precedent, the research firm said, and would necessitate a complete overhaul of the power generation industry.

"The challenges of achieving 100% renewable energy go far beyond the capital costs of new generating assets. Most notably, it will need a substantial redesign of electricity markets, migrating away from traditional energy-only constructs and more towards a capacity market," said Wood Mac’s head of Global Wind Energy Research, Dan Shreve.

If the complete transformation to a fossil fuel-free U.S. is to be done by 2030, this would mean adding more renewable capacity every year over the next 11 years than has been added over the last 20 years combined.

Yet, there is a middle ground: pushing the all-renewables deadline further into the future and allowing some natural gas capacity in the mix. According to Wood Mac’s analysts, if 20 percent of the energy generated in the U.S. comes from natural gas, this would cut renewable installations costs by 20 percent as well, but it will also help reduce energy storage costs by as much as 60 percent.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Jeffrey Pickett on June 27 2019 said:
    Too much irony of the use of the Sun, which is the true(Grand Solar Minimum) "Climate Crisis" determinant. The manipulated Univ. of East Anglia data based on outcome not science, maybe for political science. 4.5 trillion times 3 if we are lucky. How's that Solyndra pride of Obama money grab working? Maybe another few billion giveaway to Elon Musk or Bezos. Those fossil fuel charged batteries better start working better in frigid weather(Canada) as Cycle 25 of the "nothing to see here" GSM is going to be a doozy. It's plant food stupid. Electric Universe and Solar Winds etc., nooooo, it's the Co2. Aquifers and agriculture, can't see the forest for the trees, no pun intended.
  • Duncan Forster on June 28 2019 said:
    So, some quick calculations here: Americans consume 391.4 million gallons of gas daily, priced today at an average national price of $2.693 / gallon.

    11 years x 391.4 million gallons x $2.693 = (wait for it)

    $4.2 Trillion.

    And that's just gasoline.

    So the money is obviously there.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News