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Renewable Energy Set To Reshape The U.S. Power Sector

1. Renewables shift to accelerate

- The shift towards renewable energy in the U.S. will accelerate over the next two to three years, according to an IEEFA analysis.

- Solar and wind are the least cost option in most of the country. “Coal will be pushed out of the electricity sector completely, with gas set to decline as well,” said Dennis Wamsted, an IEEFA analyst. “Cleaner and lower-cost wind and solar, coupled with battery storage, will drive fossil fuels out of the market.”

- IEEFA forecasts coal’s share of the electricity market will fall to 10 percent by 2025.

- The report points to Texas as an example of what will unfold. In 2011, wind was already 8.5 percent of the market, and coal was 39 percent. By 2020, wind was 22.8 percent and coal fell to 17.9 percent.

- “The Texas transition will not be replicated precisely in other areas of the country, but the broad themes are certainly going to hold true, particularly the surge in new wind and solar generation through 2024,” one of the authors said.

2. Oil majors remain cautious in Permian

- ExxonMobil (NYSE: XOM) and Chevron (NYSE: CVX) are still exercising restraint in the Permian basin. The two oil majors accounted for 28 percent of drilling activity last spring, and that is now down to less than 5 percent.

- “We essentially hit a pause button,” said Chevron Chief Financial Officer Pierre Breber, according…





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