• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours How Far Have We Really Gotten With Alternative Energy
  • 14 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 1 day Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 5 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
OPEC Remains Upbeat About Oil Demand

OPEC Remains Upbeat About Oil Demand

OPEC remains optimistic that the…

Saudi Aramco Boosts Dividends Despite a Significant Decline in Profits

Saudi Aramco Boosts Dividends Despite a Significant Decline in Profits

Despite experiencing a significant decline…

Wind, Solar To Dominate New U.S. Power Capacity This Year

Wind and solar power will dominate the electricity generation additions across the United States in 2020, accounting for an overwhelming 76 percent of all new capacity set to begin commercial operation this year, the U.S. Energy Information Administration (EIA) said on Tuesday.  

Wind will be the main source of new capacity additions, followed by solar and natural gas, according to EIA’s latest inventory of electric generators. New wind capacity additions will account for 44 percent of all U.S. electric capacity additions in 2020. Solar power will account for 32 percent of additions and natural gas additions will represent 22 percent of all new U.S. capacity. The remaining 2 percent will come from hydroelectric generators and battery storage, EIA’s estimates show.

Due to the expiration of the U.S. production tax credit (PTC) at end-2020, wind power developers are rushing to install more wind capacity this year before the tax credit expires. The phase-out of the tax credit extension also pushed up wind power installations last year, which the EIA estimates at 11.8 gigawatts (GW).  

This year, new wind power capacity of 18.5 GW is set to come online, setting a record as it will beat the previous record of 13.2 GW new wind capacity set in 2012.

In solar power, the new additions are also set to break the previous record, as 13.5 GW of solar capacity is expected to come online this year, easily beating the previous record addition of 8 GW in 2016. More than half of the utility-scale electric power sector solar photovoltaic (PV) capacity additions will be in four states—Texas, California, Florida, and South Carolina.  

Most of the natural gas additions—more than 70 percent—will be in Pennsylvania, Texas, California, and Louisiana.  

Coal will lead the capacity retirements this year, as it did last year, when for one month, April, renewables held a larger share than coal in U.S. monthly electricity generation, for the first time ever.  

In 2020, a total of 51 percent of scheduled capacity retirements will be coal-fired, followed by natural gas with 33 percent and nuclear with 14 percent, EIA’s data shows.   

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News