Solar Energy, Targeted by Trump, Projected to Achieve Significant U.S. Growth in 2024

20 hrs ago 13

In 2024, the U.S. power grid saw the largest addition of solar energy capacity in over twenty years, surpassing all other energy sources, according to a new industry report published on Tuesday. This data emerged just after the new U.S. energy secretary, Chris Wright, expressed strong opposition to solar and wind energy. During the kickoff […]

In 2024, the U.S. power grid saw the largest addition of solar energy capacity in over twenty years, surpassing all other energy sources, according to a new industry report published on Tuesday.

This data emerged just after the new U.S. energy secretary, Chris Wright, expressed strong opposition to solar and wind energy. During the kickoff of CERAWeek by S&P Global, an annual energy conference in Houston, he stated on Monday that these sources could not keep pace with the growing electricity demands globally and are contributing to higher energy prices.

The report, compiled by the Solar Energy Industries Association and the research firm Wood Mackenzie, indicated that approximately 50 gigawatts of new solar generation capacity were installed last year, far exceeding other electricity sources.

Both Mr. Wright and former President Trump have been vocal critics of renewable energy, a sector championed by former President Joseph R. Biden Jr. in efforts to combat climate change. Mr. Wright, Mr. Trump, and the Republican members of Congress have committed to reversing many of Mr. Biden’s climate and energy initiatives.

“Besides the clear scale and cost issues, there’s simply no feasible way for wind, solar, and battery systems to replace the diverse applications of natural gas,” remarked Mr. Wright, who previously served as the chief executive of an oil and gas company.

Nonetheless, solar energy and battery storage technologies seem to be gaining substantial traction, making it difficult to halt their progress. The U.S. Energy Information Administration, part of Mr. Wright’s department, stated last month that it anticipates solar and battery systems will continue to lead new capacity installations on U.S. electric grids this year.

Advocates for clean energy hailed this achievement for solar power as the globe seeks to ramp up electricity production to address the demands of energy-intensive data centers, which are essential for the expansion of artificial intelligence.

“Everyone agrees that in order to achieve this, we need adequate electricity supply, and available data indicates that the quickest and most cost-effective method is through the deployment of solar and storage solutions,” Abigail Ross Hopper, president and chief executive of the solar association, noted in an interview at CERAWeek.

During a panel discussion, the head of one of the country’s largest utility companies recognized solar’s capability to provide new electricity generation swiftly and economically.

“Renewables are fully operational now since they have been implemented,” stated John Ketchum, president and chief executive of NextEra Energy, the largest renewable energy producer in the U.S. and the parent company of Florida Power & Light, a utility that utilizes natural gas for its power plants.

However, Mr. Wright claimed that the increased reliance on solar and wind energy has caused electricity prices to climb, which have seen a steady rise over the past couple of years. This increase is partly attributed to soaring oil and natural gas prices following Russia’s invasion of Ukraine in 2022, as well as upgrades to grids that experts contended utilities had long delayed.

“Wind and solar, which were the favorites of the last administration and a large part of the current global landscape, provide about 3 percent of global primary energy,” Mr. Wright stated. “Wherever wind and solar penetration has significantly increased, grid prices have escalated while grid stability has diminished.”

In 2024, electricity rates nationwide soared, rising an average of 4 percent to $162.60 per month in December for the typical usage of 1,000 kilowatt-hours, up from $156.90 the previous year, as per the latest federal data.

Despite escalating prices, electricity demand is projected to surge dramatically. Mr. Ketchum forecasted a 55 percent rise in electricity demand over the next two decades, with nearly one-fifth attributed to the growth in data centers, and the remaining increase largely driven by manufacturing and industrial expansion.

Considering the expectations for increased electricity requirements, energy professionals suggest that governments should concentrate on ensuring affordability, reliability, and safety in both domestic and global energy while remaining mindful of climate change issues.

“There will be challenges ahead,” stated Ernest Moniz, who served as energy secretary during the Obama administration, during a panel discussion at CERAWeek. “We are progressing towards this low-carbon future.”


View Entire Post

Read Entire Article