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Solar and wind to lead US power generation growth for next two years
- 3 months ago (2024-01-17)
- David Flin
The US Energy Information Administration (EIA) has forecast in its latest Short-Term Energy Outlook that solar and wind will lead US power generation growth for the next two years.
The Smarter E Europe 2024
As a result of new solar projects due to come online in 2024, EIA forecasts that US solar generation will grow 75 per cent from 163 TWh in 2023 to 286 TWh in 2025. It also anticipates wind power generation to grow 11 per cent from 430 TWh in 2023 to 476 TWh in 2025.
In 2023, the US electric power sector generated 4017 TWh, of which renewable sources (wind, solar, hydro, biomass, and geothermal) accounted for 874 TWh, 22 per cent of the total.
Solar is the fastest growing renewable source because of favourable Inflation Reduction Act tax credits. Planned solar projects will increase solar capacity operated by the sector by 38 per cent from 95 GW at the end of 2023 to 131 GW by the end of 2024.