Renewables provided nearly one-quarter of US electrical generation to August 2022
Renewable energy – solar, wind, geothermal, hydropower, biomass – provided almost a quarter of electrical generation in the US during the first two-thirds of 2022, according to data just released by the US Energy Information Administration (EIA), which was reviewed by the SUN DAY Campaign.
The latest issue of EIA’s “Electric Power Monthly” report (with data through August 31, 2022) reflects that, year-to-date, renewables provided 23.3% of total US electrical generation, compared to 20.6% a year earlier.
Further, in the first eight months of 2022, renewable energy sources (including small-scale solar) increased their electrical output by 17.5%, compared to the same period a year earlier.
For the eight-month period, electrical generation by wind increased by 22% and provided 10% of total electrical generation. Meanwhile, solar sources grew by 26.9% and provided 5% of US electrical output. In addition, generation by hydropower increased 10.5% and accounted for 6.7% of the total. Geothermal also grew by 0.7%, while electrical generation attributed to the combination of wood and other biomass dropped by 2.1%.
Taken together, during the first two-thirds of 2022, renewable energy comfortably outproduced both coal and nuclear by 17.9% and 32.3%, respectively. In fact, over the past half-decade, renewables have moved from fourth into second place while relegating coal and nuclear to third and fourth place.
Five years ago, coal’s share of US electrical generation was 30.3%, while that of nuclear power was 19.6%. Now, their shares have dropped to 19.8% and 17.6%, respectively, while clean energy’s share has expanded from 18.2% to 23.3%. Natural gas, however, has retained the lead (38.5%) among energy sources comprising the US electrical mix.
“These latest statistics suggest that renewables may well be on track to surpass EIA’s forecast for renewables to provide 22% of US electrical generation in 2022 and 24% in 2023,” noted the SUN DAY Campaign’s executive director, Ken Bossong. “Bolstered by the Inflation Reduction Act, renewables’ share could easily surpass 25% by the end of next year.”
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Tesla’s Q2 results are in, and they are way, way down from Q2 of 2024. At the same time, Nissan seems to be in serious trouble and the first-ever all-electric Dodge muscle car is getting recalled because its dumb engine noises are the wrong kind of dumb engine noises. All this and more on today’s deeply troubled episode of Quick Charge!
We’ve also got an awesome article from Micah Toll about a hitherto unexplored genre of electric lawn equipment, a $440 million mining equipment deal, and a list of incompetent, corrupt, and stupid politicians who voted away their constituents’ futures to line their pockets.
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OpenAI is distancing itself from Robinhood‘s latest crypto push after the trading platform began offering tokenized shares of OpenAI and SpaceX to users in Europe.
“These ‘OpenAI tokens’ are not OpenAI equity,” OpenAI wrote on X. “We did not partner with Robinhood, were not involved in this, and do not endorse it.”
The company said that “any transfer of OpenAI equity requires our approval — we did not approve any transfer,” and warned users to “please be careful.”
Robinhood announced the launch Monday from Cannes, France, as part of a broader product showcase focused on tokenized equities, staking, and a new blockchain infrastructure play. The company’s stock surged above $100 to hit a new all-time high following the news.
“These tokens give retail investors indirect exposure to private markets, opening up access, and are enabled by Robinhood’s ownership stake in a special purpose vehicle,” a Robinhood spokesperson said in response to the OpenAI post.
Robinhood offered 5 euros worth of OpenAI and SpaceX tokens to eligible EU users who signed up to trade stock tokens by July 7. The assets are issued under the EU’s looser investor restrictions via Robinhood’s crypto platform.
“This is about expanding access,” said Johann Kerbrat, Robinhood’s SVP and GM of crypto. “The goal with tokenization is to let anyone participate in this economy.”
The episode highlights the dynamic between crypto platforms seeking to democratize access to financial products and the companies whose names and equity are being represented on-chain
U.S. users cannot access these tokens due to regulatory restrictions.
Despite the warnings, BYD continues introducing new discounts. On Wednesday, BYD’s luxury off-road brand began offering over 50% Huawei’s smart driving tech.
BYD introduces new discounts on smart driving tech
After BYD cut prices again in May, the China Automobile Manufacturers Association (CAMA) warned that the ultra-low prices are “triggering a new round of price war panic.”
Although they didn’t single out BYD, it was pretty obvious. BYD slashed prices across 22 of its vehicles by up to 34%, triggering several automakers to follow suit in China.
BYD’s cheapest EV, the Seagull, typically starts at about $10,000 (66,800 yuan). After the price cuts, the Seagull is listed at under $8,000 (55,800 yuan).
It doesn’t look like China’s EV leader plans to slow down anytime soon. Fang Cheng Bao, BYD’s luxury off-road brand, introduced new discounts on Huawei’s smart driving tech on Wednesday.
The limited-time offer cuts the price of Huawei’s Qiankun Intelligent Driving High-end Function Package to just 12,000 yuan ($1,700).
Buyers who order the smart driving tech in July will save over 50% compared to its typical price of 32,000 yuan ($4,500).
Earlier this year, Fang Chang Bao launched the Tai 3, its most affordable vehicle, starting at 139,800 yuan ($19,300). The Tai 3 is about the size of the Tesla Model Y, but costs about half as much.
The Tai 3 will spearhead a new sub-brand of electric SUVs following the more premium Bao 8 and Bao 5 hybrid SUVs.
BYD’s luxury off-road brand sold 18,903 vehicles last month, up 50% from May and 605% compared to last year. Fang Cheng Bao has now sold over 10,000 vehicles for three consecutive months.
The Chinese EV giant sold 382,585 vehicles in total in June, an increase of 12% from last year. In the first half of the year, BYD’s cumulative sales reached over 2.1 million, a YOY increase of 33%.
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