Renewables supplied nearly 75% of new US electrical generating capacity in 2022
Renewable energy provided 74.1% of new utility-scale generating capacity in the US last year, according to new data released by the Federal Energy Regulatory Commission (FERC) that was reviewed by the SUN DAY Campaign.
US electrical generating capacity and renewables in 2022
New utility-scale solar capacity – that is, not including rooftop solar – was 9,924 megawatts (MW), or 39.6% of the total. New wind capacity provided 8,512 MW. or 33.9% of the total. Solar and wind each comfortably surpassed the 6,469 MW of new natural gas capacity (25.8%).
Including geothermal (90 MW), biomass (31 MW), and hydropower (24 MW), capacity additions by the mix of renewable energy sources accounted for 18,581 MW of the 25,085 MW in new generating capacity by all sources. Oil added 18 MW and nuclear increased by 17 MW; FERC reported no new coal additions.
So by the end of 2022, renewable energy sources collectively provided 27.3% of the total available installed generating capacity in the US, with wind’s share – 143,280 MW – being 11.4% and that of solar – 80,400 MW – expanding to 6.4%.
For perspective, renewables’ share of US generating capacity was 24.1% in December 2020 and just 17.8% in December 2015.
The recent growth in new solar and wind generating capacity significantly surpasses what FERC had forecast three years earlier. FERC then reported that “high-probability” additions of new solar between January 2020 and December 2022 would total 19,973 MW. Instead, new solar capacity grew by 38,530 MW, virtually doubling FERC’s forecast.
FERC had anticipated 26,403 MW of net “high-probability” new wind capacity to be added during that three-year period. Instead, wind grew by 41,350 MW, or 56.6% more than forecast.
Looking forward to 2025
FERC is now projecting that over the next three years – that is, through December 2025 – net “high-probability” solar capacity additions could total 75,642 MW, potentially nearly doubling solar’s current capacity. Moreover, “all additions” in the three-year solar pipeline could actually total 214,006 MW. FERC also expects net “high-probability” wind additions to total 18,211 MW, representing a 12.7% increase, with the possibility of all net additions reaching 76,012 MW.
If FERC’s three-year forecast proves accurate, by the end of 2025, renewable energy sources would account for 33% of total available installed generating capacity in the US. Of that, wind and solar would account for nearly equal shares: 12.2% wind, and 11.8% solar.
SUN DAY Campaign’s executive director Ken Bossong said:
Renewable sources, led by solar and wind, are now adding almost two percentage points each year to their share of the nation’s electrical generating capacity.
If that pace continues or accelerates – as seems likely – renewables will be providing a third of total installed generating capacity within three years and quite possibly more.
Photo: Erthos
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Chevron is not seeing signs that the U.S. is close to a recession even as President Donald Trump’s tariffs weigh on expectations for oil demand, CEO Mike Wirth said Tuesday.
“There’s no signs that we see at this point that we are in or close to a recession,” Wirth told CNBC’s “Squawk Box.” “There are signs that growth may be slowing and we have to always be prepared for that.”
The International Monetary Fund on Monday cut its growth outlook for the U.S. this year to 1.8%, down from 2.7% previously.
The oil market is expecting reduced demand as a consequence of Trump’s tariffs and the decision by OPEC+ increase production faster than expected, Wirth said. Chevron isn’t changing its capital spending plans in response to drop in prices, the CEO said.
U.S. crude oil prices have fallen about 11% since Trump announced his tariffs on April 2. West Texas Intermediate was last up about 72 cents at $63.80 per barrel. OPEC and the International Energy Agency have cut their demand outlooks for this year.
Wirth said U.S. onshore oil production in patches like the Permian Basin is likely to pull back if prices hit $60 per barrel. Offshore production likely won’t be affected, he said.
“That’s an area where if we were to be at a $60 price or even lower you’re likely to see activity pull back in this sector and you’ll see the production response over a few months,” Wirth said. “That’s what we should watch, not so much the deep water activity.”
Chevron is not expecting a major direct impact on its business from Trump’s tariffs as energy has largely been exempt from the levies, Wirth said.
“The effects that we feel are likely to be more the macroeconomic effects as they flow through the economy,” Wirth said. “The bigger issues would be what would it mean for growth, and global trade and how does that evolve.”
Executives at oil and gas companies were scathing in their criticism of Trump’s tariffs in an anonymous March survey by the Federal Reserve Bank of Dallas, warning that steel tariffs were raising their costs and low prices could impact their activity.
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Little is known about super-secretive EV startup Slate, but the fledgling brand is rumored to be backed by Jeff Bezos and determined to shake up the existing electric order with an affordable lineup of compact SUVs and pickups with that golden $25,000 price tag.
Now, at least, we know what it’s gonna look like. The battle of the billionaires is on!
Redditor jonjopop over at the spotted subreddit spotted what looks like an early prototype of an unbranded SUV with bizarre “CryShare” wrap. CryShare, as a concept, seems to combine the functionality of a ride sharing app like Uber or Lyft with the familiar (to parent, anyway) idea that small babies will often sleep better in a moving car than in their own cribs … but that’s not what’s important here.
Instead, focus on the vehicle itself – parked on Abbot Kinney Boulevard in Los Angeles without explanation or fanfare, this is our best look yet at the kind of vehicle(s) Slate is likely to reveal in the coming days.
Stumbled upon the Bezosmobile [Slate Automotive…idk?] being revealed with an absolutely bizarre marketing campaign
byu/jonjopop inspotted
Other local automotive journalists caught wind of the public unveiling, too – and our friends at The Autopian (Hi, Matt!) sent their own David Tracy out on the streets of LA to check it out. Tracy took the following video and posted it to Instagram.
The Slate breaking cover and causing buzz just ahead of what’s sure to be a painful Q1 earnings call for Tesla is a masterstroke of marketing – especially as doubts surrounding the viability of a “less expensive” Tesla Model Y or Model 3 continue to mount amid the uncertainty of Trump’s tariffs and declining sales of the brand’s more profitable models both at home and abroad.
As with so much involving Slate, however, there is nothing here written in stone – or even cast in cheese. Nothing has been announced, nothing is promised, and for all we know this might have more to do with the affordable Rivian brand launch, a new BYD, or be a viral marketing bit from some local Art Center design student in (relatively) nearby Pasadena. In fact, about the only thing I think we can say about Bezos (?) new Slate project with confidence today is this: Elon could probably use that drink.
SOURCES | IMAGES: Reddit, The Autopian.
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