QUOTE OF THE WEEK "I think we’re getting to the point now where renewable energy is sticking with the American public," said Ethan Zindler, BNEF head of Americas, "and that’s why we’re going to see this ramp-up continue."
Renewable energy surged in the U.S. over the past decade, with capacity doubling and generation rising 77 percent. That’s according to the Sustainable Energy in America Factbook, released by BloombergNEF and the Business Council for Sustainable Energy. This year’s edition takes a decadal look back in energy and shows even as the economy grew since 2010, greenhouse gas emissions dropped and efficiency measures led to lower energy consumption. In many markets, renewables are the cheapest new generation source and the authors note that the “new urgency” among the public to address climate change means the trend is likely to continue. (Utility Dive)
Solar jobs grew 2.3 percent last year to nearly 250,000 nationwide, according to The Solar Foundation’s annual National Solar Jobs Census. Overall, solar jobs grew in 31 states last year. The increase in 2019 comes after two years of job losses for the industry. Since the first census was published in 2010, U.S. solar jobs have grown by 167 percent. The quarter million figure refers to people who spend the “majority of their time” on solar-related work. If the definition was expanded to include people who spend “some portion of their time” on solar-related work the number of workers grows to over 344,000. (CNBC)
Utilities that replace uneconomic coal plants with renewables by 2025 could take advantage of a $64 billion spending opportunity, according to Morgan Stanley. Ameren, American Electric Power, Duke Energy and Pinnacle West are the utilities best positioned to benefit. AEP has the largest capex opportunity at $17.2 billion and estimates show the utility has nearly 12,000 megawatts of coal that will be uneconomic by 2024 given the economics of wind in Indiana, Ohio, Texas and West Virginia. Morgan Stanley analysts said all the utilities should be pursuing a shift from coal to renewables because “it benefits shareholders, customers and the planet.” (S&P Global)
An increasing number of farmers are turning to wind energy as a second source of income to make up for economic volatility brought on by drought, floods and the trade war. At a time when farm bankruptcy rates in the U.S. rose 20 percent in 2019, lease payments to a wind farm can be a gamechanger. Nationally, such payments amount to $250 million, and individual farmers can earn up to around $7,000 a year for hosting a turbine on their land. Farmers with wind turbines on their land are also more likely to invest more in their operations and have succession plans for their property. (USA Today)
More solar farms across the U.S. are being built with large-scale energy storage, thanks to an increase in investment from fund managers, power producers, utilities and tech companies. The past decade has seen solar prices drop 77 percent and battery prices drop 87 percent, making solar-plus-storage projects economical, with some offering power at prices lower than natural gas-fired plants. Solar, wind and batteries are forecast to outpace new gas-powered generation in Texas over the next three years. Solar is emerging as the state’s fastest-growing electricity source, with developers expected to add nearly 70 gigawatts the grid between now and 2023. (Financial Times, Houston Chronicle)
Delta Airlines announced it will invest $1 billion over the next decade in clean technologies and other efforts to limit the impact of air travel on the environment. The aviation industry on a whole represents around 2 percent of global carbon emissions. Faced with increased scrutiny from customers, individual airlines have been making public commitments to limit their environmental impact, including eliminating single-use plastics, investing in biofuels and purchasing more fuel-efficient aircraft. With its investment, Delta aims to become the first carbon-neutral airline globally. (Reuters)
China’s battery storage and solar sectors could be significantly impacted by measures to control the spread of coronavirus. China’s battery production capacity could drop by 10 percent – or 26 gigawatts – from earlier forecasts for 2020, according to Wood Mackenzie. Labor movement restrictions are impacting regions that collectively were expected to contribute 162 gigawatt hours of battery cell production this year. When it comes to solar, the industry is likely to experience supply chain disruptions. At the moment, a major disruption in the U.S. power sector is not likely, but if the outbreak continues for months, U.S. module prices could rise by 5 percent in the first half of the year. (Utility Dive)
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