U.S. Energy Information Administration – EIA

by | Jan 19, 2023 | Energy

January 19, 2023

As of January 1, 2023, we are now publishing four new Today in Energy articles each week, from Monday through Thursday.

In our latest Short-Term Energy Outlook, we expect that increased U.S. power generation from new renewables capacity—mostly wind and solar—will reduce generation from both coal-fired and natural gas-fired power plants in 2023 and 2024.

With the new solar and wind projects coming online this year, we forecast these two energy sources will account for 16% of total generation in 2023, up from 14% last year and 8% in 2018. In contrast, our forecast share of generation from coal falls from 20% in 2022 to 18% in 2023; the forecast share from natural gas declines from 39% to 38%.

One of the most significant shifts in the mix of U.S. electricity generation over the past few years has been the rapid expansion of renewable energy resources, especially solar and wind. The U.S. electric power sector operated about 74 gigawatts (GW) of solar photovoltaic capacity at the end of 2022, which is about three times the capacity at the end of 2017. U.S. wind power has grown by more than 60% since 2017 to about 143 GW of capacity.

Based on planned additions reported to EIA, solar capacity will expand another 63 GW (84%) by the end of 2024, which is consistent with its declining construction costs and favorable tax credits. As a result of this expected increase in solar capacity, we forecast that the solar generation share will rise …

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