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The United States Energy Information Administration (“EIA”) issued an April 13th report titled:
U.S. Electric Capacity Mix Shifts from Fossil Fuels to Renewables in AEO2023 (“Report”)
The EIA Report states:
- The U.S. power grid will nearly double in capacity from 2022 to 2050 to meet increasing demand for electric power
- Most newly built capacity will be from renewable energy technologies
The data is derived from the EIA publication Annual Energy Outlook 2023 (“AEO2023”).
EIA states that this shift will be driven by:
- Declining capital cost for solar panels, wind turbines, and battery storage
- Government subsides such as those included in the Inflation Reduction Act
The publication AEO2023 reviews long-term energy trends in the United States and outlines its projections for energy markets through 2050. The Report notes that AEO2023 uses different scenarios (i.e., cases) to review how different assumptions affect energy trends. The various cases utilized are described in the Report.
A copy of the Report can be downloaded here.
