Global predictions for renewables
The global renewables market in 2023 is expected to see another successful year! Where solar power, despite slowdowns from geopolitical issues, will surpass a terawatt of power generation! Storage is the critical piece to the puzzle contributing to more excellent grid stability and resilience! Wind power will grow its storage capabilities for on and offshore wind, while half of the global 2023 investments will go to offshore wind.
Fossil fuels in the U.S.
By the end of 2023, natural gas in the country’s generation mix will fall by three percentage points to 34% by the end of 2023. It is caused by developers building 57 GW of new wind over two years from 2022 to 2024.
Fossil fuels in Washington
In 2023, we’ll be two years away from all electric utilities eliminating coal-fired generation service to Washington state customers per the Clean Energy Transformation Act (CETA).
Energy Information Administration Short-Term Energy Outlook
In the Energy Information Administration’s (EIA) forecast, increased U.S. electricity generation comes almost entirely from solar and wind. Renewable sources expect to provide 22% of U.S. generation in 2022 and 24% in 2023, up from 20% in 2021.
2022
+Residential electricity price (cents per Kilowatthour, national average)
14.97
U.S. solar capacity (megawatts)
75,959
U.S. wind capacity (megawatts)
144,123
U.S. coal consumption (million short tons)
512.4
2023
+Residential electricity price (cents per Kilowatthour, national average)
15.33
U.S. solar capacity (megawatts)
106,071
U.S. wind capacity (megawatts)
148,901
U.S. coal consumption (million short tons)
484.0
Solar energy generation
As stated in the beginning, solar will surpass a terawatt energy generation by the end of 2023. A terawatt is one trillion watts, enough to power over 200,000 homes! In the U.S., 22 GW of solar is expected to come online through residential and commercial projects.
Storage capacity
For battery storage in 2023, the U.S. will have 25 GW of capacity added to the grid! Following the pattern of tremendous growth over the last few years. In Q4 of 2021 alone, 1,355 MW of power storage was added, which exceeds the previous two years combined. 60% of the new energy storage projects in 2023 will be co-located with other power plants, mainly solar projects.
Wind capacity
Wind will account for 5 GW of new capacity in 2023 and, together with solar, will provide 16% of U.S. electricity generation.
