Although projects may experience delays, the majority of projects reported as future builds eventually come online. When companies report plans for future capacity on these surveys, the projects are generally already in the development process.
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We compile information about existing and future capacity on our Preliminary Monthly Electric Generator Inventory, which is based on our monthly survey. Many solar and wind projects tend to come online in December, so these capacity additions tend to have the most impact on generation in the following year. wind capacity to increase 5% in each of the next two years, 6 GW in 2023 and 7 GW in 2024. Solar capacity will increase an additional 30% (31 GW) in 2024. Power generators are reporting plans to expand solar capacity by 43% (32 GW) in 2023, which would be the largest percentage increase in solar capacity since 2016. electric power sector operated about 73 gigawatts (GW) of solar photovoltaic (PV) capacity at the end of 2022. The increase in renewables generation is being driven primarily by investment in new solar and wind generating capacity.
Renewables' output tends to follow capacity additionsĭata values: U.S. Last year, electric power generation from all types of renewables accounted for nearly one-quarter of total generation by the U.S. Natural gas accounted for 39% of electric power sector electricity generation last year, and we forecast its share to be similar in 2023 then fall to 37% in 2024.Įlectricity generation from renewable energy sources has been growing steadily in the United States over the past decade. Electricity generation from coal falls from 20% in 2022 and to 17% in both 20. In our February Short-Term Energy Outlook, we forecast that wind and solar will rise slightly, accounting for 16% of total generation in 2023 and 18% in 2024. It’s this aspect of our STEO electricity generation forecast where most of the uncertainty lies. However, the electricity actually generated from both renewable and nonrenewable sources varies based on weather conditions and market dynamics. Renewable generation capacity additions in our STEO are less uncertain than other forecasts because we survey this information monthly. We expect that new renewables capacity-mostly wind and solar-will reduce electricity generation from both coal-fired and natural gas-fired power plants in 20. Note: The six energy sources shown accounted for at least 98% of annual electricity generation from the electric power sector during this time period. Energy Information Administration, Short-Term Energy Outlook, Feburary 2023
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