The US Energy Information Agency (EIA) released its latest report on February 15, 2024, revealing optimistic projections for the nation’s energy landscape. According to the Preliminary Monthly Electric Generator Inventory, the US energy sector is poised to witness a substantial addition of 62.8 gigawatts (GW) in new utility-scale electricity generating capacity throughout 2024.
While the growth itself may not be surprising, the EIA highlights a remarkable evolution in the country’s energy generation. The report notes that the US now produces nine times more electricity than it did in 1950, attributing this surge to the ongoing transition from fossil fuels to electricity in various sectors such as transportation, heating, cooling, and industrial processes like steel and cement production. This shift is expected to result in a doubling or tripling of electricity demand by 2050.
The projected 62.8 GW of new electricity capacity for 2024 represents a 55% increase compared to the 40.4 GW added in the previous year. Significantly, over 80% of this new capacity will be driven by solar installations and battery storage facilities. Specifically, 36.4 GW, or 58%, will come from new utility-scale solar installations, overcoming challenges faced by the solar industry in 2023. Another 14.3 GW, constituting 23%, will be contributed by new battery storage facilities.
Three key states, namely Texas, California, and Florida, are expected to account for more than half of the new solar installations in 2024. Texas will lead with 35%, followed by California with 10% and Florida with 6%. The report highlights the impending operation of the Gemini solar facility in Nevada, slated to become the largest solar project in the US with a planned capacity of 690 megawatts (MW) and 380 MW of battery storage.
The EIA anticipates a nearly doubled US battery storage capacity in 2024, with developers planning to add 14.3 GW of battery storage this year, up from 6.4 GW in 2023. Texas and California are expected to contribute 82% of this new capacity.
In addition to solar and battery storage, 8.2 GW of electricity generation capacity from wind turbines is scheduled to come online in 2024. Notably, the US has witnessed a slowdown in wind capacity additions over the past two years following record-breaking additions in 2020 and 2021.
A shift in the role of gas-fired generation is highlighted, with 2.5 GW of new electricity capacity planned from methane gas-powered thermal generation. Simple-cycle methane gas turbine (SCGT) plants, known for their quick startup and shutdown capabilities, will dominate, marking a departure from the traditional combined cycle capacity.
The report also touches upon the delayed fourth reactor (1.1 GW) at Georgia’s Vogtle nuclear power plant, underscoring challenges in nuclear energy. Despite being over budget and delayed, ratepayers and the federal government are set to bear the financial burden for decades.
The article concludes with a cautionary note, pointing out potential concerns related to the reliance on Chinese-manufactured solar panels and battery cells. Despite the urgency for renewable electricity, questions about energy security and dependence on foreign sources are raised, emphasizing the complex interplay between political considerations and the nation’s clean energy goals.