Tuesday, February 18, 2014

EIA Projects Renewable Generation Will Not Increase Market Share In 2014 But 2015 Looks Bright For Renewable Gains

The market share of renewable energy generation has been steadily rising on the strength primarily of the wind boom, with a recent assist from an explosion of solar power.  But the biggest source of renewable generation power remains hydro, and droughts are cutting hydro power production.

EIA forecasts that the cut in hydro production will be enough to stop any market share gain for renewable energy this year. All renewables are forecasted to provide 12.9% of our power in 2014, the same as they cumulatively generated in 2013.  See page 9 of the EIA report below:

The 2014 stall in renewable generation gains will be temporary. America will install record amounts of new wind and solar capacity this year, and that new capacity will generate an amount of power equal to  5 to 8 nuclear plants. That surge in new wind and solar may be combined with a more normal hydro production total next year.

And so, 2015 should see the total amount of renewable energy generation increase, and its generation market share also rise.

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