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U.S. Renewable Energy Use to Surpass Coal Production for First Time
According to the British Daily Mail on April 29, a report from the Institute for Energy Economics and Financial Analysis (IEEFA) in the United States predicts that starting this month, hydropower, biomass, wind, solar and geothermal power will generate more electricity than traditional coal-fired power plants. If this happens, it will be the first time that the renewable energy industry has surpassed coal production.
The Institute for Energy Economics and Financial Analysis (IEEFA) in the United States said that this trend may continue until May, which is a promising signal for the adoption of renewable energy. This trend will also occur occasionally in the next few years, as renewable energy becomes cheaper and the world's attention is focused on mitigating the impact of carbon fuels on climate change by reducing the use of fossil fuels.
The growth of solar and wind power is particularly obvious. Due to cheaper equipment and government incentives, the former generates 48 times more electricity than 10 years ago.
The seasonality of resource use helps renewable energy replace coal. Coal plants usually reduce production in the spring because energy consumption slows down at this time. Some plants are also closed for maintenance. The trend of renewable energy replacing coal is significant, especially when the coal industry is in trouble. Coupled with the growth of renewable energy, coal consumption has shown a diametrically opposite downward trend. Last year, the percentage of coal used in the U.S. hit a nearly 40-year low.
Coal has fallen out of favor, in part because of the falling cost of natural gas. Natural gas overtook coal as the fuel of choice in the U.S. in 2016, thanks in part to a booming hydraulic fracturing industry that continues to extract abundant fossil fuels from oil shale in North Dakota's Bakken. Coal production continues to decline despite President Donald Trump's renewed interest in reviving the coal industry.
Even as renewable energy rapidly enters the U.S. market, solar, wind and hydroelectric power still only account for a small portion of U.S. production. Renewable energy accounts for about 11% of U.S. energy, while fossil fuels account for 80%, according to the U.S. Energy Information Administration. However, as coal use declines, more and more companies in the fossil fuel industry are turning to renewable energy in hopes of securing their future, both financially and otherwise.
Xcel Energy, a $30 billion company that relies on coal for half of its energy production, announced in March that it would close a quarter of its plants and aim to produce zero-carbon energy by 2050, CNN reported.
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