Energy storage becomes second most important driver of US power capacity growth

Praveen Kumar · 2024-09-02T07:36:30.074Z

• The total capacity of newly-launched facilities in the U.S. power industry reached 20.2 gigawatts (GW) in the first half of 2024, exceeding the figure for the first half of last year by just over 20% (by 3.6 GW). The installed capacity of wind and solar generators rose by 12 GW and 2.5 GW, respectively, with energy storage capacity adding 4.2 GW, according to the U.S. Energy Information Administration (EIA). This has made storage devices the second most important driver of electricity development in the United States. U.S. Power Sector Developments in the First Half of 2024: Solar Energy Expansion: • Texas and Florida, benefiting from favorable climates, accounted for 38% of newly-launched solar energy facilities. • The largest solar power plant launched was the Gemini project in Nevada, with a capacity of 690 MW. Energy Storage Growth: • Western U.S. states led in new energy storage capacity: • California: 37% • Texas: 24% • Arizona: 19% • Nevada: 13% Wind Power Developments: • Nationwide, newly-launched wind power plants (WPPs) reached a capacity of 2.5 GW. • Texas was home to the two largest WPPs: Canyon Wind (309 MW) and Goodnight (266 MW), totaling 575 MW. Nuclear Power Plant (NPP) Expansion: • The capacity of newly-launched NPPs totaled 1.1 GW, attributed to the fourth reactor of the Vogtle NPP in Georgia. • With this addition, Vogtle NPP became the largest operating nuclear power plant in the U.S. with a total capacity of 4.5 GW. Decommissioning of Facilities: • Facilities decommissioned in the first half of 2024 had a total capacity of 5.1 GW, with over 90% being coal-fired and gas-fired power plants. • Notable closures include: • First power unit of the coal-fired TPP Seminole Electric Cooperative in Florida (626 MW). • First power unit of the coal-fired TPP Homer City in Pennsylvania (626 MW). • Six power units of the Mystic power plant in New England (1,413 MW). EIA Forecast for the Second Half of 2024: • Projected new capacity additions in the U.S. power sector will total 42.5 GW, including: • 25 GW from solar panels. • 10.8 GW from energy storage. • 4.6 GW from wind turbines. • 2.1 GW from other types of power plants. • These developments highlight the ongoing transition in the U.S. energy sector towards renewable energy sources and energy storage, while traditional coal and gas-fired power plants are increasingly being phased out.

The total capacity of newly-launched facilities in the U.S. power industry reached 20.2 gigawatts (GW) in the first half of 2024, exceeding the figure for the first half of last year by just over 20% (by 3.6 GW). The installed capacity of wind and solar generators rose by 12 GW and 2.5 GW, respectively, with energy storage capacity adding 4.2 GW, according to the U.S. Energy Information Administration (EIA). This has made storage devices the second most important driver of electricity development in the United States.

U.S. Power Sector Developments in the First Half of 2024:

Solar Energy Expansion:

Texas and Florida, benefiting from favorable climates, accounted for 38% of newly-launched solar energy facilities.
The largest solar power plant launched was the Gemini project in Nevada, with a capacity of 690 MW.

Energy Storage Growth:

Western U.S. states led in new energy storage capacity:
California: 37%
Texas: 24%
Arizona: 19%
Nevada: 13%

Wind Power Developments:

Nationwide, newly-launched wind power plants (WPPs) reached a capacity of 2.5 GW.
Texas was home to the two largest WPPs: Canyon Wind (309 MW) and Goodnight (266 MW), totaling 575 MW.

Nuclear Power Plant (NPP) Expansion:

The capacity of newly-launched NPPs totaled 1.1 GW, attributed to the fourth reactor of the Vogtle NPP in Georgia.
With this addition, Vogtle NPP became the largest operating nuclear power plant in the U.S. with a total capacity of 4.5 GW.

Decommissioning of Facilities:

Facilities decommissioned in the first half of 2024 had a total capacity of 5.1 GW, with over 90% being coal-fired and gas-fired power plants.
Notable closures include:
First power unit of the coal-fired TPP Seminole Electric Cooperative in Florida (626 MW).
First power unit of the coal-fired TPP Homer City in Pennsylvania (626 MW).
Six power units of the Mystic power plant in New England (1,413 MW).

EIA Forecast for the Second Half of 2024:

Projected new capacity additions in the U.S. power sector will total 42.5 GW, including:
25 GW from solar panels.
10.8 GW from energy storage.
4.6 GW from wind turbines.
2.1 GW from other types of power plants.

These developments highlight the ongoing transition in the U.S. energy sector towards renewable energy sources and energy storage, while traditional coal and gas-fired power plants are increasingly being phased out.