Renewable Energy to Surpass Coal and Nuclear by 2030: 7 Key Takeaways from EIA’s...

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http://blog.ucsusa.org/steve-clemmer/renewable-energy-to-surpass-coal-and-nuclear-by-2030-eia-annual-energy-outlook-2016

Renewable Energy to Surpass Coal and Nuclear by 2030: 7 Key Takeaways from EIA’s Annual Energy Outlook 2016

Steve Clemmer, director of energy research, Clean Energy | July 11, 2016, 12:13 pm EDT
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Figure 1. Renewables surpass nuclear power by 2020 and coal by 2028. Renewables include wind, solar, geothermal, biomass, and hydropower. Source: EIA, Annual Energy Outlook 2016.

As a certified energy geek, I always look forward to this time of year. On July 11 and 12, the Energy Information Administration (EIA) is holding their annual conference to discuss current energy technology, market, and policy issues, and will present results from their new Annual Energy Outlook (AEO) 2016 report.

One of the headlines this year is EIA’s new projections for renewable energy, which under their reference case is expected to surpass nuclear power by 2020 and coal by 2028 to become the second largest source of U.S. electricity generation after natural gas (see Figure 1 below).

Here are seven key takeaways from AEO 2016 that explain why EIA is projecting such a large increase in renewable energy this year:

1. Federal tax credits and Clean Power Plan drive growth in renewables

2. Wind and solar lead growth in renewables

3. Renewable generation increases in all regions of the country by 2030

4. Renewables generation varies under different Clean Power Plan implementation scenarios

5. Increasing renewable energy is affordable

6. Renewables are competitive despite lower natural gas prices

7. EIA is finally using more realistic cost assumptions for renewable energy