Friday, October 30, 2015 12:38:37 PM
October 13, 2015
While the production of fossil fuels drops in the United States, solar and wind power is skyrocketing as technology and cheaper financing drive down the costs.
"In the US, we've known that wind energy can be cheaper than (natural) gas in some states, but solar is now inching toward that same milestone," said Jacqueline Lilinshtein, US analyst for Bloomberg New Energy Finance, a firm that advises industry clients on energy issues.
Texas leads the US in wind power, with about 10 per cent of its power from wind. California, Nevada and North Carolina are the nation's top solar states and dominate the market.
The federal government expects a surge in renewable energy in the coming year, especially as solar expands from its traditional base of home rooftop panels to major utility-scale production.
"US solar and wind power generating capacity is expected to see double digit growth in 2016," said Adam Sieminski, the head of the US Energy Information Administration.
This comes as America's fracking boom is starting to falter. The crash in oil prices is shrinking the profits for drillers. Estimated US crude oil production dropped by 120,000 barrels a day last month and is forecast to keep going down for most of the coming year at least.
Coal continues its downward spiral. Even coal areas that weathered past hard times, such as Indiana and Western Kentucky, are having a tough year, and major coal companies are going bankrupt.
"Production is expected to decrease in all coal-producing regions in 2015, with the largest decline on a percentage basis occurring in the Appalachian region," according to the Department of Energy.
Costs of generating electricity from coal and natural gas are rising as renewables penetrate the market and fossil fuel plants run less, according to Bloomberg New Energy Finance.
In the meantime, the cost of wind and solar continued to go down this year, signaling "a significant shift in the generating cost comparison between renewable energy and fossil fuels."
"Onshore wind and solar are both now much more competitive against the established generation technologies than would have seemed possible only five or 10 years ago," said Luke Mills, an energy economics analyst for Bloomberg New Energy Finance.
The average US price of coal and natural gas power is still cheaper than renewables at $US65 ($88) a megawatt-hour, compared with wind at $US80 and photovoltaic solar - generating electricity from sunlight - at $US107.
But that gap is shrinking, and renewable costs can be even lower with federal subsidies. Ethan Zindler, head of policy analysis for Bloomberg New Energy Finance, said he saw a solar power purchase agreement in Texas for $US50 per megawatt-hour.
"There are definitely markets where solar is competitive," Zindler said.
Renewables could run into problems, though, as lawmakers push back against helping the industry. The federal solar tax credit is set to expire in 2016 unless Congress renews it.
In North Carolina, which has emerged as a national leader in solar power, the legislature is ending its state renewable energy tax credit at the end of the year.
There's also debate in Congress over the wind tax credit, which allows a reduction in tax payments for the first 10 years of a project. Some lawmakers are targeting the incentive for extinction, but American Wind Energy Association CEO Tom Kiernan said he's optimistic.
"The support we have on Capitol Hill is significant and enduring," Kiernan said.
http://www.smh.com.au/business/energy/solar-and-wind-power-surge-in-us-as-shale-drilling-and-coal-mining-falter-20151012-gk7gat.html
Recent MMMW News
- Form 8-K - Current report • Edgar (US Regulatory) • 05/08/2024 12:10:37 PM
- Mass Megawatts Announces Several New Product Lines with Lowest and Competitive Prices as a Source of Generating Revenue in this Fiscal Quarter and to Help Market our Patent Pending Solar Tracker • InvestorsHub NewsWire • 02/22/2024 01:00:00 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 02/12/2024 11:01:42 AM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 02/09/2024 06:02:22 PM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 01/26/2024 10:03:45 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/26/2024 09:20:13 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 12/06/2023 05:30:56 PM
- Mass Megawatts Announces LOWEST PRICE GUARANTEE on Solar Project Sales and Further Cost Reductions Using our Patent Pending Technologies • InvestorsHub NewsWire • 11/28/2023 01:00:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 09/08/2023 05:05:04 PM
- Mass Megawatts Announces Improvements Bringing Potential Project Payback Within 3 Years Using the Cost Cutting New Patent Pending Concentrated Solar Power Sterling Engine Technology • InvestorsHub NewsWire • 09/06/2023 11:45:37 AM
- Mass Megawatts Announces Improvement to Increase Power Output of an Additional Twenty Percent to the Recently Announced Innovations. Company Seeking UL 3703 Certification of Solar Trackers for Turbocharging Sales • InvestorsHub NewsWire • 08/23/2023 11:32:40 AM
- Mass Megawatts Generated Five Planned Solar Project Sales During August • InvestorsHub NewsWire • 08/11/2023 11:26:20 AM
- Mass Megawatts Plans to Build a Small Community Solar Project With its Newest Technology • InvestorsHub NewsWire • 08/07/2023 12:55:13 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 07/25/2023 08:21:47 PM
- Form QUALIF - Notice of Qualification [Regulation A] • Edgar (US Regulatory) • 07/24/2023 04:15:07 AM
- Form 1-A POS - • Edgar (US Regulatory) • 07/19/2023 07:13:54 PM
- Form 1-A POS - • Edgar (US Regulatory) • 07/19/2023 05:25:55 PM
- Mass Megawatts Plans to Apply for OTCQB Status • InvestorsHub NewsWire • 07/12/2023 11:30:00 AM
- Form 1-A POS - • Edgar (US Regulatory) • 07/11/2023 08:38:29 PM
- New Solar Technology To Boost Energy Production • AllPennyStocks.com • 06/29/2023 02:30:00 PM
- Mass Megawatts Announces a New Solar-Power Technology that Boosts Energy Production by More Than 170% • InvestorsHub NewsWire • 06/29/2023 11:40:00 AM
- Mass Megawatts Announces Breakthrough for Lowest-Cost Energy Production with More Details on June 29 • InvestorsHub NewsWire • 06/16/2023 11:07:28 AM
- Mass Megawatts Targets Profitable Fiscal Quarter Ending October 31 and Introduces New Tech for Potential Project Paybacks of Less Than Three Years on June 29 • InvestorsHub NewsWire • 06/09/2023 11:50:17 AM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM