According to the United States Energy Information Administration, developers indicate that half of new electricity generation capacity that will be brought online this year will come from solar energy. This conclusion was made from the findings of a recent survey that was conducted by the EIA.
The data collected shows that in the first six months of this year, 12GW of solar capacity generation by utility-scale operators were brought online. Over the final six months of the year, 21GW of solar generation capacity will be added.
If things go according to plan and all that capacity is brought online before 2025 ends, solar will account for over 50% of the new electric generation capacity planned to be installed in 2025, totaling 64GW. The remaining planned capacity will come from natural gas, wind and battery storage systems.
If the planned addition of 64GW this year happens as projected, a new record will be set for additional generation capacity commissioned in a single year. The previous record was the 58GW brought online in 2002. That year, 57GW of that added capacity was natural gas. Since then, developers have added natural gas power to the grid annually, but its share of the total has been slumping as other sources, such as battery storage, solar and wind have gained traction.
If the additional energy generation capacity forecast is added as planned for battery storage and solar energy, these two sources will each have the highest-ever capacity additions in a year than has previously happened.
It is noteworthy that the massive growth seen this year in extra battery storage and solar capacity is due to progress made in Texas. For H1 this year, 3.2GW (27%) of solar capacity installed is in Texas and for H2, the planned capacity addition is 9.7GW. In 2024, Texas overtook California as the U.S. state having the highest generation capacity for utility-scale solar energy.
Battery storage took second spot among energy generation additions in H1 this year, with 5.9GW (26%) added online. 50% of this battery storage capacity was in either California or Arizona. Texas-based developers anticipate bringing online battery storage capable of holding 7GW of energy this year, and most of that is scheduled to be operational in H2.
Things are looking up for solar energy capacity additions in the U.S., and the push to increase the share of renewables in the energy mix of the country appears to be gaining momentum. This uptake potentially creates more market opportunities for companies like Platinum Group Metals Ltd. (NYSE American: PLG) (TSE: PTM) that extract many of the metals that are critical in the production of energy generation equipment.
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