Sign In or Create an Account.

By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy

Economy

What to Expect From Solar and Battery Storage This Year

On 2024 power projects, pension funds, and the king’s car

What to Expect From Solar and Battery Storage This Year
Heatmap Illustration/Getty Images

Current conditions: Rush hour commutes in the Midwest could be snarled by snow today • The whole of England and Wales is under a weather warning for heavy rain and floods • February temperatures in parts of the Atlantic Ocean are nearing highs normally seen in July.

THE TOP FIVE

1. Solar and battery storage expected to set records in 2024 for new electricity generating capacity

The vast majority – 81% – of new utility-scale electricity generating capacity expected to come online this year will be in the form of solar and battery storage, according to the U.S. Energy Information Administration (EIA). The agency’s latest Preliminary Monthly Electric Generator Inventory shows projects with 62.8 gigawatts (GW) of new capacity are in the pipeline, a 55% increase over the 40.4 GW added last year. More than half of that will be solar, and about a quarter will be battery storage. “We expect U.S. battery storage capacity to nearly double in 2024,” the report said. Electrek also noted that “2024 will see the least new natural gas capacity added in 25 years.”

EIA

2. House passes bill to reverse Biden’s LNG pause

The Republican-controlled House voted yesterday to pass a bill reversing President Biden’s pause on approvals of liquified natural gas (LNG) exports. The vote was 224-200, with nine democrats voting in favor. While the bill is unlikely to get the green light in the Senate, its passage “could embolden House Republicans to include language easing the pause in future government funding legislation,” Bloomberg said. This particular bill would end the Department of Energy’s (DoE) power to approve exports, handing it instead to the independent Federal Energy Regulatory Commission. Biden paused approval of new export terminals recently until the DoE can study their environmental impact, earning praise from activists who claim LNG may be worse for the climate than coal, but scorn from many Republicans who say the move compromises energy security.

3. Major climate investor group loses key asset managers

The world’s largest group aimed at leveraging investor power to pressure corporations to prioritize climate change lost some of its biggest members this week. JPMorgan Asset Management and State Street Global Advisors (SSGA) said yesterday they are leaving the Climate Action 100+ (CA100) group, and BlackRock Inc. said it will no longer be affiliated. CA100 partners with more than 700 investors – which collectively manage about $70 trillion in assets – to pressure oil giants, shipping firms, airlines, and other big companies “that are critical to the net-zero emissions transition.” It initially focused on encouraging companies to make climate disclosures but recently decided to go further and start pushing them to actively reduce their greenhouse gas emissions. It seems this was a step too far. The departures remove nearly $14 trillion in assets from the climate group, and follow intense political pressure from Republicans targeting ESG investing. “I wouldn’t be surprised if we see more defections,” Lance Dial, a Boston-based partner at law firm K&L Gates LLP, told Bloomberg.

Get Heatmap AM directly in your inbox every morning:

* indicates required
  • 4. New York state pension fund divests from fossil fuel firms

    In more news from the financial world, America’s third-largest state pension fund is scaling back its investment in some oil and gas companies. The New York State Common Retirement Fund, which holds about $260 billion in assets, will divest about $27 million from seven firms including Exxon Mobil Corp. following a review of the companies’ preparedness to shift to a low-carbon economy. The move is “a compromise measure” between the fund and environmentalists who want to see full divestment, Reuters said. “The decision could deal another blow to Exxon’s reputation,” reported Inside Climate News, but the fund will still maintain $500 million worth of Exxon shares.

    5. U.N. might create expert group to study solar geoengineering

    Switzerland wants the United Nations to create a group of experts dedicated to studying solar geoengineering, according to Climate Home News. The panel would “examine risks and opportunities” of solar radiation management (SRM) techniques, which are “hypothetical technologies that could, in theory, counteract temperature rise by reflecting more sunlight away from the Earth’s surface,” as Carbon Brief explained. Reactions from scientists are mixed, with some suggesting more research is warranted, but others concerned about “the risks of opening a Pandora’s box.” Governments will vote on the proposal next week.

    THE KICKER

    The Royal Family’s first-ever electric vehicle, King Charles III’s 2018 Jaguar I-Pace, is up for auction and could go for up to $88,000. The king once called the car “silent but deadly.”

    Yellow

    You’re out of free articles.

    Subscribe to access Heatmap’s expert analysis of climate change, clean energy, and sustainability. Save $57 on an annual subscription, just $156 $99/year.
    To continue reading
    Create a free account or sign in to unlock more free articles.
    or
    Please enter an email address
    By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy
    AM Briefing

    Go West, Young Man

    On half-full glasses, Omani polysilicon, and U.S. vs. Chinese nuclear

    Electricity pylons.
    Heatmap Illustration/Getty Images

    Current conditions: Guam and the Northern Mariana Islands are carrying out damage assessments after Super Typhoon Bavi made landfall Monday as the equivalent of a Category 5 hurricane • A wildfire has scorched more than 11,000 acres in the French Pyrenees, forcing thousands to evacuate • Heavy rain from Typhoon Maysak has killed at least 15 people in China this week.

    THE TOP FIVE

    1. 11 Western U.S. states unite to bolster the grid

    The governors of 11 states across the American West signed onto a pact to speed up permitting and increase coordination on the regional electrical grid. The agreement, brokered at the Western Governors’ Association’s annual meeting last week, unites Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, North Dakota, Oregon, Utah, Washington, and Wyoming behind the Western Transmission Expansion Coalition, or WestTEC. The interstate effort to build out the grid across America’s western half published a study in February that found the region needed 12,600 miles of new transmission lines over the next decade, at a cost of roughly $60 billion. Even the energy adviser to Utah Governor Spencer Cox — a Republican who has positioned himself as a vocal champion of “fiscal responsibility” — called the investment “just common sense” for the West. “Getting energy to where it’s needed, when it’s needed, is just as important as generating it in the first place,” Emy Lesofski, who also serves as the director of the Utah Office of Energy Development, said in a statement. “Think of the grid like the roads and highways connecting our communities — it doesn’t matter how much is produced if you can’t move it to where people actually live and work.”

    Keep reading...Show less
    Blue
    Daily Briefing

    Why Biden’s Climate Law Is Stickier Than It Seems

    Any version of the future — even one under Trump — includes bits of the Inflation Reduction Act.

    Donald Trump and Joe Biden.
    Heatmap Illustration/Getty Images

    We passed a major milestone over the weekend: the one-year anniversary of President Trump’s One Big Beautiful Bill Act. That piece of legislation — which curtailed the wind and solar tax credits, ended incentives for electric vehicle buyers, and terminated a lot of green industrial policy — was signed into law on July 4, 2025. It also formally ended the era of decarbonization and climate policy experimentation that began when the United States passed the Inflation Reduction Act roughly three years earlier.

    Now we’re far enough out to begin assessing the Trump law’s impact. And a fascinating new report, published today by the MIT Center for Energy and Environmental Policy Research, argues that the damage … is not as bad as one might fear — at least in the electricity sector.

    Keep reading...Show less
    AM Briefing

    ‘A Watershed Moment’

    On energy inefficiency, global green H2, and New Hampshire’s guerrilla solar

    Holtec machinery.
    Heatmap Illustration/Holtec International

    Current conditions: Super Typhoon Bavi is slamming into Guam and the Northern Mariana Islands as the equivalent of a Category 5 hurricane, with sustained wind speeds topping 178 miles per hour • The record-shattering heat dome over the central and eastern United States is easing and shifting westward until mid July • In Europe, however, the heat is continuing, with temperatures hitting 108 degrees Fahrenheit in southern Spain over the weekend.

    THE TOP FIVE

    1. America’s historic first restart of a nuclear reactor hits a ‘watershed moment’

    America’s next nuclear reactor is coming to life via resurrection. For the past two years, Holtec International has been working to bring the single reactor at the decommissioned Palisades nuclear plant in western Michigan back into service. It would be the first time in U.S. history that a permanently shuttered nuclear plant came back online. If successful, a growing list of projects are lining up to follow in Palisades’ footsteps. On Friday, Holtec announced that the Palisades crew had completed “the last of the major projects,” marking a “watershed moment” in the restoration effort. “We’re now focused on safely executing the remaining testing, verification, and operational readiness activities required before startup,” Michael Schultheis, Holtec’s vice president of the plant, said in a statement. “The plant is coming back together, and the professionalism and dedication demonstrated by our workforce continue to move the project forward.”

    Keep reading...Show less
    Green