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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,” Bloombergsaid. 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, toldBloomberg.

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  • 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, Reuterssaid. “The decision could deal another blow to Exxon’s reputation,” reportedInside 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 toClimate 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 Briefexplained. 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

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    Spotlight

    Solar’s Growing Farmland Problem

    Almost half of developers believe it is “somewhat or significantly harder to do” projects on farmland, despite the clear advantages that kind of property has for harnessing solar power.

    Solar farms on farmland.
    Heatmap Illustration

    The solar energy industry has a big farm problem cropping up. And if it isn’t careful, it’ll be dealing with it for years to come.

    Researchers at SI2, an independent research arm of the Solar Energy Industries Association, released a study of farm workers and solar developers this morning that said almost half of all developers believe it is “somewhat or significantly harder to do” projects on farmland, despite the clear advantages that kind of property has for harnessing solar power.

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    Ocean City Floats an Offshore Lawsuit, Federal Preservationists Quit Lava Ridge, and More

    Here are the most notable renewable energy conflicts over the past week.

    Map of US.
    Heatmap Illustration

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    • Meehan listed off a litany of requests before the town apparently will be comfortable with the project, including a review of Ocean City property values, an economic study on impacts to the local economy, and safety measures to address blade failures like what happened at Vineyard Wind. Ultimately the town wants the project relocated “further to the east, as we have been asking for the past seven and a half years.”
    • A lawsuit is definitely on the table but not guaranteed: “We will be meeting with our consultants and attorneys to discuss our next course of action. The last thing we want to do is go to court but we are prepared to do so if necessary to make sure that all environmental protection laws are complied with and that the safety and well-being of all our citizens [is] protected.”

    2. Magic Valley, Idaho – The Lava Ridge Wind Project would be Idaho’s biggest wind farm. But it’s facing public outcry over the impacts it could have on a historic site for remembering the impact of World War II on Japanese residents in the United States.

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    Good Week for Power Lines, Bad Week for Offshore Wind

    The most important renewable energy policies and decisions from the last few days.

    Transmission and wind.
    Fré Sonneveld / NOAA / Heatmap

    Greenlink’s good day – The Interior Department has approved NV Energy’s Greenlink West power line in Nevada, a massive step forward for the Biden administration’s pursuit of more transmission.

    • The project will be linked to Arevia Power’s Libra Solar Project, which the BLM finished reviewing last month.
    • Interior also released a draft environmental review for the Greenlink North transmission project, a companion to Greenlink West.
    • While these approvals might lift the weight off some YIMBY chests, I wouldn’t be too sure this fight is over, judging by recent Fight interviewee Patrick Donnelly’s claim to the press that this decision could lead to listing the sage grouse as an endangered species. Do I smell litigation?

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