The US EIA just published its electric power monthly for this past June, and our country’s electricity was much more climate friendly than last year. Coal and oil-fired generation were down 1.6% and 10.6%, respectively. Cleaner burning natural gas generation was up 3.6% while carbon-free hydro and nuclear generation rose by 34.7% (on some relief from the drought out west) and 2%, respectively. And the number that caught my eye was the increase in wind generation at a rate of 81.6% from the previous June! If wind continues to grow at the June rate for the next year and a half, wind power will provide almost 3% of US electricity by the end of 2009 (when the current federal production tax credit expires).
This wind power increase is enough to offset all current oil-fired generation, since petroleum combustion currently generates around 1% of US electricity. New wind electricity could also help to offset some coal-fired electricity demand, where the carbon intensity is highest. And the substitution of oil and coal can help to keep their fuel prices from reaching the records they hit this past summer in the near future. The credit market woes may prevent wind power from growing quite as fast as it did this year. But wind certainly has the potential to lower the share of US electricity coming from polluting fossil fuels.
While solar electricity also grew at a quick pace at 43%, it will take another seven or so years to reach the scale and cost-competitiveness of wind. But its growth potential is enormous as long as we keep making technological progress and take advantage of economies of scale in the years ahead. The longer extension of the federal investment tax credit for solar (to 2016) was warranted for just those reasons.
In sum, we are making progress, and a few more years of focused policy to mature the wind and solar industries will have huge paybacks for the climate and our wallets.
Onwards to a sustainable electricity transition in the US and beyond-
Tags: Oil, US electricity, wind power