Victor interprets the current slowdown in energy project development not as a decline but rather as a temporary pause in momentum. He notes that the demand for electricity remains robust, particularly fueled by the needs of data centers and other significant power consumers. The sectors experiencing the most growth include energy technologies that are not only cost-effective but also relatively quick to implement, such as solar, batteries, and natural gas facilities.
According to data from the Energy Information Administration (EIA), the United States saw the addition of 341 new power plants or utility-scale battery systems during the first half of this year, contributing to a total of 22,332 megawatts of summer generating capacity.
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Utility-scale solar accounted for over half of the new capacity added, totaling 12,034 megawatts. This was followed by battery systems contributing 5,900 megawatts, onshore wind adding 2,697 megawatts, and natural gas, which included various types of plants, providing 1,691 megawatts.
The largest power facility introduced this year is the 600-megawatt Hornet Solar plant located in Swisher County, Texas, which became operational in April.
Juan Suarez, co-CEO of Vesper Energy, the developer behind Hornet Solar, stated, “Hornet Solar is a testament to how large-scale energy projects can deliver reliable, domestic power to American homes and businesses,” during a statement made at the ribbon-cutting ceremony.
Ric O’Connell, executive director of GridLab, noted that the newest power plants are particularly remarkable given the challenges they have faced. Many of these projects were initiated during the COVID-19 pandemic and have continued to progress despite obstacles such as inflation, supply chain issues, and difficulties related to grid connection approvals.
“It’s been a rocky road for a lot of these projects, so it’s exciting to see them online,” O’Connell commented.
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Looking towards the future, the EIA reports that there are 254,126 megawatts of planned power projects in the United States, slated for completion through 2030. To qualify for this list, a project must meet a combination of benchmarks including land acquisition, obtaining permits, securing financing, and having a finalized electricity sales agreement.
Leading this expansion is solar energy with a projected capacity of 120,269 megawatts, followed by battery systems with 65,051 megawatts and natural gas plants with 35,081 megawatts.
