Post on 23-Oct-2021
transcript
State of Play forRenewable Energy
November 15, 2019EESI/CETSA Hill Briefing
Bill Parsons, Chief Operating OfficerAmerican Council on Renewable Energy
Founded in 2001, ACORE is a nonprofit organization that unites finance, policy and technology to accelerate the transition to renewable energy.
U.S. Annual & Total Renewable Energy Installations:2nd Highest Deployment Ever in 2018
Source: BNEF/BCSE
0.7
2.9 3.0
5.7
9.911.2
6.2
9.4
18.3
8.1
12.8
16.4
22.9
19.0
19.5
0
25
50
75
100
125
150
175
200
0
5
10
15
20
25
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Cu
mu
lati
ve C
apac
ity
(GW
)
An
nu
al In
stal
lati
on
s (G
W)
Biomass Hydro Geothermal Solar Wind
3
Continued High Level of U.S. Renewable Energy Investment (Also 2nd Highest Ever)
Source: BNEF
$5.7
$11.5
$28.3$30.5
$34.7
$23.0
$34.6
$50.1
$39.5
$35.8
$38.0
$47.5
$45.5$47.9
$48.5
$0
$100
$200
$300
$400
$500
$600
$0
$10
$20
$30
$40
$50
$60
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
An
nu
al In
vest
men
t ($
US
Bill
ion
s)
Cumulative Investment Annual Investment
Cu
mu
lati
ve In
vest
men
t ($
US
Bill
ion
s)
4
Aggregate Global Investment Exceeds $3.2 Trillion
Global Renewable Energy Investment, 2004 - 2018
Source: BNEF
$2 $9 $11 $17 $26 $37 $42 $46 $57 $63$90
$121$105
$146
$91
$6$12
$28$31
$35 $23$35
$50 $40 $36
$38
$48
$46
$48
$49
$37
$50
$65
$100
$117 $109
$162
$192
$154$133
$159
$150
$143
$133
$149
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$0
$50
$100
$150
$200
$250
$300
$350
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Cu
mu
lati
ve In
vest
men
t ($
US
Bill
ion
s)
An
nu
al In
vest
men
t ($
US
Bill
ion
s)
Cumulative Investment China United States Other
5
Key Drivers for U.S. Renewable Energy Growth
1. Ambitious state and local renewable standards in populous states
2. Increasing demand from American companies and consumers
3. Dramatic improvements in cost-effectiveness
4. A supportive and predictable tax platform
www.dsireusa.org (updated by ACORE) / Summer 2019
WA: 15% x 2020*
(100% x 2045)
OR: 50%x 2040* (large utilities)
CA: 60%
x 2030
(100% x 2045)
MT: 15% x 2015
NV: 50% x
2030*
(100% x 2050)UT: 20% x
2025*†
AZ: 15% x
2025*
ND: 10% x 2015
NM: 80%x 2040
(IOUs)
(100% by 2045
(IOUs))
HI: 100% x 2045
CO: 30% by 2020 (IOUs) *†
(100% x 2050)
OK: 15% x
2015
MN:26.5%
x 2025 (IOUs)31.5% x 2020 (Xcel)
MI: 15% x 2021*†
WI: 10%
2015
MO:15% x
2021
IA: 105 MWIN:
10% x 2025†
IL: 25%
x 2026
OH: 8.5% x
2026
NC: 12.5% x 2021 (IOUs)
VA: 15% x 2025†
KS: 20% x 2020
ME: 100% x 2050
37 States + DCHave Renewable or Clean Energy Standards
Renewable portfolio standard
Renewable portfolio goal Includes non-renewable alternative resources* Extra credit for solar or customer-sited renewables
†
U.S. Territories
DC
TX: 5,880 MW x 2015*
SD: 10% x 2015
SC: 2% 2021
NMI: 20% x 2016
PR: 100% x 2050
Guam: 25% x 2035
USVI: 30% x 2025
NH: 25.2% x 2025
VT: 75% x 2032
MA: 35% x 2030 + 1% each
year thereafter (new resources)
6.7% x 2020 (existing resources)
RI: 38.5% x 2035
CT: 40% x 2030
NY:70% x 2030
(100% x 2040)
PA: 18% x 2021†
NJ: 50% x 2030
DE: 25% x 2026*
MD: 50% x 2030
DC: 100% x 2032
Clean energy standard
Clean energy goal
Driver #1: State Renewable Energy Directives
7
State Renewable Policies Continue to Get More Ambitious
Aggressive state renewable standards in populous states
• California – 100% Carbon-Free by 2045 and 60% Renewable by 2030
• New Mexico – 100% Carbon-Free by 2045 and 80% Renewable by 2040
• Nevada –100% Carbon-Free by 2050 and 50% Renewable by 2030
• Hawaii – 100% Renewable by 2045
• Washington – 100% Renewable by 2045
• New York – 100% Carbon-Free by 2040 and 70% Renewable by 2030
• New Jersey – 50% Renewable by 2030
• Maine – 100% Renewable by 2050
• Maryland – 50% Renewable by 2030
• Massachusetts – 55% Renewable by 2050
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More than 100 cities and 10 counties have adopted 100% clean energy goals
Ambitious Local Renewable Policies
• Chicago: 100% clean, renewable electricity for all buildings by 2035.
• Denver: 100% renewable electricity community-wide by 2030.
• Los Angeles: 100% clean, renewable electricity community-wide by 2045 and 100% carbon reduction across all sectors by 2050.
• Cleveland: 100% clean, renewable electricity by 2050.
• Portland: 100% renewable electricity community-wide by 2035.
• San Francisco: 100% renewable electricity community-wide by 2030.
• Washington, D.C.: 100% renewable energy by 2032.
• Wake County, North Carolina: 100% clean, renewable energy across all energy sectors by 2050.
• Multnomah County, Oregon: 100% renewable electricity community-wide by 2035, and 100% renewable energy for transportation, heating and cooling by 2050.
9
Driver #2A: Growing Consumer DemandA Record Year for Commercial & Industrial PPAs
Source: BNEF
U.S. Corporate PPA Volumes, by Technology (GW)
10
Driver #2B: Growing Consumer Demand
Annual U.S. Distributed Solar Installations, 2010 - 2018
246 305496
799
1268
2171
26382239 2386
337
830
1075
1109
1054
1061
17072255 2069
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2010 2011 2012 2013 2014 2015 2016 2017 2018
Me
gaw
atts
(M
W)
Residential PV Non-Residential PV Source: SEIA / GTM11
Driver #3: Dramatic Improvements in Cost-Effectiveness of Wind and Solar Power
Source: Lazard
69% Reduction in Wind LCOE since 200988% Reduction in Solar LCOE since 2009
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The Cost-Effectiveness of Wind and Solar Power
Source: BNEF
Unsubsidized Levelized Cost of Electricity Comparison, U.S. 2018
28 36 4067
94
3258
90 97 1056991
60
113
196178
399
318
394
458
0
50
100
150
200
250
300
350
400
450
500
OnshoreWind
Solar PV CCGT Coal Nuclear Onshorewind+battery
PV+battery Gasreciprocating
engine
Pump-hydro Utility-scalebattery
$ /
MW
h
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Driver #4: A Supportive and PredictableTax Platform
100% 100% 100% 100%
86.7%
73.3%
33% 33% 33%
100%
80%
60%
40%
100%
80%
60%
40%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2016 2017 2018 2019 2020 2021 2022 2023
Pe
rce
nta
ge
of
Fu
ll V
alu
e o
f C
red
it
Solar ITC Solar ITC + Safe Harbor Wind PTC Wind PTC + Safe Harbor
2024
Wind PTC and Solar ITC Phase-Down Schedules
14
“The same way we look back today and have pride in the things our grandparents
did to defend democracy — our grandchildren are going to look back and have feelings about what we did today. What those feelings are will depend on
what we decide to do.”
Solomon Hsiang, Director, Global Policy Laboratory at the University of California -
Berkeley
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Bill ParsonsChief Operating OfficerAmerican Council on Renewable Energyparsons@acore.org
Onlinewww.acore.orgTwitter: @ACORE
Address1150 Connecticut Ave NWSuite 401Washington, DC 20036
Thank you
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