October is energy awareness month, designated by the Department of Energy to highlight the importance of sustainability and the responsible management of energy resources. The theme for 2021 is “Leading by Example,” providing leadership in energy management and building optimization, energy resilience and security, and the use of advanced and distributed energy technologies.
At Twin Eagle, we aim to extend our culture of communication and engagement to promote the awareness of sustainable energy practices.
The focus on energy resilience and business continuity continues to drive the needle for renewable and storage demand. To kickoff energy awareness month, we wanted to share the latest on renewable market industry trends.
- Shift to Natural Gas Generation
Over the past 15 years, the U.S. electricity generation mix has shifted away from coal and toward natural gas and renewables, resulting in lower CO2 emissions from electricity generation. The shift to natural gas from coal in the electricity mix contributed to almost 532 million metric tons (65%) of the decline in CO2 emissions. In 2005, coal made up 50% of U.S. electricity generation; that share declined to 23% in 2019. Conversely, natural gas increased from 19% of total generation in 2005 to 38% in 2019.1
- Growth Of Renewable Power
Renewable power – wind, solar, biomass and geothermal – provided 10% of power generated in the US in 2018 and grew 9% over the previous year. Due to the rise in natural gas prices, it is likely that in 2022 both coal and natural gas will lose some of their shares to renewables. 1
- Preparing for Uncertainty
Renewable energy assets enhance investing portfolios by generating steady cash flows and by providing asset diversification. 2
- Building Operations Resilience
The Renewable industry is expected to become increasingly resilient as it invests in safeguarding technology and data from cyberattacks and mitigating supply chain disruption risks via onshoring and digitalization. 2
- Batteries and Energy Storage
Energy storage is becoming one of the fastest-growing asset classes in the energy industry. Falling costs make use cases more economical, enabling storage to provide multiple functions, from ancillary grid services to on-demand power. 2
Your Energy Management Partner for Sustainability
Twin Eagle offers customized renewable energy solutions that you can trust to help you achieve your sustainability goals. To find the right tools for your renewable energy strategy, visit Twin Eagle Environmental Solutions for more information.
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Sources:
1 US Energy Information Association (EIA), June 2021, Today in Energy
2 Deloitte, 2021 Renewable Energy Industry Outlook