US Federal Energy Regulatory Commission (FERC), “Energy infrastructure update for August 2023 (revised data on November 15, 2023),” November 15, 2023, p. 6.; US Energy Information Administration (EIA), “Net generation by energy source for all sectors,” Electric Power Monthly, October 24, 2023.
FERC, “Energy infrastructure update for August 2023 (revised data on November 15, 2023,” November 15, 2023, p. 6.
EIA, “Net generation by energy source for all sectors,” Electric Power Monthly, October 24, 2023.
EIA, “Short-term energy outlook,” November 7, 2023.
Ibid.
National Renewable Energy Laboratory (NREL), “Evaluating impacts of the Inflation Reduction Act and Bipartisan Infrastructure Law on the U.S. power system,” March 2023.
Deloitte analysis of data from Berkeley Lab, “Utility-scale solar 2023”; Bloomberg New Energy Finance (BloombergNEF), “Cost of clean energy technologies drop as expensive debt offset by cooling commodity prices,” June 7, 2023; International Energy Agency (IEA), “Will solar PV and wind costs finally begin to fall again in 2023 and 2024?,” June 2023.
Atin Jain, “Soaring costs stress US offshore wind companies, ruin margins,” BloombergNEF, August 1, 2023.
Lazard, “2023 levelized cost of energy+,” April 2023, p. 7.
IEA, World energy outlook 2023, October 2023, p. 209.
John Bistline, Neil Mehrotra, and Catherine Wolfram, Economic implications of the climate provisions of the Inflation Reduction Act, MIT Center for Energy and Environmental Policy Research, August 2023.
Lawrence Berkeley National Laboratory, U.S. state renewables portfolio & clean electricity standards: 2023 status update, June 2023, p. 8; Clean Energy States Alliance, “Map & timelines of 100% clean energy states,” 2023.
Lawrence Berkeley National Laboratory, U.S. state renewables portfolio & clean electricity standards, p. 4.
Smart Electric Power Alliance (SEPA), “Utilities’ path to a carbon-free energy system,” accessed November 2023.
SEPA, “2030 Club,” accessed November 2023.
S&P Global Commodity Insights, “US IRA causing shifts to renewable energy tax equity market,” September 15, 2023.
Climate Group RE100, “RE100 members,” accessed November 2023.
Clean Energy Buyers Alliance (CEBA), “CEBA deal tracker,” accessed November 2023.
CEBA, “CEBA deal tracker 2016 through Q2 2023,” infographic, accessed November 2023.
Emma Penrod, A third of utilities have begun to pilot generative AI for customer service, other uses: report, Utility Dive, July 12, 2023.
Jared Anderson and Darren Sweeney, “Power of AI: Surging datacenter load has Dominion bracing for AI’s added demand,” S&P Global, October 17, 2023.
We Mean Business Coalition, “COP28: Businesses urge governments to phase out fossil fuels,” accessed November 2023.
Deloitte analysis of data from the Clean Investment Monitor database by Rhodium Group and MIT Center for Energy and Environmental Policy Research.
Amanda Chu and Aime Williams, “Biden’s flagship acts trigger subsidy wars,” Financial Times, November 7, 2023.
Deloitte analysis of data from the Clean Investment Monitor database by Rhodium Group and MIT Center for Energy and Environmental Policy Research; Wood Mackenzie, US solar market insight: Q3 2023, September 7, 2023.
Lily Bermel et al., Clean investment at the community level, Rhodium Group and MIT Center for Energy and Environmental Policy Research, November 15, 2023.
S&P Global Commodity Insights, 2023 US interconnection queues analysis, June 2023, p. 13.
Mercom Capital Group, 9M and Q3 2023 solar funding and M&A report, accessed December 2023; Mercom Capital Group, 1H and Q2 2023 solar funding and M&A report, accessed December 2023; Mercom Capital Group, 9M and Q3 2023 energy storage and smart grid funding and M&A report, accessed December 2023; Rosie Bradbury, “Carbon and emissions startups set new record for VC funding,” Pitchbook, November 1, 2023.
Deloitte analysis of data from the Clean Investment Monitor database by Rhodium Group and MIT Center for Energy and Environmental Policy Research.
Adders include an extra 10% each for domestic content usage, siting in energy communities, and siting in low-income communities or tribal lands; 20% for siting in a low-income residential building project or economic benefit project; and 24% if wage and apprenticeship requirements are met. Adders can be stacked on top of base tax credits. See: Federal Energy Management Program, Overview of Inflation Reduction Act incentives for federal decarbonization, accessed November 2023.
U.S. Department of the Treasury, “U.S. Department of the Treasury, IRS release final rules and guidance on investing in America program to spur clean energy investments in underserved communities,” press release, August 10, 2023; Office of Energy Justice and Equity, “Low-income communities bonus credit program,” accessed November 2023.
Zoë Gaston, “A new era for US residential solar finance,” Wood Mackenzie, April 26, 2023.
Department of Energy, “Biden-Harris administration announces new investments to support and accelerate community solar across America,” April 20, 2023; US Environmental Protection Agency, “About the Greenhouse Gas Reduction Fund,” July 14, 2023.
Deloitte analysis of data from the Clean Investment Monitor database by Rhodium Group and MIT Center for Energy and Environmental Policy Research.
Adithya Bhashyam, “US hydrogen guidance: Be strict or be damned,” BloombergNEF, September 21, 2023.
Abdurahman Alsulaiman, Renewable hydrogen import routes into the EU, Oxford Institute for Energy Studies, May 2023.
Office of Clean Energy Demonstrations, “Regional clean hydrogen hubs,” accessed November 2023.
Sonal Patel, “U.S. power heavyweights unveil hydrogen power-to-power demonstration,” Power Magazine, October 27, 2023.
Deloitte analysis of data from the Clean Investment Monitor database by Rhodium Group and MIT Center for Energy and Environmental Policy Research.
U.S. Climate Alliance, “U.S. Climate Alliance announces new commitments to decarbonize buildings across America, quadruple heat pump installations by 2030,” press release, September 21, 2023.
Southern Alliance for Clean Energy, “NC utilities commission approves new innovative, inclusive statewide energy efficiency program,” September 28, 2023.
About the Deloitte survey: To understand the outlook and perspectives of organizations across the power and utilities industry, Deloitte fielded a survey of over 50 US executives and other senior leaders in October 2023. The survey captured insights from respondents in the generation, transmission, and distribution segments.
Adam Wilson, “Curtailment, congestion costs rise as transmission upgrades lag renewable growth,” S&P Global, October 24, 2023.
Clean Power, Clean Power quarterly market report, 2023, p. 18.
Columbia Law School | Scholarship Archive, Opposition to renewable energy facilities in the United States, May 2023; Molly Taft, “Wind energy powerhouse Iowa seeing a spike in grassroots opposition,” Canary Media, October 10, 2023.
Carolyn Fortuna, “How does AI feed climate disinformation? And why is it so prevalent?,” Clean Technica, accessed November 2023; Transect, “Now in beta: Solar Pulse, an AI sentiment tool,” accessed November 2023; Michael Schoeck, “Technology toolkit: Solar siting, permitting and land use,” March 14, 2023.
Ed Crooks, “Offshore wind at a pivotal moment,” Wood Mackenzie, October 24, 2023.
Stanley Reed and Ivan Penn, “Offshore wind runs into rising costs and delays,” New York Times, August 7, 2023.
Amanda Chu, Jamie Smyth, and Aime Williams, “Green energy investment headwinds threaten Joe Biden’s climate targets,” Financial Times, November 4, 2023.
Heather Richards, “Offshore wind is at a crossroads. Here’s what you need to know,” E&E News, November 13, 2023.
Bureau of Ocean Energy Management (BOEM), “Biden-Harris administration approves largest offshore wind project in the nation,” October 31, 2023.
Bureau of Ocean Energy Management, “BOEM designates four wind energy areas in Gulf of Mexico,” October 27, 2023; Bureau of Ocean Energy Management, “BOEM identifies draft wind energy areas offshore Oregon for public review and comment,” August 15, 2023; Bureau of Ocean Energy Management, “BOEM finalizes wind energy areas in the Central Atlantic,” July 31, 2023
Tony Lenoir, “14,700 miles of coastal energy communities: A tax credit boon for offshore wind RRA,” S&P Global, September 26, 2023.
Adam Wilson and Tony Lenoir, “Over 48 GW of wind capacity ripe for repowering aided by Inflation Reduction Act,” September 20, 2023.
Richard Doying, Michael Goggin, and Abby Sherman, Transmission congestion costs rise again in U.S. RTOS, Grid Strategies, July 2023.
The Department of Energy released a final transmission needs study.
Brian Dabbs, Miranda Wilson, Jeffrey Tomich, and Jason Plautz, “3 takeaways from Biden’s big transmission plan,” E&E News, November 16, 2023.
Grid Deployment Office, “Biden-Harris administration announces up to $3.9 billion to modernize and expand America’s power grid,” November 14, 2023.
Energy.gov, “Biden-Harris administration announces $1.3 billion to build out nation’s electric transmission and releases new study identifying critical grid needs,” October 30, 2023.
FERC, “Order on motions and addressing limited arguments raised on rehearing and setting aside prior order, in part re improvements to generator interconnection procedures and agreements under RM22-14,” October 25, 2023.
Lisa Stiffler, “Q&A: AWS renewable power leader on AI’s energy strain, a political dust-up in Oregon, and more,” GeekWire, August 5, 2023.
Deloitte’s analysis of E2 Dashboard.
Garrett Hering, “IRA at 1: US solar manufacturing rises from rubble,” S&P Global, August 8, 2023.
Calculated from data in David Feldman, Krysta Dummit, Jarett Zuboy, and Robert Margolis, Spring 2023: Solar industry update, NREL, April 27, 2023, p. 3.
Camilla Naschert, “EU solar manufacturing revival under threat from Chinese panel ‘dumping’,” S&P Global, September 12, 2023.
Deloitte analysis of data from the SEIA Solar & Storage Supply Chain Dashboard; Wood Mackenzie, US Wind Watch H1 2023, October 4, 2023; Hydrogen Council, Hydrogen insights 2023, accessed November 2023; IEA, Global Hydrogen Review 2023, September 2023; company announcements.
Nichola Groom, “Insight: US solar panel manufacturing boom threatened by cheap imports,” Reuters, November 3, 2023.
Assuming full investment tax credit rate of 30% (for projects meeting labor requirements) and 10% domestic content adder. See: Office of Energy Efficiency & Renewable Energy, “Federal solar tax credits for businesses,” August 2023.
Internal Revenue Service, Domestic content bonus credit guidance under sections 45, 45Y, 48, and 48E, accessed November 2023.
Garrett Hering, “Canadian Solar raises bet on US factories to $1B in domestic supply chain surge,” S&P Global, October 31, 2023.
Groom, “Insight: US solar panel manufacturing boom threatened by cheap imports.”
US Customs and Border Protection, “Uyghur Forced Labor Prevention Act,” accessed November 2023.
US Department of Commerce, “Department of Commerce issues preliminary determination of circumvention inquiries of solar cells and modules produced in China,” December 27, 2022.
Hering, “IRA at 1: US climate law cues $63B spending spree on battery factories.”
S&P Global, “US lithium-ion battery imports smash record in Q1 2023,” May 2023; in Q1 2023, lithium-ion battery imports surged 66% compared to the previous year, totaling 235,386 metric tons.
Deloitte analysis of data from the SEIA Solar & Storage Supply Chain Dashboard.
Deloitte analysis of data from SEIA Solar & Storage Supply Chain Dashboard, accessed October 10, 2023.
Peter Gardett and Conway Irwin, “Can cheaper turbines save US offshore wind?,” S&P Global, November 9, 2023.
NREL, “Supply chain road map for offshore wind energy in the US,” January 2023.
Oceantic Network, 2023 (Q2) U.S. offshore wind quarterly market report, July 5, 2023, p. 7.
Peter Gardett et al., Cleantech edge: Weighing electrolyzer efficiency vs. cost in hydrogen investment, S&P Global Commodity Insights, June 22, 2023.
IEA, Global hydrogen review 2023, p. 7.
Hydrogen Council, Hydrogen insights 2023; IEA, Global hydrogen review 2023.
Craig Bettenhausen, “Electrolyzers: the tools to turn hydrogen green,” Chemical & Engineering News, July 2, 2023.
S&P Global, “Inflation Reduction Act: Impact on North America metals and minerals market,” August 2023; Annika Eberle et al., Materials used in U.S. wind energy technologies: Quantities and availability for two future scenarios, NREL, August 2023.
Simon Flowers, Anthony Knutson, and Gavin Thompson, “Resource nationalism and energy transition metals,” WoodMackenzie, August 24, 2023. The exact figures are 48% for copper, 67% for lithium, 74% for cobalt, and 84% for nickel.
Angela Tritto, “How Indonesia used Chinese industrial investments to turn nickel into the new gold,” Carnegie Endowment for International Peace, April 11, 2023.
Energy Transitions Commission, Material and resource requirements for the energy transition, July 2023.
Thomas R. Benson, Matthew A. Coble, and John H. Dilles, “Hydrothermal enrichment of lithium in intracaldera illite-bearing claystones,” Science Advances 9, no. 35 (2023).
Casey Crownhart, “How AI could supercharge battery research,” MIT Technology Review, October 12, 2023.
Neil Ford, “Largest ever US solar factory shows rapid pivot to American made,” Reuters, May 2023.
OPIS, “COP28: UN report confirms 2023 is set to be the warmest year on record,” November 30, 2023.
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Kavya Balaraman, “EV batteries can be repurposed as grid storage to reduce battery supply chain impacts: report,” Utility Dive, June 2023.
Economist, “How to avoid a green-metals crunch,” September 11, 2023.
Deloitte analysis of E2 database.
E2, Clean Jobs America 2023, p. 5.
Ibid.
U.S. Bureau of Labor Statistics, “Occupational outlook handbook: Fastest growing occupations,” accessed November 2023.
BlueGreen Alliance, Executive summary of PERI report: Employment impacts of new U.S. clean energy, manufacturing, and infrastructure laws, September 2023.
Ibid.
ABC, “Construction workforce shortage tops half a million in 2023, says ABC,” news release, February 3, 2023.
Dieter Holger, “America’s green skills gap raises concerns about energy transition,” Wall Street Journal, July 6, 2023.
Deloitte analysis of data from the White House, “Biden-Harris administration announces regional clean hydrogen hubs to drive clean manufacturing and jobs,” October 13, 2023.
Deloitte analysis of Department of Energy data.
Deloitte analysis based on Rhodium data.
Deloitte analysis based on Lightcast data.
Deloitte analysis of Bureau of Labor Statistics data and Andrew Green and Lucas Lamby, “The supply, demand and characteristics of the AI workforce across OECD countries,” OECD Social, Employment and Migration Working Papers, No. 287, OECD Publishing, Paris, p. 48.
Jared Anderson, “US utilities challenged by trust, talent acquisition when adopting AI – experts”, S&P Global, October 20, 2023.
Karin Rives, “Congress considers promise, risks of AI growth in energy sector,” S&P Global, October 20, 2023; Jared Anderson, “US utilities at early stages of AI adoption, use cases expanding,” S&P Global, October 20, 2023.
Goldman Sachs, Generative AI: Hype, or truly transformative?, July 5, 2023.
Kamogelo Motse, “Novel drone tech to inspect offshore wind turbines while spinning,” Power Engineering International, October 16, 2023.
Deloitte analysis of Bureau of Labor Statistics data and based on data from Tyna Eloundou, Sam Manning, Pamela Mishkin, and Daniel Rock, “GPTs are GPTs: An early look at the labor market impact potential of large language models,” arXiv preprint arXiv:2303.10130 (2023), p. 31.
Joseph W. Kane, Adie Tomer, and Anna Singer, “Unlocking new federal infrastructure funding to drive green workforce development,” Brookings, October 12, 2023.
FERC, North American Electric Reliability Corporation, and regional entity joint inquiry into Winter Storm Elliott, December 2022 Winter Storm Elliott grid operations: Key findings and recommendations, September 21, 2023.
Bloomberg, “America’s biggest power source wasn’t built for extreme weather,” June 27, 2023.
Calculation from graphs showing total forced outages and generator unforced capacity for 2022–2023 delivery year on slide 11 of PJM Interconnection, Winter Storm Elliott, 2023.
Jason Plautz, “Can Texas stave off its next grid emergency?,” Energywire, September 15, 2023.
U.S. Nuclear Regulatory Commission, Power reactor status report for July 17, 2023; Power reactor status report for July 18, 20223.
U.S. Energy Information Administration – EIA – Independent Statistics and Analysis
Daivd Wamsted, “Fossil Fuels Fail Reliability Test,” IEEFA, March 2023., p. 9
BloombergNEF, “scorched Texas seen $1.7 billion in power sales in one day,” June 5 2023.
Tom Kleckner, “ERCOT Expects sufficient capacity this fall,” RTO Insider, September 19, 2023.
Jason Plautz, “How the power grid survived a hot, hot summer,” Politico, September 2, 2023.
Mary Tobin, Mark Dyson, Connor Usry, Avery McEvoy, and Kevin Brehm, “Virtual power plants, real benefits,” T&D World, October 12, 2023; Elaine Goodman, “‘Challenging’ grid conditions led to CAISO’s summer emergency alerts,” RTO Insider, September 24, 2023.
Energy News, “AI’s impact on energy systems — CleanTechnica exclusive,” June 25, 2023.
Dan D’Ambrosio, “State regulator lifts cap on home battery storage systems in response to climate change,” Burlington Free Press, August 25, 2023.
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North American Electric Reliability Corporation, 2023-2024 winter reliability assessment, November 2023.
Evan Halper, “Nation at risk of winter blackouts as power grid remains under strain,” Washington Post, November 8, 2023.
EIA, “Geothermal explained: Use of geothermal energy,” accessed November 2023.
Chad Augustine, Sarah Fisher, Jonathan Ho, Ian Warren, and Erik Witter, Enhanced geothermal shot analysis for the Geothermal Technologies Office, NREL, January 2023; Office of Energy Efficiency & Renewable Energy, “Enhanced geothermal shot,” accessed November 2023.
Jody C. Robins, Devon Kesseli, Erik Witter, and Greg Rhodes, 2022 GETEM geothermal drilling cost curve update, NREL, 28–31 August 2022.
Karin Rives, “Congress considers promise, risks of AI growth in energy sector,” S&P Global, October 20, 2023.
Yiyi Zhou and Meredith Annex, “Next-generation geothermal technologies are heating up,” BloombergNEF, May 10, 2023.
Wood Mackenzie, North America renewable natural gas (RNG): State of the market report, accessed November 2023.
Calculated from Argonne National Laboratory, “Renewable natural gas database,” accessed November 2023; Tom DiChristopher, “Gas utilities see renewable natural gas investment opportunities expanding,” S&P Global, August 10, 2023.
Deloitte Analysis of publicly available databases.
Wood Mackenzie, North America renewable natural gas (RNG): State of the market, May 22, 2023, p. 7.
IEA, “Hydrogen production and infrastructure projects database,” October 2023.
Robinson Meyer, “The race to spend the IRA’s $100 billion in grants has begun,” Heatmap News, October 19, 2023.
