Rising fuel prices, Inflation Reduction Act incentives likely to spur rapid renewable energy growth: S&P

Read the full story at Utility Dive.

The U.S is now on track to source 62% of its electricity from carbon-free sources by 2040 thanks to recent state policy developments and the rising cost of fossil fuels, especially natural gas, according to a second-quarter briefing by S&P Global Commodity Insights.

Although coal will see some short-term gains as a result of rising gas prices, wind will come to dominate new generation additions by 2030, S&P Global Commodity Insights analysts said Thursday.

Battery storage, while growing, has not yet reached “liftoff,” according to Steve Piper, director of energy research for S&P Global Market Intelligence. However, Piper said it remains to be seen which emerging generation resources will most benefit from the newly passed Inflation Reduction Act.

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