In today’s EGEB:
- Renewable spending set to pass upstream oil and gas next year in Asia.
- A look at the potential for geothermal energy in the US.
- Albuquerque looks to get more from solar power.
- Massachusetts wants more offshore wind.
Electrek Green Energy Brief: A daily technical, financial, and political review/analysis of important green energy news.
Renewables energy investment in Asia — not including China — is on track to overtake spending on upstream oil and gas projects in the region by 2020, according to energy consultancy and data firm Rystad Energy.
While Australia looks to spend nearly as much on renewables as it will on upstream oil and gas spending in the coming years, other countries are doing far more, with renewable investments looking to dwarf oil and gas. India is also becoming a force in renewable spending. Overall, the tipping point should occur next year. Gero Farruggio, Head of Renewables at Rystad Energy said,
“These countries each have strong pipelines for renewable energy developments of all types, including offshore wind. And, importantly, most have large targets outlining the inclusion of renewable power sources within their respective energy mixes, with corresponding support policies.”
Conservative energy think tank ClearPath believes regulatory reform is needed to unlock the potential for geothermal energy in the US, claiming that “moving towards centralized permitting and more pragmatic environmental reviews could lead to a 500% increase in geothermal capacity using existing technology and up to 100 gigawatts (GW) (an increase of 3700%) with new technology.”
ClearPath believes geothermal energy could make up 20% of the country’s total electricity generation. That’s quite a leap, to say the least. Generally speaking, the western US has the most to offer as a location when it comes to using new enhanced geothermal systems.
Geothermal energy comes with its own drawbacks — it can require a high initial investment, and may even trigger earthquakes on rare occasions, as scientists believe was the case in Pohang, South Korea. But it also still might have a role in the energy mix of the future.
Albuquerque’s city facilities will get more than half of their energy from a planned solar project in the near future, the Albuquerque Journal reports.
The city has agreed to be the largest subscriber of a proposed 50 MW project on the grounds of the Jicarilla Apache Nation. The plant would replace 168 tons of coal burning each year, Albuquerque Mayor Tim Keller said.
The $220 million project still requires approval, but after that process, it should take less than a year to build.
New Mexico has committed to attaining 100% carbon-free electricity by 2045.
Massachusetts is just getting into offshore wind, but the state is already looking to up its share of electricity from the industry.
A 2016 law authorized 1600 megawatts of offshore wind power, and the state is now looking to double that amount, State House News Service reports. It’s estimated that this could meet about a third of the state’s total electricity demand.
The state’s Department of Energy Resources released a report, which said the added offshore wind power “can provide significant contributions towards achieving [Global Warming Solutions Act] targets and is particularly valuable in winter months.”
Colorado Renewables Roadmap
We’re taking immediate action to improve our air quality, curb pollution and fight climate change. Our roadmap to achieve 100% renewable energy in Colorado by 2040 will drive innovation and jobs, cleaner air, and save consumers money. #copolitics #environment #climatechange pic.twitter.com/SRIUM2QURp
— Jared Polis (@GovofCO) May 30, 2019
Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast.