Renewable energy’s strong growth to slow down in the last third of 2022?

According to the latest data by the U.S. Energy Information Administration (EIA) renewable energy sources (i.e., biomass, geothermal, hydropower, solar, wind) provided close to 23% of the US electrical generation during the first three-quarters of 2022.  

The report states that in the first nine months of 2022, renewable energy sources increased their electrical output by 15.44% compared to the same period in 2021. Year-to-date, renewable energy sources have accounted to 22.66% of total U.S. electrical generation in comparison to 20.33% a year earlier. 

Electrical generation by wind power increased by 18.64% and provided 9.75% of total electrical generation. Solar power increased by 25.68% and provided 5.01% of the nation’s electrical output. Hydropower increased by 7.98% and accounted for 6.29% of the total and geothermal increased by 6.95%.

According to these numbers during the first three-quarters of 2022, renewable energy sources significantly out-produced both coal and nuclear power by 15.52% and 28.25%.

However, EIA’s report also suggests that renewable energy’s strong growth this year may slow down during the last third of 2022.

In September, electrical generation by solar grew by 21.02% and geothermal increased by 5.1% compared to September 2021. On the other hand, generation by wind dropped by 6.81% as did that by hydropower (down 1.14%) and biomass/wood (down 4.57%). Combining these, electrical output by renewable energy sources was just 1.45% higher than a year ago and because electrical generation by all sources increased, renewables’ share in September was nearly unchanged from a year earlier (19.18% vs. 19.14%).