WASHINGTON DC – The Inflation Reduction Act recently passed by Congress adds significant long-term certainty for electric utilities and power generators eager to transition to cleaner power sources, but the effects won’t be felt for a few years. That doesn’t mean industry is waiting around in the meantime.
In an astonishing trend, the United States added 462% more electricity from renewables than fossil fuels in the first half of 2022 compared to 2021, according to the U.S. Energy Information Administration (EIA). Renewable energy accounted for 25.3% of the nation’s electricity generation in the first six months of this year, a full three percentage points above where things stood at the halfway mark of last year.
Simply put, the energy transition is an unstoppable force. Investors may want to hop on board if they haven’t already.
Investors can think of the energy transition in the power sector, meaning the electric grid, occurring over three phases.
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