The head of NextEra Energy, the largest utility in the United States, expressed that the energy industry is set to witness a huge change with renewable energy.
Jim Robo, the CEO of NextEra Energy, is referring to renewable energy and battery storage beating gas, coal, and nuclear on costs without subsidies.
“We see renewables plus battery storage without incentives being cheaper than natural gas, and cheaper than existing coal and existing nuclear.” He expressed this during the Wolfe Utilities & Energy Conference. He also implied that renewable energy has the potential to replace coal generation in the United States within a decade.
NextEra Energy has $US17 billion of revenues, 46 Gigawatts of energy assets, 14,000 employees, and a market value of approximately $US114 billion.
Projected 35% Renewables by 2030
In an article posted on its website, RenewEconomy reported that Robo shared what the Energy Information Administration of the U.S. government expects. The organization is expecting that the world’s biggest electricity market could achieve 35 percent renewables by 2030.
Robo affirms that the target could still reach 50 percent by 2030 and 70 to 75 percent by 2050.
“I think it is very doable, and that would take out an enormous amount of carbon out of the U.S. And at the same time, bring rates down across the country,” he added.
Robo further explained why it is a good thing for the people, businessmen, and the country. “That’s the thing I think people still haven’t grasped – you can be green and low cost at the same time. It’s terrific for customers, it’s terrific for the environment, and it’s great for the shareholders as well.”
Renewable energy Being Cheaper Than Gas and Coal
The article also explained why Robo’s statements are significant to the present value of renewable energy in the United States. The cost of wind and solar has plummeted dramatically, and latest auctions for “dispatchable” energy have witnessed renewables and battery storage projects crush gas in costs.
Coal accounted for almost 35 percent of the energy generated in 2018. With this, Robo believes renewables can completely replace all that by 2030. New construction of wind and solar with battery is much cheaper than the operating cost of present coal plants.
The company is doing wind, solar, and battery storage projects in Oregon and Oklahoma. It also oversees the world’s largest battery in the Manatee Bay area.
Renewable energy surely shows steady and fast growth in the United States. Phillip Riley assists companies in the renewables sector and job seekers searching for opportunities in this industry. Know how your company can incorporate a strategic and diversified hiring plan, contact Phillip Riley’s Director of Americas at [email protected].