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After Hurricane Beryl, U.S. Aims High to Sustain Solar Energy Growth and Stay Top in Renewables

Phillips 66 reported no operational impacts from Hurricane Beryl.

Natural gas flows to Freeport LNG’s Texas export plant dropped nearly to zero ahead of Hurricane Beryl’s landfall.

EY's Renewable Energy Country Attractiveness Index ranked the U.S. as the top country in 2024.

The U.S. maintained its leading position after adding 4.6 gigawatts (GW) of solar power in the first quarter of 2024.

Texas energy companies are picking up the pieces after Hurricane Beryl, an early Category 5 hurricane, hit the U.S. Gulf Coast earlier this week. However, it weakened to Category 1 by the time it made landfall in Texas. The hurricane brought heavy rainfall and sparked fears of storm surges, flooding, and tornadoes.

As Hurricane Beryl neared, the natural gas supply to Freeport LNG’s export facility in Texas nearly stopped the day before the storm struck. Houston was particularly hard-hit, with the storm knocking out power for two million residents. CenterPoint Energy, a key power provider in the area, felt the brunt of the hurricane but aimed to have power restored to half the affected customers by the following day.

To brace for the hurricane, several important Gulf Coast ports, which are vital for U.S. oil and LNG exports, had to shut down temporarily. The Port of Corpus Christi, for example, closed but managed to resume operations swiftly after initial assessments showed minimal damage. The port was able to open its ship channel by the afternoon of the closure day. On the other hand, the Port of Houston took a more cautious approach, keeping all terminals closed an extra day to conduct thorough checks and repairs.

Phillips 66, a major refining company, reported no interruptions to its operations due to Hurricane Beryl, stating that its refineries in Lake Charles, Louisiana, and Sweeny, Texas, continued to run smoothly. Citgo Petroleum, however, reduced its fuel production at its Corpus Christi refinery over the weekend as a precautionary step ahead of the hurricane.

Solar Energy Sector in the United States

The solar energy sector is undergoing a transformative boom across the United States, currently making up 6% of the nation’s energy mix but significantly influencing energy markets. This rise in solar power has necessitated an increase in energy storage solutions like batteries and is pushing the U.S. energy grid towards greater flexibility, marking a major shift in the energy system.

Solar technology, while still a smaller component of the U.S. energy output, has seen explosive growth due to robust policy support and government incentives. Initiatives like the Obama-era investment tax credits and the Biden administration’s Inflation Reduction Act have been pivotal, allowing energy developers to claim tax credits for up to 30% of renewable installation costs. State policies also play a crucial role in fostering a competitive market where renewable energies are becoming increasingly cost-effective compared to fossil fuels.

According to the U.S. Energy Information Administration (EIA), solar energy production surged by 155% from 2018 to 2023. During the same period, coal usage in the U.S. dropped by 41%, contributing to a cleaner, although more unpredictable, energy landscape. Solar power’s variability means its generation fluctuates based on uncontrollable factors, and peak production often does not align with peak demand. This mismatch can force utilities with substantial solar capacity to sometimes sell energy at a loss.

In states like California, rapid solar expansion has led to an overbuild of capacity ahead of current demand. However, this has accelerated investments in energy storage, allowing excess solar energy to be stored and later redistributed to the grid when needed. The EIA forecasts a significant increase in battery storage capacity, expecting it to nearly double this year. An additional 14.3 GW is projected to be added by 2024, bringing the total to 39.8 GW, a sharp increase from the 6.4 GW added in 2023.

Experts suggest that this rapid expansion is beneficial for the U.S., positioning the country well for a challenging transition away from fossil fuels. Innovations like widespread energy storage and the adoption of smart energy meters, which promote higher consumption when energy supply is abundant, are teaching utilities to adapt to the quick pace of solar output growth, paving the way for further progress in the energy transition.

Despite these advancements, the trajectory of solar production and renewable energy storage must continue to rise sharply. The U.S. needs to meet its decarbonization commitments and become a contender in the global solar market. While the foundation is set for future stability, much more progress is required to achieve these goals.

U.S. Tops Global Rankings as Most Attractive Renewable Energy Market

The United States continues to dominate as the leading destination for renewable energy investments, maintaining its position at the forefront of EY’s Renewable Energy Country Attractiveness Index (RECAI). This index evaluates the investment and deployment opportunities across the world's top 40 markets, focusing on their attractiveness in the renewable sector.

In its latest release, the U.S. not only held its top position but also significantly enhanced its capacity, adding 4.6 gigawatts (GW) of solar power in just the first quarter of 2024, bringing its total installed capacity to 100 GW. Federal initiatives supporting grid enhancements have further bolstered the transmission capabilities for renewables.

China has now risen to second place, overtaking Germany, which dropped to third. This shift comes as China introduces draft legislation that seeks to prioritize renewable energy over fossil fuels, aimed at attracting more international and domestic investments and improving infrastructure, especially in rural areas.

The attractiveness of the U.S. market for battery energy storage systems (BESS) is propelled by aggressive growth, particularly in California where new buildings are mandated to include BESS. This growth is further supported by substantial tax incentives like the 30% credits available under the Inflation Reduction Act (IRA), positioning the U.S. ahead of other strong contenders such as China, the UK, Australia, and Germany.

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A Green Future: $2 Trillion Investment in Clean Energy on the Horizon for 2024

The global investment in upstream oil and gas is also set to rise by 7% in 2024 to $570 billion, continuing the growth trend from 2023. National oil companies in the Middle East and Asia primarily drive this increase. This year, the global shift toward clean energy will see investments reaching a monumental $2 trillion, according to the International Energy Agency (IEA). This amount is double what is being invested in fossil fuels. In its annual World Energy Investment report, the IEA highlights that for the first time, total energy investment will surpass $3 trillion in 2024.

Power Plants: 124955 MW Solar: 63726 MW Wind: 2204 MW Biodisel Plants: 1.5 Mmgal/yr capacity Source: Rextag Energy DataLink

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