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US rig count lowest on record
The number of active oil and natural gas drilling rigs in the United States reached an all-time low on May 15th, when there were 258 oil rigs 79 gas rigs, according to Baker Hughes data. Baker Hughes has been tracking rig counts since 1987. Oil rigs saw the steepest decline, due to a sharp decrease […]
Power generators still plan to retire coal units despite COVID-19
The economic shutdown related to the Coronavirus pandemic has caused a decline in energy demand throughout the US. As a result of the lower demand, combined with low natural gas prices and mild weather, coal-fired generation is being called on less-frequently, keeping retirement of 9,038 MW-worth of that generation on track for 2020. According to […]
Solar supporters push tax credit extension
Forecasts by the Solar Energy Industries Association (“SEIA”) and Wood Mackenzie Power & Renewables show that the US would add an additional 82 GW of solar capacity by 2030, if Congress maintains the solar Investment Tax Credit (“ITC”), on top of the 227 GW already expected. 113,000 additional jobs and $87 billion in additional investment […]
Corporate demand for renewable energy on the rise
According to new research from Wood Mackenzie and the American Wind Energy Association (“AWEA”), renewable energy demand by Fortune 1000 companies could reach 85 GW by 2030. Many top companies like Facebook and Google had already contracted for more than 6 GW of wind and solar power purchase agreements (“PPAs”) in 2018 as the cost […]
EIA releases latest International Energy Outlook, says renewables will replace oil as top world energy source by late 2040s
In its latest International Energy Outlook (“IEO”), the US Energy Information Administration (“EIA”) says renewable energy will displace oil as the world’s top energy source by the late 2040s. However, oil demand will continue to rise until 2050 as EIA Administrator Linda Capuano said renewables are not growing fast enough to meet demand. The EIA […]
Dominion Energy announces plan for largest offshore wind project in US
In a September 19, 2019 news release, Dominion Energy announced plans to seek approval for the largest offshore wind development in the United States. The 2,640 MW offshore wind development is to be located 27 miles off the coast of Virginia Beach, in the 112,800 acres Dominion Energy currently is leasing from the Bureau of […]
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