Based on already planned and announced retirements, less than half of the U.S. coal-fired power generation capacity that existed at the start of 2015 will remain online by 2035, a new S&P Global Market Intelligence analysis shows.
Utilities are rapidly closing coal-fired power plants, and while 2020 and 2021 offer a relative reprieve from retirements compared to 2018 and 2019, utilities already have over 10 GW of announced retirement plans lined up in each of 2022 and 2023. Moreover, later years, such as 2028, are also already slated to host a relatively big wave of coal plant retirements.
Recent months have seen a fresh round of new and accelerated retirement announcements driven by utilities adopting new climate policies and goals, said Seth Feaster, a data analyst at the Institute for Energy Economics and Financial Analysis.
“We are absolutely certain that there’s going to be a considerable number of more retirements for this decade,” Feaster said. “We just haven’t gotten there yet.”
[Taylor Kuykendall, Anna Duquiatan and Darren Sweeney]