August 10, 2020 (IEEFA) — The wind industry in West Texas continues to create jobs, increase local tax revenues and drive economic development in an area known historically for its boom-and-bust oil cycles, concludes a report published today by the Institute for Energy Economics and Financial Analysis (IEEFA).
The report—As Oil and Gas Wane, Texas Wind Industry Ascends—details how rising corporate demand, strong investor interest, and bipartisan political support have turned the Lone Star State into a world-class center for profitable wind-powered electricity generation.
“Texas is the wind-savviest state in the nation, and its growing number of wind farms are widely and correctly perceived as good investments, job creators, tax-base solidifiers, and engines of economic growth,” said Karl Cates, an IEEFA analyst and lead author of the report.
The report includes a case study of Nolan County, a community of 15,000 at the edge of the troubled oil and gas-driven Permian Basin, and a prime example of how the renewable energy industry has buffered some local economies from the devastating effects of a declining fossil fuel industry.
The report details also how wind remains a high-growth segment of the Texas energy sector, estimating that Electricity Reliability Council of Texas (ERCOT), the state’s main distributor of electricity, will see at least a 45% increase in its wind-generation capacity over this year and next, to 34,648MW by the beginning of 2022. ERCOT controls most of the state’s electricity market.
The industry’s impact in Nolan County:
Additional report excerpts:
Full report here: As Oil and Gas Wane, Texas Wind Industry Ascends
Karl Cates is an IEEFA transition policy analyst, +1 (917) 439 8225, [email protected]
Brent Israelsen is an analyst and report co-author, +1 (202) 413-3002, [email protected]
Seth Feaster is an IEEFA data analyst, +1 (917) 670-4025, [email protected]
Vivienne Heston ([email protected]), +1 (914) 439-8921
The Institute for Energy Economics and Financial Analysis (IEEFA) examines issues related to energy markets, trends and policies. The Institute’s mission is to accelerate the transition to a diverse, sustainable and profitable energy economy.