September 29, 2020 Read More →

S&P: Almost 39GW of new solar generation likely to be online in U.S. by end of 2024

S&P Global Market Intelligence ($):

There are 38,846 MW of U.S. solar power projects planned for completion by the end of 2024 that include distinct, disclosed utility interconnects. Utility interconnect information is released in announcements and updates by developers, ultimate owners, or the associated utilities and added to the S&P Global Market Intelligence power plant units database for all units where information is available.

Preparation of risk-adjusted rankings of renewable projects may benefit from inclusion of variables such as “interconnected utility company.” Projects that have known utility interconnects, could embody more defined investment parameters than comparable projects without disclosed interconnects.

U.S. solar projects that are planned for completion from 2020 through 2024, including those with and without interconnect information, totaled 92,874 MW, or roughly 93 GW.

The top 10 utilities, by potential new capacity to be interconnected to them by the end of 2024, had 1,086 MW or more each of solar projects, assuming all of the underlying projects are completed and begin operations on schedule. The multiple projects, encompassing 19.0 GW of solar capacity, or roughly 19 new nuclear plants, are estimated to cost in aggregate $40.47 billion to build, or roughly $2,120/kW on average.

Southern California Edison Co. and Virginia Electric and Power Co. were the top two utilities, with respectively 3,453 MW and 2,907 MW of potential solar projects targeted for interconnection to their corresponding systems by the end of 2022 and 2023. Rounding out the top five were Pacific Gas and Electric Co., NV Energy Inc., and Duke Energy Progress LLC, with respective potential interconnected solar capacities of 2,728 MW, 1,878 MW, and 1,684 MW; the scheduled years of completion for the projects associated with these utilities was 2023 for all three utilities.

The top 10 ultimate owners of utility-interconnected solar projects, planned for commissioning from 2020 through 2024, have 13.7 GW of potential generation to be constructed. Several of the entities included domestic and internationally headquartered utilities, respectively, NextEra Energy Inc. and EDF Group, a subsidiary of Electricité De France SA. NextEra Energy Inc. was the most prominent owner within the top 10 group, with just over 3 GW of utility-interconnected solar projects planned for completion from the remainder of 2020 and the end of 2023. EDF Group was the next most sizable owner, with nearly 2.1 GW of planned utility-interconnected solar.

[Brian Collins]

More ($): US solar utility-interconnected projects 2020-2024 may surpass 38 GW

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