NORTHAMPTON, MA / ACCESSWIRE / May 7, 2024 / Southern Company
Southern Company
According to a report by Wood Mackenzie, a consulting firm, and the Solar Energy Industries Association (SEIA), solar will account for more than half of all new US electricity generation in 2023 for the first time.
Last year, the U.S. reached a record 32.4 gigawatts of new solar capacity, up 51% from 2022, according to the report. This year 2023 also represents a 37% increase from the previous record set in 2021. Utility-scale installations accounted for 69% of total new solar capacity additions, followed by residential solar at 21%. Community solar accounted for about 3.5% of new solar capacity.
In the Southeast, Southern Company and its subsidiaries are leading this solar expansion. Our renewable energy portfolio continues to grow as we work to achieve a net zero transition across the company. The Southern Company’s retail electricity system has added more than 2,800 MW of solar generating capacity since 2015. The company plans to nearly triple its solar capacity by the early 2030s, and in total, about 20,000 MW of renewable energy and storage by 2030.
“Carbon-free solar generation resources are a key component of our energy mix as we build the energy grid of the future,” said Clay Rickard, vice president of Southern Company System Planning. “We expect solar generation to continue its accelerated growth trajectory across our service territory as we transition our power-generating fleet to meet our goal of net zero greenhouse gas emissions by 2050. Our customers and communities need the clean, safe, reliable and affordable energy we serve every day – and we are committed to keeping them at the heart of everything we do.”
Georgia has ranked in the top 10 in the U.S. for annual solar capacity additions for the past three years. Georgia Power recently advised regulators that adding nearly 10,000 MW of solar capacity to its generation fleet by 2035 could potentially spur economic benefits for the state.
In addition to Southern Company’s retail electric utilities, Southern Power, the company’s wholesale power subsidiary, currently owns or operates more than 2,740 MW of solar generating capacity at 30 facilities nationwide*. Southern Power helps meet the energy needs of municipalities, electric cooperatives, investor-owned utilities and other energy customers across the country.
While a variety of policy and economic factors could affect the continued growth of solar energy in the US, the outlook is currently optimistic. “If we continue with the policies in the IRA, solar capacity will quadruple over the next 10 years,” said SEIA CEO Abigail Ross Hopper.
* About 250 MW of this amount is under contract with Georgia Power and is included in the 2,800 MW value mentioned above. Also, 26 of these facilities are owned by third parties, with Southern Power owning the majority.
See additional multimedia and more ESG stories from Southern Company at 3blmedia.com.
Contact information:
Spokesperson: Southern Company
Website: https://www.3blmedia.com/profiles/southern-company
Email: [email protected]
SOURCE: Southern Company
