The US grid is adding batteries at a much faster rate than natural gas

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🗞️ Driving the news: The U.S. grid is rapidly expanding its capacity with renewable energy sources, adding batteries and solar power at a much faster rate than natural gas in 2024
• In the first half of the year, 20 gigawatts of new capacity were installed, with solar making up 60% of this growth
• Battery storage also surged, with 4.2 gigawatts of new capacity, highlighting the shift toward a renewable energy future

🔭 The context: Texas and California are leading the way in battery additions, accounting for over 60% of the new battery capacity
• The trend towards pairing solar with battery storage allows energy generated during peak sunlight hours to be used when demand is higher, thus improving the economics of solar power
• The U.S. Energy Information Agency (EIA) projects that by the end of 2024, 96% of new capacity additions will come from zero-carbon sources like solar, wind, batteries, and nuclear

🌍 Why it matters for the planet: The increased investment in renewable energy and battery storage is crucial for reducing carbon emissions and combating climate change
• This shift away from fossil fuels toward cleaner energy sources supports global efforts to transition to a sustainable energy system
• Significant reductions in coal and natural gas usage also indicate progress toward decarbonizing the power sector

⏭️ What's next: The EIA forecasts that a total of 60 gigawatts of new capacity will be added in 2024, with solar power expected to contribute 37 gigawatts and batteries another 15 gigawatts
• The growing trend of renewables replacing fossil fuel sources will likely continue, influencing future energy policies and market dynamics

📈 One stat: Solar accounted for 60% of the 20 gigawatts of new electricity capacity added in the first half of 2024 in the U.S

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