According to Reuters article published on April 14, 2023, the U.S. power grid will almost double in capacity from 2022 to 2050 to meet rising demand, and most newly built capacity will be from renewable sources, the U.S. Energy Information Administration (EIA) said on Thursday.
Declining capital costs for solar panels, wind turbines and battery storage, as well as government subsidies in renewable will make it a cost effective option for building new power capacity, EIA said.
The agency said in a high economic growth and low zero-carbon technology cost scenario, renewable capacity will rise nearly 600% between 2022 and 2050.
In a low economic growth and high zero-carbon technology cost combination case, renewable will still see 230% growth, it said.
"Economic growth, paired with rising electrification in end-use sectors, results in stable growth in U.S. electric power demand through 2050," the EIA added.
