In one of the best kept secrets in America, solar and wind energy continue to make huge strides and are on par cost-wise with coal energy production. And, with total cost of environmental, health, acquisition and litigation are factored in, the renewables beat the pants off coal. This is a key reason in Texas, renewable energy is passing coal as the second largest energy source behind natural gas in 2020. And, as oil tycoon T. Boone Pickens said on “60 Minutes” early in the last decade, natural gas will buy us time, but wind energy is the future in the plain states.
The wind also blows in Scotland, especially offshore in the North Sea. Per Wikipedia, “Wind power in Scotland is the fastest-growing renewable energy technology, with 8423 MW of installed wind power capacity as of December 2018. This included 7800 MW from onshore wind in Scotland and 623 MW of offshore wind generators. There is further potential for expansion, especially offshore given the high average wind speeds, and a number of large offshore wind farms are planned.
The Scottish Government has achieved its target of generating 50% of Scotland’s electricity from renewable energy by 2015, and is hoping to achieve 100% by 2020, which was raised from 50% in September 2010. The majority of this is likely to come from wind power. This target will also be met if current trends continue.”
From Offshore Wind Scotland (link below), more update numbers on the offshore wind power notes, “We have 915 MW of operational offshore wind (as compared to the 623 MW in December, 2018 in Wikipedia) including the world’s first floating offshore wind farm, Hywind Scotland, and a further 4.1GW of consented projects in the pipeline. One of the largest offshore wind projects in the world, the 950MW Moray East project, is under construction in the Moray Firth and Kincardine Offshore Wind Farm, which at 50MW is the largest floating wind array in the world, is also under construction 12km off Stonehaven. SSE’s 1075MW Seagreen project in the Firth of Forth will start construction next year with 114 turbines utilising 9.5MW machines from MHI Vestas. Crown Estate Scotland will kick off the next offshore wind leasing round, ScotWind, with projects announced in 2020 and this should see the Scottish market rise to over 10-12GW by 2030.”
I recognize most readers will gloss over the numbers, but suffice it to say, Scotland is recognizing and capturing the power of its location to harness the wind. They set out a long term plan and went about achieving it, even when obstacles got in the way. What got very little play here is a golf course owner who happens to be the US president sued to stop construction of offshore wind mills visible from one of his Scottish courses. His company lost the case and had to pay the Scottish government US$290,000 for its court costs.
But, back in the states, Texas is not the only plain state taking advantage of wind. Iowa gets about 40% of its electricity from wind energy. Per Wikipedia, in 2019, the top five wind energy states are:
Texas (28,843 MW)
Iowa (10,190 MW)
Oklahoma (8,172 MW)
Kansas (6,128 MW)
California (5,973 MW)
California also leads the pack by far on solar energy at 27,900 MW in the first quarter of 2020, with North Carolina (6,400 MW), Arizona (4,700 MW), Florida (4,600 MW) and Texas (4,600 MW) filling the next four slots.
To put the two leaders in perspective, the Texas wind energy and California solar energy megawatts can power close to 8 million homes in each state. It should also be noted that electricity intensive businesses that run data and call centers, like Amazon, Google, Facebook and retailers like Walmart and IKEA are well ahead of others on the push toward renewable energy. Amazon is running TV commercials right now that say Amazon will be 100% renewable energy powered by 2025.
COVID-19 is harmful to people, but also is hurting the fossil fuel businesses. Quite simply, fewer people are traveling and buying petrol. But, the renewable energy business is less impacted as the focus is on homes and businesses. The Paris Climate Change Accord was not the only big deal that occurred in 2015 in Paris. Bill Gates led a group of 26 private investors and the University of California to form The Breakthrough Energy Coalition to invest in technology that will improve renewable energy and lessen our carbon impact on the planet. Gates committed US$2 Billion of his own money.
I mention all of this as this move forward is still underreported and underappreciated, at least here in the states. When I see US politicians funded by fossil fuel companies cry foul over green initiatives, the answer is simple. It is already happening due to market forces and it also happens to be where the job growth is. So, where do you want to invest your money?