According to the US Energy Information Administration's “Short-Term Energy Outlook,” the increased use of wind and solar power in the US will result in a decrease in generation from coal and natural gas power plants in 2023 and 2024.
The EIA predicts that solar and wind will make up 16% of total generation in 2023, a significant increase from 14% in 2022 and 8% in 2018. In contrast, the forecasted share of generation from coal is expected to drop from 20% in 2022 to 18% in 2023 and 17% in 2024, while the forecasted share from natural gas will decline from 39% to 38% in 2023 and 37% in 2024.
The rapid growth of solar and wind power in the past five years, driven by declining costs and tax credits, has led to a significant expansion in capacity, particularly in states such as Texas and California.
By the end of 2024, solar capacity is projected to increase by 84% to 63 GW and wind power by 12 GW of new planned capacity.
