Solar PV generation in the US during 2022 increased by 24.14% year-on-year according to the country’s Energy Information Administration (EIA) latest report.
The data – which was reviewed by non-profit research organisation Sun Day Campaign – showed that solar remained the fastest-growing renewable energy source in 2022 and ended the year with a share of 4.74% of all electricity capacity generated in 2022, up from the 3.95% share in 2021.
Solar PV’s share in total electricity capacity generated continues to increase as more capacity is installed, with 12.6GW of utility-scale added in 2022, almost flat year-over-year due to ongoing supply chain issues aggravated by the Uyghur Forced Labor Prevention Act that was implemented in June 2022.
During 2022, renewables provided 22.58% of total US electrical generation capacity, up from 20.79% the previous year and slightly improving the EIA’s forecast of 22% for the full year.
All renewables combined have produced more renewable energy sources than coal and nuclear power but trailed behind natural gas which accounted for 39.72% of the total generation.
“Renewables are now on track to reach one-quarter of electrical generation in 2023 as well as one-seventh of total domestic energy production and then accelerate in the years to follow,” said Ken Bossong, executive director at SUN DAY Campaign.
Solar’s output in total electrical generation in the US is set to keep growing as almost two-thirds of new capacity additions in the US will come from solar PV with nearly 73GW added through November 2025.
Energy company AES Corporation expects to complete 3.4GW of new renewable energy projects globally in 2023.
The US will continue to be its biggest market as more than half (2.1GW) of the total expected added capacity for 2023 will be on US soil, while it targets to sign between 14-17GW of power purchase agreements (PPAs) globally through 2025.
Last year it signed 5.2GW of new renewable energy PPAs – solar PV accounting for 2.6GW – of which 1.9GW have been signed since its third quarter conference call in November 2022.
The company has increased its backlog of long-term contracts from Q3 2022 by 1GW to 12.2GW of renewable PPAs, with solar accounting for almost half (45%) of total backlog capacity, while 45% of the backlog projects are under construction.
“We continue to see massive growth in our renewables business, and in 2022, we signed more PPAs for solar, wind and energy storage than ever before in our history,” said Andrés Gluski, president and CEO of AES.
Throughout 2022 the energy company completed the construction or acquisition of operating projects with a total capacity of 1.2GW, including 1GW of renewables in the US.
Earlier this month, AES brought online a 100MW solar PV plant in Arizona with Meta signed up as an off-taker.
Most of the company’s development pipeline remains in the US with 51GW as of the end of 2022 and 12.8GW outside the country.
During Q4 2022 the company partnered with Air Products to develop, build, own and operate a 1.4GW green hydrogen project in Texas that will be powered by solar and wind power.
The company registered a regulated revenue of US$3.5 billion in 2022, up from US$2.8 billion the year prior.
AES Corporation has reaffirmed its 7-9% annualised growth rate target through 2025, from a base year of 2020.