In 2021, solar and wind accounted for nearly 20% of installed capacity in India, with respectively 49 GW and 40 GW. The country aims to develop 175 GW of renewable capacity by the end of 2022, including 100 GW of solar.

Renewable generation sources include conventional hydropower, wind, solar, geothermal, and biomass. In the United States, most renewable electricity generation comes from hydropower, solar, and wind.

The Brent crude oil spot price averages $98 per barrel (b) in the fourth quarter of 2022 (4Q22) and $97/b in 2023.

U.S. electricity generation from renewable sources, such as hydropower, wind, and solar, accounted for 20% of electricity generation both in 2020 and in 2021.

The spot price of Brent crude oil averaged $71 per barrel (b) in 2021, and we forecast the Brent price will average $104/b in 2022 and $94/b in 2023.

The first project, with a capacity of 1 GW, may be supplemented later by a second plant of 1 GW, which could have either fixed foundations or floating wind turbines anchored to the ocean floor.

For the first five months of 2022, solar, wind, and other renewable energy sources provided 25.7% of U.S. electricity – more than either coal or nuclear power and up from 22.9% a year earlier.

Mainstream’s offshore business will continue to develop existing project opportunities for bottom-fixed and floating wind in markets such as Norway, Sweden, Japan, South Korea, Vietnam, Ireland, the UK and the US, while exploring opportunities in new markets.

The spot price of Brent crude oil averaged $71 per barrel (b) in 2021, and we forecast the Brent price will average $104/b in 2022 and $94/b in 2023.

The Vidar and Poseidon projects, located off Sweden’s west coast near Gothenburg, will primarily consist of floating wind turbines and will be able to generate 10.5 TWh/year of electricity when fully developed.

The Philippines has held its first renewable auction, offering a total capacity of 2,000 MW.

Since the wind turbine capacity factors are in the 40-50% range, their annual potential output is typically half, or less, of the annual potential output of a conventional generator of the same rating plate capacity.

The Administration has actually recommended that people buy EVs to avoid increasing gasoline prices. The recent ban on imports of Russian oil will likely further increase gasoline prices, which have already doubled under the Administration.

India does not currently possess offshore wind capacities but plans to reach a 30 GW capacity by 2030.

Brazil does not yet possess offshore wind capacities (but 20.8 GW for onshore wind in 2021) but several other offshore wind projects are currently planned in the country.