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.

As technology evolves faster than ever, we become more and more reliant on a new cohort of minerals. We are moving to a world powered by critical minerals: we need lithium, cobalt and graphite to make batteries for electric cars; silicon and tin for our electronics; rare earth elements for electric cars and wind turbines.

The transition to a renewable plus storage grid would require replacement of baseload coal generation and perhaps nuclear generation as well.

Roofers lead the way in residential solar innovation, and their efforts come at the best possible time.

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.

Hydrogen is becoming a more versatile fuel, however, and is receiving interest in energy storage, as a transportation fuel, as a fuel for electricity generation, and as a fuel for heating.

Green means the hydrogen has been made using electricity and from renewable sources. But as with electric cars, the environmental footprint is determined by the power mix carbon intensity if it is connected to the grid.

US Energy Information Administration reports a capacity factor of 25% for solar generation.

Cuba had 1,198 MW of installed renewables in 2020, which accounted for 18% of the nation’s total energy capacity.

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.

The agreements cover a range of sectors, including renewable energy, green hydrogen, pharmaceuticals and e-commerce

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.