Coal news and updates

Morgan Stanley projects coal-fired power generation is likely to disappear from the U.S. power grid by 2033.

 

Coal power will largely be replaced by renewable energy resources.

 

The report from Morgan Stanley said renewable energy such as solar and wind power will provide about 39 percent of U.S. electricity by 2030, and as much as 55 percent in 2035.

 

The U.S. is on the path to cutting out coal completely as the cost of renewable energy falls and the push for carbon-free power picks up steam. 

 

A new report from global wealth management company Morgan Stanley projects coal-fired power generation is likely to disappear from the U.S. power grid by 2033, and will largely be replaced by renewable energy resources. 

 

The report from Morgan Stanley said renewable energy such as solar and wind power will provide about 39 percent of U.S. electricity by 2030, and as much as 55 percent in 2035. 

 

According to the U.S. Energy Information Administration, coal currently makes up about 20 percent of U.S. electricity generation and could rebound to as much as 22 percent this year due to higher prices for natural gas. 

 

Morgan Stanley forecasts, however, that the slight increase will be short lived and coal will experience a “constant decline thereafter.” 

 

Coal has experienced a steady decline in power generation due to sustained low prices for natural gas. In 2010, coal supplied 46 percent of U.S. electricity, compared with the approximately 20 percent share just a decade later. Meanwhile, the share of electricity supplied by natural gas-fired power plants increased from 23 percent in 2010 to an estimated 39 percent last year. 

 

The projection from Morgan Stanley comes as President Biden has taken a series of executive actions to shift the nation’s priorities to focus on climate. His administration has set a goal of making the U.S. carbon neutral by 2050, which will require steep reductions in greenhouse gas emissions and investments in renewables like solar and wind. 

 

Source : https://thehill.com/changing-america/sustainability/energy