Oil Companies Are Collapsing, but Wind and Solar Energy Keep Growing, reads the NY Times

Good NYT article today (April 27) on renewable energy progress through challenges. And featured beauty shots of a Nextracker, Inc Horizon system. According to Ivan Penn of the New York Times, “The renewable-energy business is expected to keep growing, though more slowly, in contrast to fossil fuel companies, which have been hammered by low oil and gas prices.”

“In a report last week, Raymond James analysts estimated that renewable energy sources would provide 20.7 percent of the nation’s electricity this year and at least 20 percent through 2022. And while work on some solar and wind projects has been delayed by the outbreak, industry executives and analysts expect the renewable business to continue growing in 2020 and next year even as oil, gas and coal companies struggle financially or seek bankruptcy protection….He goes on to report:

…Many renewable companies have projects around the world and have benefited from government efforts to address climate change. That has helped drive down costs of wind and solar equipment and made the industry more resilient to economic swings.

In addition, because developers can build wind and solar farms more quickly than natural gas, coal, and nuclear plants, Mr. Alonso said, the renewables have become more attractive financially. In difficult economic times like these, he said, private equity investors like Quantum are eager to seize on businesses that can quickly scale up and start earning money.

I remember when Dick Cheney used to say “we were less than 1% and always would be”. That made the hair on the back of my neck stand up then and now. Our exemplary performance is the best desert…and our best days are in front of us. Thanks for your reporting, Ivan Penn.