Texas leads a green energy revolution
Once known for its thriving oil industry, Texas is now transforming itself into a renewable energy champion. Fields of solar panels and forests of wind turbines signal the advent of a new energy era.
| Sectors | Solar Energy, Wind Energy, Onshore, Photovoltaic |
|---|---|
| Themes | Investments & Transactions, Corporate Investment |
| Companies | Engie, ERCOT |
| Countries | United States |
Fields covered with solar panels as far as the eye can see and forests of wind turbines are now emerging on the Texas land once famous for its oil industry. Texas is now at the forefront of a new energy revolution – the renewable energy revolution.
Texas, a new home for renewable energy
Fields covered with solar panels as far as the eye can see and forests of wind turbines are now emerging on the Texas land once famous for its oil industry. Texas is now at the forefront of a new energy revolution – the renewable energy revolution.
In Navarro and Limestone counties, cradles of the Texas oil industry, renewable energy is at the forefront. A 300 MW wind farm and a 250 MW solar farm were recently inaugurated by Engie.
According to American Clean Power, Texas is home to the largest share of renewable energy projects for commercial and industrial businesses in the U.S. The vast southern state also accounts for 20% of the projects underway.
Texas remains dependent on fossil fuels
However, Texas remains largely dependent on fossil fuels, particularly gas. In 2023, gas will represent 42% of its energy mix according to Ercot, the network manager. However, Texas is placing more and more emphasis on renewable energy, especially wind (29%) and solar (11%). The remainder is provided by nuclear and hydraulic power.
Joe Biden’s green plan to accelerate the energy transition
President Joe Biden’s green plan passed last year, called the Inflation Reduction Act (IRA), could accelerate the trend by providing large subsidies for the energy transition. Projects to power disadvantaged areas are underway, such as the one on a former landfill where a wind farm is to be built in an underprivileged neighborhood of Houston, the fourth largest city in the United States.
