Solar and battery storage to make up 81% of new U.S. electric-generating capacity in 2024


FEBRUARY 15, 2024
Developers and power plant owners plan to add 62.8 gigawatts (GW) of new utility-scale electric-generating capacity in 2024, according to our latest Preliminary Monthly Electric Generator Inventory. This addition would be 55% more added capacity than the 40.4 GW added in 2023 (the most since 2003) and points to a continued rise in industry activity. We expect solar to account for the largest share of new capacity in 2024, at 58%, followed by battery storage, at 23%.

Solar. We expect a record addition of utility-scale solar in 2024 if the scheduled 36.4 GW are added to the grid. This growth would almost double last year’s 18.4 GW increase, which was itself a record for annual utility-scale solar installation in the United States. As the effects of supply chain challenges and trade restrictions ease, solar continues to outpace capacity additions from other generating resources.

More than half of the new utility-scale solar capacity is planned for three states: Texas (35%), California (10%), and Florida (6%). Outside of these states, the Gemini solar facility in Nevada plans to begin operating in 2024. With a planned photovoltaic capacity of 690 megawatts (MW) and battery storage of 380 MW, it is expected to be the largest solar project in the United States when fully operational.

Battery storage. We also expect battery storage to set a record for annual capacity additions in 2024. We expect U.S. battery storage capacity to nearly double in 2024 as developers report plans to add 14.3 GW of battery storage to the existing 15.5 GW this year. In 2023, 6.4 GW of new battery storage capacity was added to the U.S. grid, a 70% annual increase.

Texas, with an expected 6.4 GW, and California, with an expected 5.2 GW, will account for 82% of the new U.S. battery storage capacity. Developers have scheduled the Menifee Power Bank (460.0 MW) at the site of the former Inland Empire Energy Center natural gas-fired power plant in Riverside, California, to come on line in 2024. With the rise of solar and wind capacity in the United States, the demand for battery storage continues to increase. The Inflation Reduction Act (IRA) has also accelerated the development of energy storage by introducing investment tax credits (ITCs) for stand-alone storage. Prior to the IRA, batteries qualified for federal tax credits only if they were co-located with solar.

[Wind. Operators report another 8.2 GW of wind capacity is scheduled to come on line in 2024. Following the record additions of more than 14.0 GW in both 2020 and 2021, wind capacity additions have slowed in the last two years.

Two large offshore wind plants scheduled to come on line this year are the 800-MW Vineyard Wind 1 off the coast of Massachusetts and the 130-MW South Fork Wind off the coast of New York. South Fork Wind, which developers expected to begin commercial operation last year, is now scheduled to come on line in March 2024.]
(Solar and battery storage to make up 81% of new U.S. electric-generating capacity in 2024 - U.S. Energy Information Administration (EIA))


What companies are making the batteries?

Here a list of major grid scale battery manufactureres:

  • Toshiba

  • Contemporary Amperex Technology Co Ltd

  • Electric Era:

  • Highview Power

  • Antora Energy

  • Beacon Power


I would not invest in them. For some like GE & Tesla is a small part of the overall business, for specialists, they are competing in a commodity business, electrons.

The Captain


Tesla’s energy storage business has posted an explosive growth in the year 2023, as indicated by the company’s annual financial results released recently. Over the course of last year, Tesla has deployed battery energy storage to the tune of 14,724 MWh in global markets, according to the company, doubling the 6.5 GWh of battery storage deployments reported the previous year.

Interestingly, the 2023 capacity additions are more than the combined figures of the years 2022, 2021, and 2020. In 2019, Tesla’s storage deployment was just 1,651 MWh, which is just one-tenth of the 2023 figure, hinting at the explosive growth achieved by Tesla’s battery storage division in recent times.

To put the latest record in perspective, Tesla’s 2023 battery storage volume amounts to about 150,000 EVs with 100 kWh battery packs. Yet, the storage volume is relatively small comparing to the company’s EV battery production volume.

Tesla’s current product portfolio on battery energy storage includes utility-scale ‘Megapacks’ (over 3 MWh), ‘Powerpack’ for commercial installations (up to 232 kWh), and latest third-generation ‘Powerwall 3’ for domestic installations (13.5 kWh).


Bloom does not work with batteries. They are an alternative power supplier connected to nat gas, bio gas, and so on. In essence, the user is their own producer of power rather than buying it from an electric company.

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