"New gas plants just keep on coming, defying expectations that their rapid growth was nearing an end."
"Energy companies in the US are planning new natural gas-fired power generation at the fastest pace in years, one of the clearest signals yet that fossil fuels are likely to have a longer runway than previously thought.
From Florida to Oregon, utilities are racing to meet a surge in demand from power-hungry AI data centers, manufacturing facilities and electric vehicles. The staying power of gas, which in 2016 overtook coal as the No. 1 US source of electricity, has surprised some experts who not so long ago had projected the era of frenzied domestic demand growth for the fuel might soon come to an end.
“A few years ago, there was the expectation that solar and wind would be able to solve our additional generation needs,” said Jed Dorsheimer, group head of the energy and sustainability sector at investment bank William Blair, who now sees gas accounting for as much as 60% of new generation. “There’s been a call for peak oil and peak gas, and eventually those calls will be right.” But not anytime soon."
Josh Saul, Naureen S Malik, and Mark Chediak report for Bloomberg Green September 16, 2024.
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