2013 Factbook
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The Business Council for Sustainable Energy ® SUSTAINABLE ENERGY in America 2013 Factbook JANUARY 2013/ REVISED JULY 2013 No portion of this document may be reproduced, scanned into an electronic system, distributed, publicly displayed or used as the basis of derivative works without attributing Bloomberg Finance L.P. and the Business Council for Sustainable Energy. For more information on terms of use, please contact [email protected]. Copyright and Disclaimer notice on the last page applies throughout. Developed in partnership with the Business Council for Sustainable Energy. January 2013 2013 FACTBOOK CONTENTS EXECUTIVE SUMMARY _____________________________________________ 1 SECTION 1. INTRODUCTION __________________________________ 5 SECTION 2. A LOOK ACROSS THE US ENERGY SECTOR __________ 7 2.1. US energy sector: a bird’s-eye view................................................................... 7 2.3. Policy ............................................................................................................... 10 2.4. Finance ........................................................................................................... 10 2.5. Economics ....................................................................................................... 13 SECTION 3. NATURAL GAS __________________________________ 15 3.1. Policy ............................................................................................................... 15 3.2. Deployment ..................................................................................................... 15 3.3. Financing ......................................................................................................... 18 3.4. Economics ....................................................................................................... 18 3.5. Market dynamics ............................................................................................. 19 SECTION 4. LARGE-SCALE RENEWABLE ENERGY ______________ 21 4.1. Policy for all renewables .................................................................................. 21 4.2. Large-scale solar (PV, CSP) ............................................................................ 23 4.3. Wind ................................................................................................................ 27 4.4. Biomass and waste ......................................................................................... 32 4.5. Geothermal ...................................................................................................... 35 4.6. Hydropower ..................................................................................................... 38 SECTION 5. DISTRIBUTED POWER, STORAGE, CCS _____________ 41 5.1. Small-scale solar ............................................................................................. 41 5.2. Small- and medium-scale wind ........................................................................ 44 5.3. Small-scale biomass ........................................................................................ 46 5.4. Combined heat and power and waste heat to power ....................................... 47 5.5. Fuel cells (stationary) ...................................................................................... 51 5.6. Energy storage ................................................................................................ 54 No portion of this document may be reproduced, scanned into an electronic system, distributed, publicly © Bloomberg Finance L.P. 2013. displayed or used as the basis of derivative works without attributing Bloomberg Finance L.P. and The Developed in partnership with The Business Council for Sustainable Energy. For more information on terms of use, please contact Business Council for Sustainable Energy. [email protected]. Copyright and Disclaimer notice on the last page applies throughout. January 2013 2013 FACTBOOK 5.7. Carbon capture and storage (CCS) ................................................................. 59 SECTION 6. DEMAND-SIDE ENERGY EFFICIENCY _______________ 63 6.1. Energy efficiency ............................................................................................. 63 6.2. Smart grid and demand response .................................................................... 74 SECTION 7. SUSTAINABLE ENERGY TRANSPORTATION _________ 78 7.1. Electric vehicles ............................................................................................... 78 7.2. Natural gas vehicles ........................................................................................ 84 SECTION 8. CROSS-SECTORAL THEMES ______________________ 88 8.1. Grid reliability ................................................................................................... 88 8.2. Policy record .................................................................................................... 88 8.3. Upstream manufacturing ................................................................................. 89 8.4. Innovation ........................................................................................................ 89 8.5. Barriers ............................................................................................................ 89 8.6. Cost of capital .................................................................................................. 90 8.7. Emissions ........................................................................................................ 91 8.8. Cross-country comparison ............................................................................... 92 ABOUT US _______________________________________________________ 94 TABLE OF FIGURES Figure 1: Understanding terminology for this report ................................................................ 6 Figure 2: US primary energy consumption vs GDP, 1990-2012 ............................................. 7 Figure 3: US electricity demand, 1990-2012 .......................................................................... 7 Figure 4: US electricity generation by fuel type, 2007-12 (%) ................................................. 8 Figure 5: US electricity generation by fuel type, 2007-12 (TWh) ............................................. 8 Figure 6: US capacity build by fuel type, 1990-2011 (GW) ..................................................... 9 Figure 7: US renewable capacity build by technology, 2008-12 (GW) .................................... 9 Figure 8: US cumulative renewable capacity by technology (including hydropower), 2008-12 (GW) .................................................................................................... 9 Figure 9: US cumulative non-hydropower renewable capacity by technology, 2008-12 (GW) .................................................................................................................. 9 No portion of this document may be reproduced, scanned into an electronic system, distributed, publicly © Bloomberg Finance L.P. 2013. displayed or used as the basis of derivative works without attributing Bloomberg Finance L.P. and The Developed in partnership with The Business Council for Sustainable Energy. For more information on terms of use, please contact Business Council for Sustainable Energy. [email protected]. Copyright and Disclaimer notice on the last page applies throughout. January 2013 2013 FACTBOOK Figure 10: US renewable generation by technology (including hydropower), 2008-12 (TWh) .............................................................................................................. 10 Figure 11: US non-hydropower renewable generation by technology, 2008-12 (TWh) ......... 10 Figure 12: Total new US investment in clean energy, 2004-12 ($bn) ................................... 11 Figure 13: US asset finance investment in clean energy by sector, 2004-12 ($bn) ............... 11 Figure 14: US VC/PE investment in clean energy by sector, 2004-12 ($bn) ......................... 11 Figure 15: US public market investment in clean energy by sector, 2004-12 ($bn) .............. 11 Figure 16: NYSE BNEF Regional Indexes, as of end-2012 (normalized returns) ................. 12 Figure 17: Clean energy investment types and flows in the US, 2012 ($bn) (as per Bloomberg New Energy Finance definition of clean energy) ............................ 13 Figure 18: Levelized costs of energy across power generation technologies, Q4 2012 ($/MWh) .......................................................................................................... 14 Figure 19: US gross natural gas production and gas-directed rig count, 2005-2011 ............. 16 Figure 20: US dry natural gas supply (continental US only), 2008-12 (Bcfd) ........................ 16 Figure 21: US natural gas demand by end-use (industrial, commercial, residential), 2008-12 (Bcfd) ................................................................................................. 17 Figure 22: US natural gas customers vs residential consumption ........................................ 17 Figure 23: US ethylene production by feedstock, 2008-11 (%) ............................................. 18 Figure 24: Industrial electricity production from onsite generation by source, 2008-11 (TWh) .............................................................................................................. 18 Figure 25: US utility construction expenditures for natural gas, 2008-11 ($bn)