Surging generation from solar, wind on track to push renewable market share to 30 percent by 2026

Read the full story from IEEFA.

Data for the first eight months of this year show that wind generation has risen more than 25 percent since 2019 (pushing its market share to almost 9 percent) while utility-scale solar generation has jumped 55 percent (pushing its market share to nearly 3 percent). Combined, wind and utility-scale solar generation has gone up by 76 million megawatt-hours (MWh)—a 31 percent increase—while coal and gas generation has fallen by 1.6 percent since 2019, reflecting the ongoing transition of electricity markets to renewable energy and away from fossil fuels.

But an even bigger surge in renewable generation is coming soon. IEEFA estimates that by the end of 2026—just five years from now—wind and utility-scale solar will generate roughly 850 million MWh of electricity annually, equal to more than 21 percent of total 2020 demand.