SAN FRANCISCO, Sept. 16, 2014 (GLOBE NEWSWIRE) -- Today, the American Council On Renewable Energy (ACORE) released the Western Region update to its annual national report, Renewable Energy in the 50 States. This installment provides an executive summary on the status of renewable energy implementation at the state-level in 13 western states from California to Wyoming.
This 50 State Report update highlights the following notable advances: renewable energy is now responsible for over 20% of electricity generation in six western states, and the region saw the addition of nearly 4 GW of new renewable energy capacity in 2013 alone. This is equal to more than two thirds of total 2013 U.S. capacity additions.
The report expects that the U.S. Environmental Protection Agency (EPA)'s proposal to cut carbon dioxide pollutants from power plants will have a significant effect on western states' energy sectors, further increasing the role of renewable energy in the region's overall power mix.
Water resources are becoming increasingly scarce in the Western Region. According to a University of California Davis study, the 2014 drought in California will result in an economic cost of $2.2 billion and the loss of 17,100 agricultural jobs. New renewable energy projects in the West are incorporating additional water-savings technologies, such as the 392 MW Ivanpah solar thermal electric project commissioned in February 2014, which uses dry-cooling technology to significantly reduce its water demand.
"The American West continues to be the most advanced area of the country for renewable energy," commented lead author Lesley Hunter. "Nearly all available renewable technologies are represented at some scale in the West, from solar thermal to hydrokinetic energy. We should continue to see major investment into the West, driven by falling costs and concerns about carbon pollution and other challenges, such as the water-energy nexus."
Data from Bloomberg New Energy Finance (BNEF) was used to map investing trends, of which several stand out as particularly significant. In 2013, the region attracted over a third of the country's combined venture capital, private equity and asset finance investment in the renewable energy sector, and produced approximately 34% of its total electricity generation from renewable energy sources – compared to roughly 13% nationally.
Michael Brower, president and CEO of ACORE, praised Ms. Hunter's work and the report findings, saying "Lesley has done a masterful job once again this year, producing a quality, informative product that wraps up investment data, deployment data and much more. Her analysis of these facts continue to help inform our sector and dispel the myths of this vibrate, high-potential industry."
ACORE released a Northeastern Region report in June 2014 and will be releasing Midwestern and Southeastern Region reports later this year. These updates will include regional trends and forecasts, and will be available at http://www.acore.org.
A photo accompanying this release is available at:
http://www.globenewswire.com/newsroom/prs/?pkgid=27674
