In its short-term energy outlook released last month, the Energy Information Administration (EIA) said that it expects renewables used in the U.S. electric power sector to grow by 1.8% in 2015.
The EIA said that it expects continued growth in utility-scale solar power generation. In 2016, solar power generation is expected to average 86 GWh/d. The EIA noted that since the growth is from a small base, utility-scale solar power is expected to average only 0.8% of total electricity generation in the U.S. in 2016.
The EIA expects wind capacity to grow by 12.8% in 2015 after growing 8.3% in 2014. In 2016, wind capacity is forecast to grow by 13%. The growth rate for wind is lower than solar but since wind is starting from a much larger base than solar, the absolute increase in wind capacity is twice that of solar, the EIA noted in its report.
The overall outlook for renewable or alternative sources of energy is very bullish in the long term. The growth is expected to be driven by the need to reduce carbon emissions.
The outlook augurs well for BioPower Operations Corporation (OTCQB:BOPO) and its wholly-owned subsidiary Green3Power Operations Inc. G3P is engaged in the designing, managing construction of, and operating and maintaining of renewable waste-to-energy facilities.
This morning, G3P announced through its subsidiary Green3Power St. Lucie LLC that it has executed an agreement to build, own and fund a $175 million Renewable Energy Facility (REF) which will convert approximately 1,000 tons per day of municipal solid waste, green waste, construction and demolition waste and used tires into approximately 80,000 gallons per day of ultra-low sulfur synthetic green No. 2 diesel fuel.
The facility will use G3Pās exclusively licensed thermal gasification process to produce synthesis gas, called syngas. The facility will produce diesel fuel through the Fischer-Tropsch process.
The facility will be built at the existing St. Lucie County Solid Waste Landfill Management Facility site.
Commenting on the development, Dr. Neil Williams, PhD, CEO of Green3Power, said that St. Lucie County has a long history of implementing innovative and cost-effective technologies at the St. Lucie County Solid Waste Management Facility. Dr. Williams further noted that the facility will enable St. Lucie County to increase their landfill air space over time while reducing harmful greenhouse gas emissions.
