After an interesting day 1 and day 2, the 3rd and the final day of one of the largest renewable energy trade shows in the US, RE+ 2023 at Las Vegas came to an end on a high note. In the midst of various product launches, Wood Mackenzie shared that the Inflation Reduction Act (IRA) is likely to boost renewable energy installations in the country to nearly triple in next 10 years. This means economics won’t be a challenge for future growth even as the market continues to battle other concerns.
Wood Mackenzie’s RE forecast: Speaking at the RE+ conference, Wood Mackenzie’s Vice Chairman, Power and Renewables, Chris Seiple said the US is likely to nearly triple its annual renewable energy capacity additions to 110 GW in the next 10 years. Thanks to the Inflation Reduction Act (IRA) making renewables ‘very competitive’ with other technologies and wholesale power prices, despite the challenges that still remains. Seiple added that the total cost for IRA tax credits through 2050 is estimated to be $1.9 trillion, which should provide an economic base for growth.
“The complexity of turning the IRA into detailed rules has made the initial investment difficult and slowed down development, but the long-term projection is strong,” stated Seiple. “Ultimately, economics won’t be the main challenge for future growth, but rather issues like interconnection queues, transmission capacity and labor shortages could cause bottlenecks.”
Trina Solar’s energy solutions: The latest entrant to the US solar manufacturing industry, China’s Trina Solar was at the tradeshow with its flagship Vertex N modules, exhibiting n-type i-TOPCon advanced technology Vertex N and Vertex S+ panels. It also brought along its integrated solutions as TrinaTracker, TrinaStorage and Trinahub. Among the storage products, the company showcased its Trina Storage Elementa with TrinaCell as the utility-scale battery product. The highlight of Trina’s booth was the official launch of Trinahub in North America during RE+. Trina describes TrinaHub as a one-stop partner portal that connects the company with its customers and industry stakeholders. Trina recently announced its decision to establish a 5 GW solar fab in Texas for which it plans to source polysilicon from the US and European suppliers (see Another Chinese Solar Producer Heads To The US).
CALB’s new battery: Lithium energy storage company CALB launched its 314Ah energy storage solution at RE+ 2023 that it says is customizable for diverse commercial applications. The upgraded product, says CALB, features a ‘groundbreaking’ lithium replenishment technology that extends its lifespan to 15,000 charge cycles. It is equivalent of up to a 25-year lifecycle. CALB guarantees zero degradation in the initial 1,000 charge cycles. Headquartered in China, CALB is setting up a manufacturing plant in Portugal that’s scheduled to come online in 2026 with an annual manufacturing capacity of 15 GWh.
