Wind-Power Deployments in US Drop to Lowest Level in Five Years

(Bloomberg) -- US wind power installations for the third quarter fell to the lowest level in five years as an industry slowdown drags on this year. 

Wind developers deployed 288 megawatts of new capacity for the three months ending in September, the slowest quarterly rate since the second quarter of 2018, according to a report by S&P Global Market Intelligence. Installations, which include onshore and offshore, in the first three quarters of 2023, hit 3,159 megawatts, down from 5,361 megawatts for the same period in the prior year. 

While wind energy grew substantially in the last decade, solar power additions are now outpacing wind as developers are taking advantage of growing markets with ample sunshine such as Texas, the report said. The boom in battery energy installations - which are often located next to solar farms - have also contributed to more demand for solar energy, S&P said. 

Despite the slowdown in wind this year, S&P said federal incentives from the Inflation Reduction Act will help spur more deployments in 2024, with 17,040 megawatts scheduled for commissioning.

Duke Energy Co., the big utility, estimates that 1 megawatt of wind can power about 300 homes, so 288 megawatts of wind is enough for 86,400 homes.

©2023 Bloomberg L.P.