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April 23, 2019

Nevada to raise renewable portfolio standard to 50% by 2030

The state of Nevada has committed to increasing its renewable portfolio standard (RPS) to 50% by 2030 under Senate Bill 358.

By Jack Unwin

The state of Nevada has committed to increasing its renewable portfolio standard (RPS) to 50% by 2030. RPS is a regulation that requires a percentage of energy to come from renewable sources. The policy comes from Senate Bill 358, which was sponsored by state senator Chris Brooks and signed into law by Governor Steve Sisolak on April 22.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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Nevada was the second state in the US to establish an RPS in 1997 and with this update it hopes to ‘reclaim its clean energy leadership role by having one of the largest RPS standards in the country’.

In his remarks at a press conference, Governor Sisolak cited the need to reduce emissions to improve the air quality for the people of Nevada.

He also noted the economic benefits that renewable energy brings to Nevada. This includes 45 projects currently under development in the state, which has brought in $8bn in investment and 32,000 clean energy jobs at the end of 2018.

With the expansion of the RPS, Sisolak hopes that a further 11,000 jobs will be created along with another $1.5bn in investment.

Sisolak tweeted: “I’m proud to take this important step towards a better, cleaner, more sustainable future for our state, our workforce, and our families. Thank you Senator Brooks for your leadership.”

Senator Chris Brooks also tweeted: “After almost 20 years working on renewable energy policy and over three years on this bill we passed a new RPS. A clean 50% by 2030. Thank you Governor Sisolak and all the people who helped make this happen.”

Nevada joins states like Illinois, New York and California, along with the unincorporated island of Puerto Rico in committing to the increased use of renewables.

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Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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