Electricity consumption in the US remained stagnant without significant growth for the past two decades up until 2021, as a growing emphasis on energy efficiency effectively counterbalanced the increasing demand. However, in the last few years we have experienced a swift change in demand landscape, pushing electricity demand back into expansion.
One of the challenges associated with manufacturing and data centers is that they typically require round-the-clock power, something that traditional renewable generation, such as solar and wind, cannot consistently meet. In addition, factors such as the accelerated rollout of electrical vehicles , the establishment of hydrogen hubs, and heightened peak demand from high temperature and extreme weather events, all contribute significantly to the burgeoning electricity demand landscape.
In addition, the competition for available supply has also pushed prices up, with circuit breakers and medium-voltage switchgear prices estimated to have increased by 21% and 26%, respectively, since January 2022.
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Source: cleantechnica - 🏆 565. / 51 Read more »