, renewable energy resources represent the fastest-growing segment of electric power generation in the country with 24% of U.S. electricity generation coming from renewable resources in the first half of 2022. Texas, for its part, led the nation in renewable energy production in the first quarter of 2022, accounting for over 14% of the country’s totals.
This investment stretches far and wide across our state and, many times, these wind or solar projects become the lifeblood of rural Texas as one of the key capital-intensive economic development options for small, rural communities. This supports existing services and population by boosting local tax revenues and providing landowners an avenue to earn extra revenue from their land.
Of course, Texas has long been a powerhouse when it comes to energy production, driven in large part by the state’s abundant fossil fuel resources, which have paved the way for the “Texas Miracle,” and provide fuel and everyday products for countries across the world. While some want to complete an energy transition and move completely away from fossil fuels, I hope Texas will lead the way for an energy expansion, which advocates for more of everything.
This is important when considering how vital energy is to our economy and how complementary all sources of energy production are to each other. For example, renewables are increasingly selected by oil and gas producers in the Permian Basin to electrify their operations. In the Permian, the oil and gas industry says they expect electric demand for operators to grow 10 times within the next eight years.
When it comes to the electric grid, this compatibility is underscored yet again. Clean-burning natural gas provides enhanced reliability, while renewable energy resources give electricity consumers a low-cost, predictable source of energy day in and day out with solar energy production increasing when the sun shines and wind following a complementary trajectory at night.
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