New industries such as cryptocurrency and cannabis are boosting industry forecasts, straining efforts to cut emissions
Demand for power is soaring, creating a new energy crisis for the United States – one that could make the climate crisis even worse.
After more than 30 years of falling or flat demand for electricity, forecasts say the nation will need the equivalent of about 34 new nuclear plants, or 38 gigawatts, over the next five years to power data centers and manufacturing and electrify buildings and vehicles, according to filings made to the Federal Energy Regulatory Commission and compiled by Grid Strategies.
Since those filings, several utilities have said they will need even more power.
Georgia Power, which has more than 2.7 million customers, told regulators in 2022 it would need the equivalent of an extra single mid-sized power plant for the rest of the decade. But late last year, it said it will need 17 times more electricity – the equivalent of four new nuclear units – because of new data centers and manufacturing.
Plus good luck getting nuclear power in a capitalist society at the volume we’d need. There is a high upfront cost with it only beginning to pay back that investment in the very long term.
Government loans would be the way to go there. And fast tracking the regulatory approvals would go a long way to reducing build costs as well, much of which is just tangling with bureaucracy.
FTFY. Neoliberal policies like this got us into this situation, they aren’t the solution.
Absolutely I hope we can find a way to fast track their development because they will be essential in mitigating the worst effects of climate change.