The Cumulative capacity of Wind power plants in United States of America reached 122,385 MW in 2020
The indicator recorded a historical growth (CAGR) of 11% between 2017 and 2020, and is expected to grow by...
GlobalData projects the indicator to grow at a CAGR of ...
Cumulative capacity of wind power plants in the US grew in 2020
The US is the second-largest wind power market after China, with a significant share in the global installed wind capacity. The growth of the US wind market is supported by production tax credits (PTCs), treasury grants, subsidies, and renewable portfolio standards (RPS) in various states. Financial backing from the government helped offset the high costs and helped the growth of wind power in the country. Despite a substantial reduction in the price of wind-generated electricity due to technological advancement and market development, wind power is still not as cost-effective as fossil fuels. Consequently, financial and policy support from the government continues to be crucial to the industry’s current and future development. The US wind industry benefits from federal and state support, as well as from standard utility contracts, which guarantee a satisfactory market price for wind power.
Cumulative installed wind power capacity in the US increased between 2010 and 2020 due to government support mechanisms such as tax credits for alternative energy. Many states have renewable energy targets in place. As a result, the US wind market has been attracting investment, which has been leading to development over the past five years and this will likely continue in the next decade.
Significant companies in the wind power market of the US
NextEra, ENGIE, and Southwestern were the only companies that installed significant share of the annual capacity addition in the US in 2020.
NextEra Energy Inc (NEE) is an electric power and energy infrastructure company. It generates, transmits, and distributes electricity; and holds investments in gas infrastructure assets. The company produces power using nuclear, coal, oil, natural gas, wind, and solar sources. NEE also purchases electricity for resale and provides risk management services related to power and gas consumption. It serves residential, commercial, industrial, wholesale, and other customers in Florida; and owns, develops, constructs, manages and operates electricity generation facilities in the US and Canada wholesale energy markets. NEE is headquartered in Juno Beach, Florida, the US.
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