U.S. renewable energy on track to surpass coal in 2020

The big picture, via Axios' Ben Geman: The inflection point shows how the pandemic is accelerating trends underway for years in U.S. power markets as natural gas and increasingly low-cost renewables shove aside coal, once the nation’s dominant electricity source.

By the numbers: Because the coronavirus pandemic has depressed electricity demand and natural gas prices, coal plants are expected to produce only 19% of the nation’s electricity, declining by around 25%.

• The EIA projects that renewable energy will grow around 11% and that overall electricity generation will fall by 5% this year.

Yes, but: The agency expects coal consumption to rebound by 10% in 2021 because of stronger natural gas prices and increased electricity demand.

• It also noted that the projections are subject to a high degree of uncertainty because of the pandemic.

The bottom line: The agency also expects America’s energy-related carbon dioxide emissions to decrease by 11%, the largest drop in at least 70 years, according to NYT.

Go deeper: Coronavirus accelerates coal's decline