Posted on Tuesday, January 13th, 2015 at 3:29 am
This is the first time that the U.S. Census Bureau us publishing economic statistics for geothermal, biomass, wind as well as solar electric power generation. Within 2007 and 2012 the revenue has risen from $6.6 billion to $9.8 billion (49% rise). In the same time duration (between 2007 and 2012), the electric power generation industry witnessed an overall 1.2% decline in its revenue from $121.0 billion to $119.5 billion. This total decline came mainly from the fossil fuel electric power generation industry whose revenue fell from $85.4 billion to $79.7 billion (6.7%) within the same time span (2007-2012).
The Renewable Energy Revenue:
The 2007 Economic Census included wind, biomass, geothermal along with solar electric power generation within the broader “other electric power generation” industry instead of being given specific designations. These industries received separate designations from the 2012 Economic Census with only the tidal electric power generation falling under the “other electric power generation” designation. The newly delineated industries including solar and other electric power generation, wind, biomass and geothermal, all have doubled over the five-year duration from 312 to 679 (2007-2012).
John H. Thompson, Census Bureau Director, says, “As industries evolve, so does the Census Bureau to continue to collect relevant data that informs America’s business decisions”. He further adds, “Industries that use renewable energy resources are still relatively small, but they are rapidly growing.”
The Revenue Count:
A total of $5.0 billion was the revenue rounded up for wind electric power generation in 2012, which is the highest revenue when compared with other renewable energy resources. It was closely followed by the hydroelectric power generation (a revenue of $2.4 billion), biomass electric power generation ($934.6 million), solar electric power generation ($472.4 million), along with other electric power generation ($59.0 million).
When combined together these industries formed a small part of the total electric power generation industry and collectively accounted for $9.8 (8.2%) of the total industry revenue in 2012. Nuclear electric power generation and fossil fuel still continue to play the part of major contributors of revenue comprising of $29.9 billion (25.1%) and $79.7 (66.7%) respectively.
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