When it comes to revenue, Texas crude oil hits a new hallmark nearly every month. But a new report from the American Wind Energy Association (AWEA) has found that Texas is pulling in big bucks from wind energy that should not go unnoticed. According to the analysis, wind benefits Texas to the tone of $3.3 billion annually and passes on roughly $1.2 billion in gross annual savings to consumers.
Forbes magazine reported the breakdown of how the whopping $3.3 billion was tallied. Some, of course, is based on assumptions and educated guesses. Nonetheless, it’s worth taking a look at how much the energy diversity of Texas is helping the Lone Star state.
1) A reduction in the price of energy to Texas residents, since wind displaces more expensive resources on the margin, valued at $973 million.
2) A cut in sulfur dioxide (SO2) pollution, with an assigned cost of $652 million.
3) A reduction in nitrogen oxide pollution, valued at $71 million.
4) Minimized carbon dioxide emissions, to the tune of $1,008 million.
5) Hedges against fuel price volatilities, valued at almost $61 million.
6) Savings against expected increases in other fuel prices, estimated at over $491 million.
In related news, today the AWEA ran an article that claimed the United States has more wind energy powering its grid than any other country in the world, proving that states other than Texas are seeing wind energy as a significant part of energy production. America has plenty of access to wind resources, both onshore and offshore, and are ready to operate over 95 percent of the time that wind is strong enough to generate electricity.
It is true that China has more megawatts (MW) of wind turbines installed than the U.S., over 90,000 MW to just over 60,000 MW, respectively. However, in the more precise measurement of total electricity generated in kilowatt-hours (kWh), America delivers nearly 30 billion more KWh to consumers than China.
To read more about how The Texas wind energy estimates were calculated, be sure to check out the recent article from Forbes contributor Peter Kelly-Detwiler, “Benefits of Texas Wind Energy Estimated to Exceed $3.3 Billion Annually.”