2024: Entering a New Era of Potential for Energy

In 2023, the global energy industry was focused on trends related to electric vehicles, energy storage, and continued growth in solar^[1]. More than ever there is a major momentum towards abandoning fossil fuels and developing sustainable green energy. 

2024 Potential Energy Trends 

In renewable energy, the main trends have centered around the ideas of decarbonization and decentralization^[2] . Across the United States, policies continue to be more sustainable in nature as renewable energy directives are accelerating. This has led to an increased investments in research. Futuristically, energy decentralization will be based on microgrids that draw from solar, hydro, and wind. This shift will continue to fund and empower businesses to make impactful changes in the renewable energy market.

2024 promises a number of global trends in energy development. Based on the large investments in electric vehicles it appears that there will continue to be many investment opportunities in this sector. Additionally, the large-scale transition to electric vehicles has emphasized the need for localized energy storage solutions. This need for the development of electric vehicle infrastructure will continue to pose importance in the coming year. Also, the field of heat will experience growth this year. Most consider heat an asset that is often generated as a byproduct from other processes. Many have predicted that there will continue to be a shift towards residual heat. 

Energy Specific Legislation

• Texas PUC Staff filed a draft Biennial Agency Report to the 88th Legislature, with draft legislative recommendations.
• Maryland Senate Bill SB1 would require numerous changes to the rules governing retail electric and natural gas choice. 
• In Maine LD2153 a bill would require comparisons between supplier and utility rates and affirmative consent from the customer for contract renewal.
• Missouri House Bill HB2070 was re-introduced in the new session and would bring competitive retail electric choice to the state. 
• The California Public Utilities Commission issued Senate Bill 695 Report pursuant to Public Utilities Code Section 913.1, which requires the CPUC to publish recommendations that can be undertaken over the succeeding 12 months to limit California’s Investor-Owned Utilities cost and rate increases. 
• In South Carolina Senate Bill 909 would reduce the number of Commissioners from 7 to 5.
• In Pennsylvania Senate Bill 1017 would amend Title 66 of the Pennsylvania Consolidated Statutes to further provide for declaration of policy, for definitions, for cash deposits and household information requirements, for payment arrangements, for termination of utility service, and for reconnection of service. 
• Virginia House Bill 792 would allow the  Commission to consider any rate, toll, charge, or schedule of a public utility reasonable if the utility demonstrates that the changes are not prohibited by this bill. 
• In Rhode Island House Bill No. 7286 would amend the low-income home energy assistance program enhancement plan. 

^[1] Overview and key findings (World Energy Investment, 2023). 

^[2] The changing energy model: decarbonization, decentralization, and digitalization, 2023).