Biden Administration Allocates Funding to Hydropower Development

Biden Administration Allocates Funding to Hydropower Development

August 23, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Last Friday, the U.S. Department of Energy (DOE) announced that the Biden administration had allocated $28 million to hydropower research and development. The funds are intended to help the U.S. move closer to the administration's goal of net-zero emissions from the U.S. power sector by 2035 and a fully net-zero economy by 2050.

While the large majority of active renewable energy projects in the U.S. are for wind and solar power, hydropower remains a key player in power generation in the country, accounting for 31.5% of U.S. renewable electricity generation and about 6.3% of overall generation, according to the DOE. The funding is intended to ensure that this form of renewable power is more utilized and could help see movement on some of the $114 billion in U.S. hydro projects currently being tracked by Industrial Info.

Companies featured: Dominion Energy Incorporated (NYSE:D), Southern Company (NYSE:SO), Duke Energy Corporation

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