The nation’s transition from dirty to renewable energy is “nearing exponential growth”—a shift set to usher in “transformative” impacts within a handful of years.

So declares the Institute for Energy Economics and Financial Analysis (IEEFA) in its “U.S. Power Sector Outlook 2021” report released Wednesday.

Among the key findings (pdf) are that wind and solar are the least costly power generation option in much of nation.

Expected new offshore wind capacity “will certainly undercut any need for new fossil fuel generation in the region, as well as vying for market share with existing fossil fuel generators,” the publication finds.

The fast decline of coal is projected to go into high gear, according to the report. Coal made up less than 20% of the U.S. electricity market in 2020, and coal generation capacity is in free-fall, dropping 32% from its peak 10 years ago. And while higher gas prices could tick coal generation upward this year, the analysis forecasts it would be “a short-lived reprieve” lasting a year at best.

What’s more, a number of coal plants are already set for retirement, and that number “in the […]