AEA releases 2023 Renewable Energy Fund Impact and Evaluation Report

According to the United States Energy Information Administration (EIA), the oil and gas industries are a key part of Alaska’s economy, and the state ranks third in the nation in terms of energy consumption per dollar of gross domestic product. Alaska’s North Slope contains six of the 100 largest oil fields in the U.S. and one of the 100 largest natural gas fields. In addition, Alaska’s recoverable coal reserves rank 13th among the states, and its rivers offer significant hydroelectric power potential. Large sections of the state’s coastline have significant wind energy potential, and its volcanic areas offer geothermal energy potential.

Owing to Alaska’s climate, economic structure, and population size, Alaska’s per-capita total energy consumption is the second highest in the nation. Natural gas fueled 42 percent of Alaska’s total electricity net generation in 2022, and hydroelectric power fueled 29 percent. In total, renewable energy accounted for approximately 33 percent of Alaska’s total electricity generation in 2022.2 However, a non-binding goal, set in 2010, aims to increase this percentage to 50 percent by 2025.

Alaska’s Renewable REF has been crucial in helping the state transition to a clean economy. The fund is designed to produce affordable renewable power to meet Alaskans’ energy needs.4 The REF has been an important tool in catalyzing renewable energy growth in Alaska and will help the state to meet its clean energy goals. In addition, the REF has helped local communities stabilize energy prices by reducing their dependence on diesel fuel for power generation and heating needs. 

_{Source:  Alaska Energy Authority}

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