California’s Clean Energy Future: Net Zero by 2045 is Within Reach

By: Edison International via Business Wire

September 24, 2024 at 09:15 AM EDT

Lower energy costs, reduced disaster risk and cleaner air are possible with significant investment and cooperation

The clean energy future for California is still attainable, despite infrastructure challenges, extreme weather impacts and technological and policy gaps. To achieve this, we must act now. Today at Climate Week NYC, Edison International released Reaching Net Zero, a forward-looking analysis that reinforces the urgent need for multisector collaboration, enhanced efficiencies and significant investment in clean firm generation to meet California’s goal of net-zero greenhouse gas emissions by 2045.

Highlights from Reaching Net Zero:

Edison International reaffirms its net-zero commitment, including Southern California Edison’s plan to deliver 100% carbon-free power to customers.
Electricity demand in SCE’s service area is projected to grow 35% faster over the next decade than estimated just two years ago, underscoring the need for accelerated grid readiness.
Achieving California’s climate goals requires clean electricity across all sectors, significant investment and industry-government cooperation.
New clean firm resources, like next-generation geothermal, are essential for a resilient, carbon-free power supply. As the electric sector approaches net zero, batteries and solar are important but insufficient alone.
Until sufficient clean firm resources are deployed, natural gas generation capacity in California should be retained for reliability and affordability, with reduced operations.

“To achieve net-zero greenhouse gas emissions in California by 2045, a commitment we share with much of the world, we must be united and act quickly,” said Pedro J. Pizarro, president and CEO of Edison International. “While we face challenges, it’s clear that with investment in clean firm generation and advanced grid technology, we can get there reliably and affordably. By 2045, even accounting for the infrastructure investment necessary for a safe, clean and reliable grid, SCE customers will see their total energy costs reduced by 40%, due to reduced or eliminated fossil-fuel expenses.”

Reaching Net Zero builds on previous analyses by Edison International examining what it will take for the company and California to reach net zero. Currently, more than 85% of Edison International’s emissions come from power delivered to SCE customers. SCE is on track to achieve a 95% reduction in power delivery emissions by 2045, compared to 2005. Reaching Net Zero also affirms the work of Edison International’s Trio subsidiary to help global corporate clients meet their net-zero commitments.

To achieve an equitable net-zero transition, nearly all buildings and vehicles must be electrified. California needs substantial new and updated clean energy infrastructure to meet forecasted demand, requiring capital investment and supportive policies to enable timely siting, permitting and development.

According to Reaching Net Zero, clean firm generation resources are fundamental to meeting California’s climate targets reliably and affordably. In addition to next-generation geothermal, examples include small modular reactors, clean hydrogen and natural gas paired with carbon capture and storage. Pairing intermittent technologies, such as solar and wind power, with battery storage continues to be an important part of the generation mix. Still, there are feasibility challenges in relying on these alone, particularly considering the pace and scale of the buildout required to meet forecasted demand and potential difficulties faced during extreme weather conditions. As the electric sector nears a low-emissions future, each gigawatt of clean firm generation would reduce emissions as much as seven to 11 gigawatts of solar and battery storage.

Until sufficient clean firm generation resources are available in California, natural gas capacity should be retained for grid reliability, particularly during periods of high-power demand. While natural gas capacity needs to be retained, these plants would operate less frequently than today, with operation generally limited to days with high demand and insufficient carbon-free (or emissions-free) power to meet it.

For more information and to download the paper: edison.com/netzero

About Edison International

Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, focused on providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility delivering electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Trio (formerly Edison Energy), a portfolio of nonregulated competitive businesses providing integrated sustainability and energy advisory services to large commercial, industrial and institutional organizations in North America and Europe.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240924248996/en/

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