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8/3/2017 by mdc
Dr. Conca reports that the U.S. electric power industry supports more than 7 million jobs. This is about 5% of all jobs in America or 1 in every 20 jobs. That is the crux of a new report released yesterday by M. J. Bradley & Associates that describes how the electric power industry contributes about $880 billion each year to the economy. That is about 5% of our total Gross Domestic Product or GDP.

The report, Powering America: The Economic and Workforce Contributions of the U.S. Electric Power Industry, details how the electric power industry spends over $100 billion in investments annually. These are needed to diversify the U.S. grid and deal with the new markets and flexibility to address increasing amounts of renewable energy sources, the flat or locally-decreasing electricity demands, and persistent low natural gas prices.

In 2016, the electric power industry capital investments exceeded $135 billion, more than twice what it was only a decade ago. This is consistent with a leaked draft DOE baseload electricity study that discusses the changes in the industry, particularly those in baseload power provided by coal and nuclear versus the intermittency represented by renewables. Also discussed is the required backup to renewables using natural gas and the evolution of the energy markets themselves.

The M. J. Bradley report finds that the electric power industry directly provides 2.7 million jobs nationwide through its employees, contractors, supply chain, and investments. Another 4.4 million jobs are supported through the induced effects of these direct jobs.

These direct jobs are also extremely well-paying, particularly in the nuclear energy field. The median annual wage in the electric power industry is about $73,000.

Read on ...

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Open Resource  |  2017/08/03  |  99 Report Broken   Tell Friend

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