BEVERLY HILLS, California (Reuters) – Solar, wind and other sources of renewable energy could double or even quadruple their presence in the United States in the next 10 years, an executive in General Electric's energy finance unit said on Tuesday.
Kevin Walsh, managing director of the renewable energy group at GE Energy Financial Services, said renewables could make up between 5 percent and 10 percent of the nation's energy mix, up from 2.5 percent currently, in 10 years.
"Biomass and other forms of renewable is 2.5 percent, so very, very small," Walsh said at the Milken Institute Global Conference in Beverly Hills, California. "We are blessed with some of the best wind and solar and biomass resources in the world."
Asked what the percentage of renewables, excluding hydroelectric power, would look like in 10 years, Walsh said, "Five to 10 percent."
In an interview following his appearance at the conference , Walsh said wind would make up a large portion of that increase.
"Wind is going to be a big part of it," Walsh said. "Wind is very competitive. We still have quite a bit of wind resources to exploit in this country."
Solar, geothermal and biomass will also make up big portions of the increase in renewables, Walsh added.
GE has invested in all those technologies as part of a plan to pour $6 billion into renewable energy by 2010. It has invested $4 billion of that so far, Walsh said.
