Energy
Ranked: Emissions per Capita of the Top 30 U.S. Investor-Owned Utilities
The following content is sponsored by the National Public Utilities Council
Emissions per Capita of the Top 30 U.S. Investor-Owned Utilities
Approximately 25% of all U.S. greenhouse gas emissions (GHG) come from electricity generation.
Subsequently, this means investor-owned utilities (IOUs) will have a crucial role to play around carbon reduction initiatives. This is particularly true for the top 30 IOUs, where almost 75% of utility customers get their electricity from.
This infographic from the National Public Utilities Council ranks the largest IOUs by emissions per capita. By accounting for the varying customer bases they serve, we get a more accurate look at their green energy practices. Here’s how they line up.
Per Capita Rankings
The emissions per capita rankings for the top 30 investor-owned utilities have large disparities from one another.
Totals range from a high of 25.8 tons of CO2 per customer annually to a low of 0.5 tons.
| Utility | Emissions Per Capita (CO2 tons per year) | Total Emissions (M) |
|---|---|---|
| TransAlta | 25.8 | 16.3 |
| Vistra | 22.4 | 97.0 |
| OGE Energy | 21.5 | 18.2 |
| AES Corporation | 19.8 | 49.9 |
| Southern Company | 18.0 | 77.8 |
| Evergy | 14.6 | 23.6 |
| Alliant Energy | 14.4 | 14.1 |
| DTE Energy | 14.2 | 29.0 |
| Berkshire Hathaway Energy | 14.0 | 57.2 |
| Entergy | 13.8 | 40.5 |
| WEC Energy | 13.5 | 22.2 |
| Ameren | 12.8 | 31.6 |
| Xcel Energy | 11.9 | 43.3 |
| Duke Energy | 11.1 | 88.9 |
| Dominion Energy | 11.0 | 37.8 |
| Emera | 11.0 | 16.6 |
| PPL Corporation | 10.7 | 29.6 |
| PNM Resources | 10.0 | 5.3 |
| American Electric Power | 9.2 | 50.9 |
| Consumers Energy | 8.7 | 16.1 |
| NRG Energy | 8.2 | 29.8 |
| Florida Power and Light | 8.0 | 41.0 |
| Portland General Electric | 7.6 | 6.9 |
| Fortis Inc. | 6.1 | 12.6 |
| Avangrid | 5.1 | 11.6 |
| PSEG | 3.9 | 9.0 |
| Exelon | 3.8 | 34.0 |
| Consolidated Edison | 1.6 | 6.3 |
| Pacific Gas and Electric | 0.5 | 2.6 |
| Next Era Energy Resources | 0 | 1.1 |
PNM Resources data is from 2019, all other data is as of 2020
Let’s start by looking at the higher scoring IOUs.
TransAlta
TransAlta emits 25.8 tons of CO2 emissions per customer, the largest of any utility on a per capita basis. Altogether, the company’s 630,000 customers emit 16.3 million metric tons. On a recent earnings call, its management discussed clear intent to phase out coal and grow their renewables mix by doubling their renewables fleet. And so far it appears they’ve been making good on their promise, having shut down the Canadian Highvale coal mine recently.
Vistra
Vistra had the highest total emissions at 97 million tons of CO2 per year and is almost exclusively a coal and gas generator. However, the company announced plans for 60% reductions in CO2 emissions by 2030 and is striving to be carbon neutral by 2050. As the highest total emitter, this transition would make a noticeable impact on total utility emissions if successful.
Currently, based on their 4.3 million customers, Vistra sees per capita emissions of 22.4 tons a year. The utility is a key electricity provider for Texas, ad here’s how their electricity mix compares to that of the state as a whole:
| Energy Source | Vistra | State of Texas |
|---|---|---|
| Gas | 63% | 52% |
| Coal | 29% | 15% |
| Nuclear | 6% | 9% |
| Renewables | 1% | 24% |
| Oil | 1% | 0% |
Despite their ambitious green energy pledges, for now only 1% of Vistra’s electricity comes from renewables compared to 24% for Texas, where wind energy is prospering.
Based on those scores, the average customer from some of the highest emitting utility groups emit about the same as a customer from each of the bottom seven, who clearly have greener energy practices. Let’s take a closer look at emissions for some of the bottom scoring entities.
Utilities With The Greenest Energy Practices
Groups with the lowest carbon emission scores are in many ways leaders on the path towards a greener future.
Exelon
Exelon emits only 3.8 tons of CO2 emissions per capita annually and is one of the top clean power generators across the Americas. In the last decade they’ve reduced their GHG emissions by 18 million metric tons, and have recently teamed up with the state of Illinois through the Clean Energy Jobs Act. Through this, Exelon will receive $700 million in subsidies as it phases out coal and gas plants to meet 2030 and 2045 targets.
Consolidated Edison
Consolidated Edison serves nearly 4 million customers with a large chunk coming from New York state. Altogether, they emit 1.6 tons of CO2 emissions per capita from their electricity generation.
The utility group is making notable strides towards a sustainable future by expanding its renewable projects and testing higher capacity limits. In addition, they are often praised for their financial management and carry the title of dividend aristocrat, having increased their dividend for 47 years and counting. In fact, this is the longest out of any utility company in the S&P 500.
A Sustainable Tomorrow
Altogether, utilities will have a pivotal role to play in decarbonization efforts. This is particularly true for the top 30 U.S. IOUs, who serve millions of Americans.
Ultimately, this means a unique moment for utilities is emerging. As the transition toward cleaner energy continues and various groups push to achieve their goals, all eyes will be on utilities to deliver.
The National Public Utilities Council is a collaborative body of industry experts coming together to solve decarbonization challenges in the power sector and the proud sponsor of the Decarbonization Channel.
Energy
The Dynamic Dozen: The 12 Largest Public Utilities in the U.S.
This bubble chart uses data from company reports to show which publicly-owned utility companies generate the most electricity in the U.S.
Dynamic Dozen: The 12 Largest Public Utilities in the U.S.
Public utilities are community-owned, non-profit organizations that supply electricity to local customers. Funded primarily through taxes and service revenues, public utilities are driven by a commitment to serve the public interest rather than generate profits.
In partnership with the National Public Utilities Council, we present the 2024 edition of our Annual Utility Decarbonization Index. The index uses the latest available data from company reports to track the decarbonization progress of the 47 largest investor-owned utilities (IOUs) in the United States.
And for the first time this year, the Index also includes a ranking of the 20 largest public utilities in the U.S. and which ones have the cleanest fuel mixes. So which public utilities contribute the most to the U.S. power grid?
The Top 12 Largest American Public Utilities
The two largest public utilities contributed nearly 30 million MWh each to the nation’s grid in 2022.
| Company | State | 2022 Total Owned Electricity Generation (MWh) |
|---|---|---|
| New York Power Authority | New York | 29,973,621 |
| Salt River Project | Arizona | 28,963,126 |
| CPS Energy | Texas | 25,946,058 |
| Los Angeles Department of Water & Power | California | 19,846,221 |
| Santee Cooper (South Carolina Public Service Authority) | South Carolina | 18,984,737 |
| Lower Colorado River Authority | Texas | 14,860,017 |
| Nebraska Public Power District | Nebraska | 14,649,116 |
| MEAG Power | Georgia | 10,818,841 |
| JEA | Florida | 10,696,842 |
| Grant County, Public Utility District No. 2 | Washington | 10,278,983 |
| Energy Northwest | Washington | 10,139,460 |
| Omaha Public Power District | Nebraska | 9,335,877 |
The country’s largest public utility, the New York Power Authority, was founded in 1931 by Governor Franklin D. Roosevelt before becoming President and today operates primarily on hydropower.
The runner-up for the highest-producing public utility is the Salt River Project in Arizona. It was founded in 1903 and provides nearly all of the Phoenix metropolitan area with electricity from a variety of sources.
Rounding off the top 10 is the Washington state-based Grant County PUD. The utility was founded in 1938 and today generates 100% of its electricity from hydropower.
Overall, public power accounts for 59% of the total number of utilities operating in the U.S. and provides electricity to two of the largest cities in the country, New York and Los Angeles. Many of the largest public utilities have operated for generations.
Download the 2024 Annual Utility Decarbonization Report
In 2022, 49% of the electricity generated by the top 20 public utilities came from carbon-free sources. For investor-owned utilities, it was 42%. Download the report to see the rest of the largest public utilities.
In addition to the public utilities, there’s much more to explore in the 2024 report, including:
- Inflation Reduction Act impacts
- Market trends for renewables
- Year-to-year progressions
- Fuel mix rankings for the largest public utilities
- Gas utility emissions rankings
Download the 2024 NPUC Annual Utility Decarbonization Report to find out everything you need to know about the clean energy transition in the U.S. power sector.
Energy
Ranked: America’s Cheapest Sources of Electricity in 2024
This dumbbell plot shows the most and least expensive sources of energy in the U.S., using data from Lazard.
America’s Cheapest Sources of Electricity in 2024
In the evolving global energy landscape, renewable sources are becoming increasingly cost effective. Even without subsidies, renewables are often the cheapest option available.
This chart, created in partnership with the National Public Utilities Council, shows which electricity sources are the most and least expensive in 2024, using data by Lazard.
Onshore Wind and Solar: A Bargain with Subsidies
Onshore wind power effectively costs $0 per megawatt-hour (MWh) when subsidies included in the Inflation Reduction Act, such as the Investment Tax Credit, Production Tax Credit, and Energy Community Adder, are applied.
Demand for storage solutions is rising quickly. If storage is included, the minimum cost for onshore wind increases to $8 per MWh. Offshore wind, while more expensive, still presents a competitive option at a minimum of $71 per MWh with subsidies.
| Technology | Minimum With Subsidies | Minimum Without Subsidies | Maximum |
|---|---|---|---|
| Onshore Wind | $0 | $27 | $73 |
| Onshore Wind + Storage | $8 | $45 | $133 |
| Offshore Wind | $71 | $74 | $139 |
| Solar PV | $6 | $29 | $92 |
| Solar PV + Storage | $38 | $60 | $210 |
| Geothermal* | $43 | $64 | $106 |
*2020 LCOE adjusted for inflation
Solar photovoltaics (PV) have similarly attractive economics.
With subsidies, the minimum cost is $6 per MWh. When including storage, $38 per MWh. Notably, the maximum cost of solar PV with storage has significantly increased from $102 in 2023 to $210 in 2024, although the cost of solar alone is still 83% cheaper in 2024 than it was in 2009, according to Lazard.
The inflation of 2022–2023 took a toll on solar PV and onshore wind, pushing their maximum unsubsidized costs back up to where they were in 2013 and 2015, respectively. However, solar PV dropped by $4 and onshore wind by $2 from 2023–2024.
Fossil Fuels
For gas-combined cycle plants, which combine natural gas and steam turbines for efficient electricity generation, the maximum price has climbed $7 year-over-year to $108 per MWh.
| Technology | Minimum With Subsidies | Minimum Without Subsidies | Maximum |
|---|---|---|---|
| Gas Combined Cycle | n/a | $45 | $108 |
| Coal* | n/a | $69 | $168 |
| Gas Peaking | n/a | $110 | $228 |
*2020 LCOE adjusted for inflation
Gas peaking plants, used to meet peak electricity demands, remain the most expensive option with a maximum cost of $228 per MWh. Interestingly, the minimum price for these plants has seen a slight dip from $115 to $110 per MWh compared to last year.
The Strange Case of Nuclear Energy
Nuclear energy presents a unique cost structure with the highest minimum cost among all energy sources at $142 per MWh.
However, the economics improve significantly with lifetime extensions of nuclear plants. These extensions reduce the minimum marginal cost of nuclear electricity to $32 per MWh, a cost reduction that 95% of U.S. nuclear plants benefit from.
The cost dynamics of energy production are shifting towards renewables, driven by market forces, technological advancements, and government subsidies, according to Lazard. As renewables become cheaper, they are poised to play a dominant role in the future energy mix, providing both economic and environmental benefits.
Learn how the National Public Utilities Council is working toward the future of sustainable electricity.
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