Renewable Energy Sector at a Turning Point, Says Munich Re’s Doug Akerson

Doug Akerson, Munich Re’s executive vice president for North America Energy, Power & Construction, shared his insights on the renewable energy sector during RISKWORLD 2024 in San Diego. Akerson addressed the current challenges and advancements in renewable energy infrastructure, focusing on the impact of severe weather and technological innovation.

Akerson highlighted that severe convective storms and hail have increasingly impacted solar PV facilities, with technology still needing large-scale deployment. Battery energy storage systems face risks like thermal runaway events, while newer technologies such as hydrogen fuel augmentation show promise despite high costs. The Inflation Reduction Act is accelerating renewable energy projects by providing stable, long-term incentives, contrasting with the previous intermittent support.

Akerson also discussed potential regulatory developments aimed at limiting emissions from coal and natural gas plants, which could further boost renewable energy despite the challenges of maintaining grid stability.