Economy > Renewable Energy

Renewable Energy's Fake Alchemy

New York's experience offers a stark warning: green dreams can turn into economic nightmares when they ignore basic math and reality.

Alex Ashe | March 6, 2026

In the quest to transform our energy systems, policymakers often promise a magical alchemy: turn away from reliable but "dirty" sources like coal, oil, and even nuclear, and replace them with abundant, cheap green energy. New York State has been a laboratory for this experiment since the early 2000s, aggressively phasing out fossil fuels and nuclear plants under the banner of environmental virtue. The result? Skyrocketing electricity bills for residents, even as overall consumption has declined. New York's experience offers a stark warning: green dreams can turn into economic nightmares when they ignore basic math and reality.

Back in 2007, New York generated about 150 terawatt-hours (TWh) of electricity in-state. Coal accounted for roughly 14% of that mix, petroleum products (mostly oil) about 6%, and nuclear a robust 28%. Renewables, primarily hydroelectricity, made up around 20%, with natural gas filling much of the rest. Fast-forward to 2021 -- the latest year with comprehensive data from the New York State Energy Research and Development Authority (NYSERDA) -- and the picture has shifted dramatically. Coal and oil have been virtually eliminated, dropping to 0% of the mix. Nuclear, hampered by plant closures like Indian Point in 2021, fell to about 25%. Renewables climbed to 28%, thanks to gains in wind (3%) and a smattering of solar, but hydro still dominates that category.

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