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Headlines often paint a picture that America’s energy transition is off track, suggesting that the U.S. is no longer an attractive market for energy project investment.
But DNV’s Energy Transition Outlook and Energy Industry Insights surveys tell a different story, revealing unique perspectives from business leaders involved in North American energy projects.
Enduring optimism:
Business leaders remain confident in a long-term future for a decarbonized energy system. The coming years will see a renewed focus on an all-inclusive approach to how energy is produced, moved, stored, and used.
Pace of change:
The energy transition is seen as slowing, not stopping. Policy shifts and global geopolitical tensions impacting supply chains are the main factors contributing to the slowdown.
“All of the above” solutions:
North America needs more of all forms of energy production to meet growing demand. This includes projects that combine fossil fuels and renewables.
Grid modernization:
Urgent investment in the grid is needed. Connecting renewables, managing distributed energy resources, and meeting demand will be impossible without modernized transmission.
Smarter energy use:
Across America, consumers are reshaping the energy system by converting their homes and businesses into mini power plants featuring rooftop solar, electric vehicles, and battery storage. Advanced digital technology can use these distributed energy resources to help balance the grid.
The answer is yes — if the solutions are as broad as possible.
America needs an “all of the above” approach to meet the increasing demand for energy. The key is to think in systems, not in silos. This means an interconnected energy system that puts everything on the table — solar, wind, oil and natural gas, low-carbon and renewable products, battery storage, energy efficiency, virtual power plants (VPPs), and carbon capture, utilization, and storage (CCUS) can all contribute to a reliable, lower-carbon, and affordable energy transition.
In our 2023 Energy Transition Outlook for North America, we estimated a $12 trillion opportunity. Things have changed. Today, DNV continues to see the energy transition in the U.S. and Canada offering significant financial opportunities. However, the size of the prize is different, as regional policy shifts, ongoing geopolitical tensions, and supply chain issues have affected the economics and pace of delivering energy projects.
We will explore this in-depth in our upcoming 2025 Energy Transition Outlook for North America report, but as a preview, here are a few key insights for the major players:
Renewable developers:
Pairing renewable power generation, battery storage, and natural gas–fired power generation is an attractive opportunity to use existing infrastructure to bring lower-emission energy online faster and more affordably.
Utilities:
Virtual power Plants (VPPs) offer a way to reduce peak demand, cut energy bills, make it easier to bring more renewable power online, and — critically — boost energy efficiency.
Investors:
Financing structures are evolving as North America pursues an “all of the above” approach to energy and infrastructure creates exciting opportunities for divestment and opportunities of assets.
Oil and gas companies:
Fossil fuels — especially natural gas — will continue to play a role in the energy mix. Decarbonizing fossil fuel production with low-emission hydrogen and carbon capture, utilization, and storage (CCUS), while blending in renewable feedstock, is critical.
Even as incentives are phased out, market forces are making solar and solar-plus- storage projects the optimal choice for new power generation. But solar isn’t the only option. Here’s what winning companies will act now to invest in:
• Energy efficiency
• Energy storage
• Hybrid power generation
• Fossil fuel decarbonization
• Digital trust
For more than 125 years, DNV has helped businesses progress winning energy projects in the US and Canada that contribute to energy security, affordability, and reliability. DNV helps clients confidently navigate complex projects and ensure they are bankable and successful.
DNV’s proven impact
Energy efficiency:
DNV has delivered over 2 million megawatt-hours and 40 million therms in energy savings, significantly reducing costs and emissions for utilities and millions of users.
Clean energy capacity:
DNV supported 400 gigawatts of clean energy capacity and oversaw more than $1 billion in energy spending, accelerating renewable deployment and grid modernization.
Oil and gas:
DNV has a long history of supporting safe oil and gas operations. The vast majority of oil and gas pipelines are built to our standards, and we lead the industry in validating the materials used in technologies essential for offshore oil and gas development.
Research and technology centers:
We operate state-of-the-art technology centers and testing facilities around the world. At these facilities, dedicated experts research and develop solutions for some of the most challenging issues facing the energy sector.
Advanced digital solutions:
We are a world-leading provider of software and digital solutions for managing risk and improving performance of power generation assets, transmission lines, pipelines, processing plants, offshore structures, ships, and more.
Your partner for energy systems thinking
DNV ensures integrated planning across all energy types, sectors, and regions. DNV’s North American team deeply understands the entire energy system, including specific regional markets and regulatory frameworks. This local expertise is powerfully backed by a global network of experts, ready to be mobilized anywhere in the world, with access to world-class technology centers and cutting-edge digital tools.
Learn more in the Global Energy Transition Outlook 2025 report.
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