Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 457

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 457
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, a global corporate initiative to procure electricity entirely from renewable sources.  Additionally, according to the latest Department of Energy’s (“DOE”) Annual Energy Outlook 2023 (the “DOE’s 2023 Annual Energy Outlook”), the percentage of U.S. electricity generated by renewable sources is expected to triple to almost 60% by 2050.  

Growing corporate initiatives for smaller, standalone distributed generation facilities, together with regulatory and other policy initiatives at the federal, state and municipal levels, have spurred demand for clean energy production from sustainable power sources, including wind, solar, biomass and other sources.  Many states have adopted renewable portfolio standards or renewable energy goals to diversify their energy resources, promote domestic energy production and encourage economic development.  Rising state renewable portfolio standards, increasing levels of 

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corporate and residential demand, and improving economic competitiveness of renewable sources continue to be key drivers for their growth.  In addition, growing efforts to address electric grid resiliency are expected to drive growth in renewables, as utilities and their customers are expected to increasingly consider renewable microgrids, including energy storage solutions, to support critical facilities.

The transition toward cleaner and more sustainable energy sources is expected to require rapid transformation of, and significant investment in, the power sector.  A November 2024 S&P Global Community Insights article indicates that energy utilities are expected to invest in renewables at increasing levels over the next couple of years.  According to a KPMG Energy Transition Investment Outlook of 2025 and Beyond report (the “2025 KPMG Energy Transition Investment Outlook”), investment in energy transition assets has accelerated significantly since 2020, rising from about $1.2 trillion in 2020 to over $2 trillion in 2024.  Certain governmental and policy initiatives are expected to drive growth in renewable energy infrastructure, including the IIJA, which includes funding for renewable energy innovation and deployment.  The IIJA allocates $65 billion to power infrastructure and energy programs, which includes funding for fuels and technology investment, including carbon initiatives, clean energy technology supply chains, including battery power initiatives, solar energy research and development, and the development and deployment of hydrogen from clean energy sources, among others.  In addition, the IRA contains provisions that are designed to accelerate the deployment of clean energy technologies, reduce carbon emissions, lower energy prices and support the development of a reliable and affordable energy sector.  The IRA provides almost $370 billion in clean energy funding to facilitate the clean energy transition, primarily in the form of tax incentives