The UK has just ended its first quarter ever in which electricity generation from renewables outpaced fossil fuel-fired power generation—a landmark achievement for the country that started the Industrial Revolution with coal. While Britain’s achievement pales in comparison to other renewable champions in Europe and elsewhere, it is nevertheless a milestone that highlights the advance of renewable energy in the world over the past decade. And the share of renewable energy in power generation is set to continuously grow, everywhere. Declining technology costs and battery prices across the board have made unsubsidized wind and solar power the cheapest options for electricity generation in major economies, including India and China. Solar and wind power is now cheaper than coal in most of the world. In the UK, as much as 40 percent of electricity generation in Q3 came from renewables—including wind, biomass, and solar—while fossil fuels accounted for 39 percent of generation, an analysis of the UK’s Q3 electricity generation from Carbon Brief showed this week. Most of the remaining generation came from nuclear power, which generated 19 percent of UK’s electricity in that quarter. This was the first quarter in the UK history in which renewables generation exceeded fossil fuels since the first power plant opened in Britain in 1882.
Oil Price 19th Oct 2019 read more »