Renewables

Global wind and solar developers took 40 years to install their first trillion watts of power generation capacity, and the next trillion may be finished within the next five years. That’s the conclusion of research by BloombergNEF, which estimated the industry reached the 1-terrawatt milestone sometime in the first half of the year. That’s almost as much generation capacity as the entire U.S. power fleet, although renewables work less often than traditional coal and nuclear plants and therefore yield less electricity over time. The findings illustrate the scale of the green energy boom, which has drawn $2.3 trillion of investment to deploy wind and solar farms at the scale operating today. BloombergNEF estimates that the falling costs of those technologies mean the next terrawatt of capacity will cost about half as much – $1.23 trillion – and arrive sometime in 2023. “Hitting one terrawatt is a tremendous achievement for the wind and solar industries, but as far as we’re concerned, it’s just the start,”said Albert Cheung, BloombergNEF’s head of analysis in London. “Wind and solar are winning the battle for cost-supremacy, so this milestone will be just the first of many.’’

Bloomberg 2nd Aug 2018 read more »

A bumper year for renewable generation capacity in 2017 has put the U.K. on course to meet its target for renewable-produced electricity. But the country still risks missing overall renewable energy targets because of sluggish progress on heat and transportation, a research firm has warned. Last year saw renewable energy’s share of electricity generation in the U.K. jump up by 4.8 percent, from 24.5 percent to 29.3 percent. This was the second-highest annual increase on record, after a 5.5 percent increase in 2015 that took the renewables share to 24.6 percent. The 2017 boost puts the U.K. within spitting distance of its 30 percent target for renewable-based electricity generation by 2020. It will help the country meet its European Union (EU) and internal carbon budgets, said Tim Dixon, wholesale team leader at Cornwall Insight. However, he added: “Unless greater progress is made for renewable heat and transport, where the U.K. is underperforming, then there remains a significant risk of us not meeting our 2020 renewable energy target, as well as our fourth and fifth carbon budgets.”

Green Tech Media 10th Aug 2018 read more »

Share

Published: 12 August 2018