The last couple of years has seen some old certainties disappear. Renewable energy has moved from being a marginal, expensive possibility to becoming a cheap wide-scale winner. Offshore wind was once seen as the most expensive of the main renewable options, but it is now booming and may soon be one of the cheapest, probably only beaten by solar, with talk of some offshore wind projects leading to negative prices. That has already happened with some onshore wind and also now PV solar projects- which are set to continue to boom globally. With low marginal running costs, and falling capital costs, these renewables can undercut anything else on the grid at times, in generation cost terms. The daily demand peaks only last a few hours and can be flattened/delayed by smart grid/variable power pricing systems, and new energy storage technologies can help maintain supply during longer lulls. We are in the midst of a flurry of innovation in this area.
Renew Extra Weekly 12th Sept 2020 read more »