Is the Golden Era for renewables around the corner? - lithium battery price
Some say renewable energy is not a survival threat, and they believe they may need only a fraction by 2040 due to high costs and vital government subsidies.
Others, on the other hand, believe that costs are falling rapidly, which may take a large share of power generation, not only coal, but natural gas.
The fact remains that things are changing quickly due to technological advances.
Breakeven costs for various renewable sources have fallen sharply, with wind and solar energy being the main sources.
The global cumulative installed capacity of wind power reaches 540 KW (GW)
At the end of 2017, 93 GW increased from 2007.
At the same time, solar energy rose from 100 gigawatts in 2012 to nearly 405 gigawatts in 2017, a 4-fold increase. Photovoltaic(PV)
Even more solar power than nuclear power (403 GW in 2017).
The role of renewable energy is only insignificant in the entire energy mix, but it is growing rapidly, and it may become a strong competitor to oil and gas in the coming decades.
Of course, economically viable, accessible and environment-friendly sources will sneak into the podium by 2040.
The high cost of renewable energy generation limits investment in the industry.
However, due to technological advances, the horizontal cost of electricity (LCOE)
The reduction of photovoltaic solar and wind energy has improved the competitive power of these energy sources relative to good energy sources.
Mature power generation technologies such as coal and natural gas.
In 2017, the average LCOE in the United States that did not track PV subsidies was $54/MWh, and the onshore wind was $51/MWh, while natural gas-
The cost of power generation is $49, the cost of coal is $66, and the cost of nuclear power is $174/MWh.
The continuing downward trend in renewable energy costs has led to a surge in capacity and investment.
In 2017, 260 GW of net power generation was added.
In 2017, the renewable energy industry invested $280 billion, an increase of 150 gigawatts of solar energy (98 GW)and wind (52 GW);
Both increased by 58% compared to 28% of the gas (38 GW)and coal (35 GW).
Large hydropower and nuclear power have added 19 GW and 11 GW respectively.
Despite the LCOE decline, the real problem with renewable energy is what happens when the sun does not shine and the wind does not blow.
Intermittent solar or wind power generation is still a problem.
As a result, renewable energy continues to rely on electricity networks to meet any shortage or peak demand.
The world's largest lithium
Ion batteries in South Australia in December 2017, which will prevent the infamous incident that occurred during the state's power outage in 2016.
The sharp drop in battery prices and other cost-cutting measures will further help the renewable energy sector grow independently without relying on government subsidies and grid support.
The bright future of renewable energy the dominance of fossil fuels, which accounted for about 85% of the total energy portfolio in 2017, seems to be challenged by two competitors: penetration of electric vehicles and renewable energy.
These are supported by a change in public mindset, and the public is increasingly concerned about greenhouse gas emissions and the overall environment.
The oil, coal and gas industries will face challenges in the coming decades, especially in the transportation and electricity sectors.
Coal is already falling, and gas is likely to follow.
According to Bloomberg New Energy Finance (BNEF)
Compared with 2040, solar and wind power will have a large share of global installed capacity by 2016.
The share of the two will rise sharply from 12% in 2016 to 46% in 2040, while the role of fossil fuels in power generation is expected to shrink.
Of course, we cannot eliminate the use of fossil fuels in our daily lives, and for a long time to come, fossil fuels will remain an integral part of our lives.
However, the golden age of renewable energy is coming, because the preferences and costs of renewable energy are more favored than fossil fuels, and this development will improve the quality of life of many segments of society.
The article was originally published on oil prices. com