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2017-09-20 08:45:00

RENEWABLE'S FUTURE

RENEWABLE'S FUTURE

FTThe falling cost of renewable energy will increasingly allow wind and solar projects to make money without subsidies, say the top executives in Europe's power industry.

Leading energy companies are becoming more confident that the renewable sector will be able to attract increased investment irrespective of government policies.

Peter Terium, chief executive of Germany's Innogy, and Francesco Starace, his counterpart at Enel of Italy, said renewable power would have to compete on economic merit with traditional sources of electricity as subsidies are withdrawn.

The announcement earlier this year of plans for two German offshore wind farms that would operate without subsidies was a sign of things to come, they argued.

Speaking at a green energy conference in London, Leonhard Birnbaum, chief operating officer for renewables at Eon of Germany, also said wind and solar power could prosper without handouts.

"No other industry has guaranteed returns," he said. "[Subsidy-free renewables] need to be possible otherwise we would be asking for subsidies eternally and we cannot expect that."

Research published by Bloomberg New Energy Finance at the conference projected further sharp drops in the cost of renewable power as the industry matures.

Renewables were forecast to receive almost three-quarters of the $10.2tn of global investment in new power generating technology between now and 2040. During that time, the cost of solar power is expected to fall by a further 66 per cent and onshore wind by 47 per cent, undercutting the majority of existing fossil fuel power stations by 2030.

Jérôme Pécresse, chief executive of renewable energy for General Electric, a manufacturer of wind turbines, said the falling cost of renewables had overtaken political interventions as the main driving force behind the green revolution.

GE plans to go ahead with a 2-gigawatt wind project in Oklahoma — one of the biggest in the world — despite lack of support for renewable power from President Donald Trump's pro-fossil fuel administration.

Mr Pécresse said the Oklahoma project "makes sense in terms of cost and technology," adding: "The impact [of policy] is becoming more and more marginal".

Bloomberg research also predicted tumbling battery prices would make electric vehicles (EVs) cheaper to buy than those with internal combustion engines in most countries by 2025-29. This would lead to EVs making up more than half of new car sales worldwide by 2040.

Mr Starace said Enel was investing in 10,000 electric charging points around Italy to support the roll out of EVs. Mr Terium said Innogy had similar plans.

Infrastructure for EVs was something that "we might leave to the Chinese or Koreans eventually" but in the near-term it was important to establish technology standards and help build the market, Mr Terium said.

Mr Terium said the shift from fossil fuels to electric power in road transportation — increasingly seen as a long-term threat to oil and gas producers — was a big growth opportunity for utilities.

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Earlier:

Renewable
September, 8, 08:55:00

ВЫСОКОТЕХНОЛОГИЧНАЯ ЭНЕРГЕТИКА РОССИИ

Глава Минэнерго подчеркнул, что Россия является одной из самых чистых в плане энергетического баланса стран: 85% энергетики Россия – высокоэкологичная энергетика. «Будем продолжать внедрять современные технологии, быть в центре цифровизации», - заключил Александр Новак.

 
 Renewable
July, 21, 08:50:00

CHINA'S RENEWABLE UP

CHINA’S installed solar power capacity surged over the first half year amid shrinking costs and government policies. Over the first six months, 23.6 gigawatts of solar power were installed, 34.2 percent higher from a year ago, UBS said yesterday, adding that it was “far more than expected as most domestic analysts predicted at the beginning of the year that only 20-25 gigawatts would be added for the whole year.”

 Renewable
July, 3, 13:35:00

GERMANY'S RENEWABLE UP

Germany raised the proportion of its power produced by renewable energy to 35 percent in the first half of 2017 from 33 percent the previous year, according to the BEE renewable energy association.

 Renewable
June, 26, 23:40:00

RENEWABLE ENERGY EFFICIENCY: 90%

Keeping the rise of global temperatures below 2 degrees Celsius means reducing energy-related carbon dioxide emissions by more than 70 per cent by 2050 (compared to 2015 levels). Analysis by IRENA for the G20 Presidency has shown that renewable energy and energy efficiency could potentially achieve 90 per cent of those reductions.

 Renewable
June, 24, 09:50:00

U.S. RENEWABLE ENERGY

Wind and solar developers together have added about 40 gigawatts to the U.S. grid over the past two years, bringing total installed wind and solar capacity to about 120 gigawatts.

 Renewable
June, 21, 20:40:00

CHINA'S RENEWABLE INVESTMENT: $368 BLN

China plans to invest 2.5 trillion yuan (US$368 billion) into renewable energy projects during the 2016-2020 period, creating more than 13 million jobs in the sector, according to the National Energy Administration.

 Renewable
June, 20, 14:25:00

ПОЗИТИВНАЯ ЭНЕРГИЯ РОССИИ

Александр Новак отметил, что в поступательное развитие газовой генерации в немалой степени способствует снижению эмиссии парниковых газов: «На сегодняшний день в России почти 85% произведенной электроэнергии приходится на безуглеродные или низкоуглеродные источники, а к 2035 году этот показатель будет уже почти 90%».

 

 

Tags: RENEWABLE, ENERGY

Chronicle:

RENEWABLE'S FUTURE
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

RENEWABLE'S FUTURE
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

RENEWABLE'S FUTURE
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

RENEWABLE'S FUTURE
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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