Driven by unprecedented low fuel prices, gas power production increased by 7.1% during the first seven months from last year, while coal dipped dramatically by 27.5%.

India's LNG demand for power generation has been robust this year as power plants looked to capitalize on record low LNG prices, helping boost margins at prevailing electricity prices.

“The Canada Infrastructure Bank is critical to expanding Canada’s ambition by bringing in the private sector to get more infrastructure built,” said Infrastructure and Communities Minister Catherine McKenna, adding that the investments will create 60,000 jobs and “help build a low-carbon future”.

The energy market is rapidly changing. In the past several years, power grids have transformed from a few well-controlled generating units to multiple distributed energy resources connected to a vast system managed by increasingly digital solutions.

"Israel, the United Arab Emirates, and the United States are committed to exploring collective activities in multilateral settings in coordination with financial institutions and the private sector to enhance international investment in research and development and the rapid adoption of new energy technologies," the statement added.

"If carbon pricing allows those renewables to have enough revenue because the value of emissions will now be compensated in the energy markets, there is no longer a need for above-market contracts from the states,"

International institutional investors that are the long-term owners of generation assets in other markets have generally been cautious about acquiring renewable assets in Australia, perceiving the risk/reward balance to be inferior to other investment opportunities.

Now, electric grids are increasingly decentralizing, giving rise to cloud-based systems that pool resources to meet fluctuating consumer demand.

Key risks for the renewables sector are reductions in direct subsidies and tax credits as observed in China, Europe, and the US, permitting barriers and a cloudier outlook for long-term electricity prices.

Several oil majors are charting a faster shift to cleaner energy.