“Right now, we have 22.8 GW of renewable energy projects under different stages of development; 2.8 GW will be operational before the end of the year,” Muneef Al-Muneef, general director of renewable energy policies at the Saudi Ministry of Energy.

How will the 55 GW of generation from coal, gas, and nuclear be replaced during weeks of wind-still winter in mid-century Germany?

The US federal government’s effort to force the transition of the US energy economy from a mixed-fuel economy to an “all-electric everything” energy economy based on renewable electricity generation and storage is becoming a brutal and explicit combination of incentives and disincentives.

The developed nations of Europe and the UK have played into the hands of Russia by closing coal and nuclear generation facilities and becoming dependent on renewables and Russian natural gas, rather than developing their own natural gas reserves.

The transition to a renewable plus storage grid would require replacement of baseload coal generation and perhaps nuclear generation as well.

Germany will look into all options in response to the likely decrease or stop in Russian fossil fuel deliveries to Germany, including a longer run-time of nuclear and coal-fired power plants, even if those options are unlikely.

Habeck said it was “completely indisputable” Germany will need more gas-fired power plants as a “backup” solution in case supply from renewables isn't sufficient.

Brent prices will average $49/b in 2021, up from an expected average of $43/b in the fourth quarter of 2020. Brent prices will average $47/b in the first quarter of 2021 and rise to an average of $50/b by the fourth quarter.

EIA forecasts Brent crude oil prices will average $47/b in 2021.

Public opinion, governmental regulations, and most importantly, economics, are pushing the O&G industry to diversify its assets into renewables.