Global renewable capacity additions are set to soar by 107 gigawatts (GW), the largest absolute increase ever, to more than 440 GW in 2023.

The Brent crude oil spot price will average $79 per barrel (b) in the second half of 2023 (2H23) and $84/b in 2024.

New utility-scale solar capacity was 2,530 megawatts (MW) or 39.56% of the total ... and that does not include small-scale distributed PV systems. New wind capacity provided 1,475-MW or 23.06% of the total.

In order to meet this goal, the UK must produce five times as much solar and four times more wind.

Offshore wind is rapidly growing around the world, becoming a central part of international decarbonization and a vital part of coastal economies, and the domestic potential to harness offshore wind is now emerging.

Renewable generation capacity increased by 295 GW (+9.6%) in 2022. Solar energy continued to lead capacity expansion, with a massive increase of 192 GW (+22%), followed by wind energy with 75 GW (+9%). Renewable hydropower capacity increased by 21 GW (+2%) and bioenergy by 8 GW (+5%). Geothermal energy increased by a very modest 181 MW.

The Brent crude oil spot price will fall from an average of $84/b in the second quarter of 2023 (2Q23) to $81/b in 4Q23 and then average $78/b in 2024.

After excluding 7 bids due to formal errors, the regulator selected 119 proposals with prices ranging between €7.24c/kWh and the maximum permissible value of €7.35c/kWh. The volume-weighted average reached €7.34c/kWh (+25% compared to the previous round).

At the end of 2021, wind power accounted for 11% of Australia’s installed capacity with 9 GW and 9% of its power generation with 24.5 TWh.

At the end of 2021, offshore wind represented 14% of Denmark’s installed capacity with 2.3 GW (4.7 GW for onshore wind).

Uzbekistan will allocate US$15.4bn to the development and building of these renewable projects.

The wind project is currently under development near the Port of Newcastle and will be situated in proximity of energy transmission infrastructure.

Renewable energy sources (i.e., biomass, geothermal, hydropower, solar, wind) provided nearly three-quarters (74.1%) of new utility-scale generating capacity in the U.S. last year.

spot price of Brent crude oil falls to an average of $82/b in 2H23 and $78/b in 2024.

Germany targets 30 GW of offshore wind by 2030. The country had 7.7 GW of offshore wind installed capacity at the end of 2021.