It’s bad enough that 2018 net capacity additions did not exceed 2017’s after two decades of strong growth. It is far more troubling that nobody saw it coming, says the IEA, who have laid out the data and main cause: stop-go policies. 2018's 180 GW is only 60% of what needs to be added each year to meet climate goals. China, the EU, India and Japan all fell back. Only emerging economies, developing countries and the US (slightly) saw growth. … [Read more...]
2009 to 2017: solar, wind costs plummet, hydro steady, nuclear up
Between 2009 and 2017 prices dropped 76% for solar panels and 34% for wind turbines. Hydro and nuclear struggle to cut costs; as mature technologies, most of the efficiencies have already been squeezed out already. Also, they are difficult to productise and scale; dams (definitely) and nuclear plants (somewhat) are one-offs. In contrast, solar panels and wind turbines are far easier to productise and then mass produce. It’s why wind overtook … [Read more...]
There’s a limit to raising CO2 taxes. Re-focus on energy innovations to reverse emissions
Stop obsessing about raising CO2 taxes, says Severin Borenstein at the Energy Institute at Haas. It’s good, but not enough. Why? Textbook economics says if you tax something bad, innovators are incentivised and rewarded for coming up with something better. That’s true for cigarettes (vaping), plastic wrapping (recyclables, biodegradables), traffic (public transport). But there’s a limit with CO2 taxes, says the author. In developing countries … [Read more...]
Leaked German govt report: emissions target will be missed despite on-target renewables
A leaked draft of Germany’s Energiewende Progress Report 2019, due to be released by the economy ministry in May or June, predicts the country will miss its targets for reducing energy use and greenhouse gas emissions by wide margins. This is despite the inevitable emissions reductions due to the 2009 recession and being on track for renewables. If no other measures are taken Germany will reduce emissions by 33% by 2020, falling short of the … [Read more...]
From rooftop solar to carbon divestment, California leads the transition
California doesn’t wait for Washington. As America’s most populous state by far, it is behaving like a separate nation when it comes to climate policies. Tim Buckley, Director of Energy Finance Studies at IEEFA Australasia, says it has become a global leader in renewable energy. Renewables provided 34% of its total energy needs in 2018, and the business community sees economic success in further progress. The author runs through the highlights, … [Read more...]
PPA 2.0: future-proofing corporate energy funding
Power purchase agreements (PPAs) are a significant tool for funding the energy transition. Research by DNV GL suggests that, as renewable energy becomes more widespread, its price dynamics becomes more complex, and that matters to PPAs. Some governments are looking to phase out subsidies and feed-in tariffs, effectively softening their price guarantees. Also, as renewables generation grows, market prices can fall. Martijn Duvoort, Director Energy … [Read more...]
UK: Despite progress, 100% low-carbon is still a long way off
The UK transition is often cited as a success story. Coal’s contribution has dropped from 40% to 6%. Wind, solar and hydroelectric now generates more electricity than nuclear. Demand for electricity has also fallen. The carbon intensity of Britain’s electricity has almost halved, from over 500g of CO₂ per kilowatt-hour in 2006 to under 270g in 2018. The National Grid now expects to be able to operate a zero-carbon electricity system by 2025. But … [Read more...]
“Responsible” ESG investments hit $20tn, a quarter of the world’s professionally managed total
ESG (Environmental, Social and Governance) factors measure the sustainability and ethical impact of an investment. ESG includes the energy sector, and the amounts spent show it’s no longer just an ethical choice, says The Rocky Mountain Institute’s Todd Zeranski. It doesn’t just save the planet, it saves our pensions. Why? From regulatory penalties to the cost of climate clean-up, fossil fuel investments are getting too risky and expensive. Those … [Read more...]
“Stop trading renewable energy supply certificates, speed up the transition”
In the UK, REGOs certify that the power a consumer buys is renewable. As REGOs can be traded that means one supplier, sourcing 100% of their energy from renewables, and another simply buying enough REGOs to cover 100% of their output can both say they are 100% renewable. Is there a difference? Yes, says Thomas Harrison at supplier Good Energy. Trading REGOs takes the pressure off suppliers to use all their buying power to expand the supply of … [Read more...]
NECPs – Analysis: EU ideals coming up against political realities
The European Union is trying to maintain its leadership on climate change with its Clean Energy for All Europeans package, which aims to make the EU climate neutral by 2050. The mechanism for achieving this target is member states’ National Energy and Climate Plans (NECPs). Mike Scott considers the plans, how Germany is moving towards an "Eastern European" energy policy and how the upcoming elections could dilute EU climate policy overall... … [Read more...]
New “Gas for Climate” scenarios: can green gas and hydrogen save gas pipelines?
Gas has a key role to play in decarbonising the energy sector. Until a comprehensive clean energy network can accommodate variable renewables using storage, baseload power will be needed. Natural gas is a lower carbon option than coal, so there is a strong case for it to be the first-choice bridging fuel towards a net-zero energy economy. However, exactly how much gas, what type of gas and how existing infrastructure can store energy in the form … [Read more...]
Why does coal survive? A detailed real-world cashflow analysis
Everyone knows coal plants are bad for the environment. So why do countries still use them? Coal’s attractiveness comes from the relatively low up front capital investment required to start generating energy. On top of that, the rapid rise of variable renewables (solar, wind) need something to rise with it to fill the generation gap when the sun doesn’t shine and the wind doesn’t blow. In his final instalment - after his similarly detailed … [Read more...]
What’s next for the geopolitics of energy transformation?
January’s IRENA report “A New World” has kick-started the debate on how the accelerating deployment of renewables will affect and alter the global distribution of political and economic power. Jan Frederik Braun and Daniel Scholten review its findings and build on the list of issues that must be faced. For example, although the IRENA report focuses on electrification the authors say power-to-gas is likely to play a major role, and we must face up … [Read more...]
Onsite solar and storage powers off-grid telecom towers
There are more than 3m telecom towers globally, and powering them is a $100bn market. It's a particularly important growth sector in developing countries. They are already using mobiles to leapfrog the laying of costly landlines, but because they lack grids that stretch to remote communities they need to power towers that are off the grid. Dr Thomas Hillig says as solar and storage costs continue to drop they are replacing diesel gensets as the … [Read more...]
Virtual power plants: a story of market rules and smartgrids
Access to the grid-balancing market is competitive and carefully regulated. Green electricity from distributed and behind-the-meter renewable assets is already being traded on wholesale and balancing markets. The assets come in all shapes and sizes: roof-top solar, farmyard biofuel installations, EV and home battery systems, community energy projects, wind installations and heat pumps to name but a few. When they are pooled, by aggregators, they … [Read more...]
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