• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 10 days e-truck insanity
  • 5 days How Far Have We Really Gotten With Alternative Energy
  • 9 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 8 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 10 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 13 days Bankruptcy in the Industry
Russia’s Crude Is Trading at $15 Above the Price Cap

Russia’s Crude Is Trading at $15 Above the Price Cap

Russia’s flagship crude grade is…

Asia Pacific To Invest $3.3 Trillion In Power Generation Over 10 Years

The Asia Pacific region is poised to invest as much as $3.3 trillion in power generation over the next 10 years, half of which in solar and wind power, as India and China lead the growth in power demand and investments, Wood Mackenzie said in an analysis on Wednesday.

Of the expected investment in power generation, a total of 49% is set to go to wind and solar power and another 12% to energy storage, according to the energy consultancy. 

India and China, the two largest markets, are looking to boost generation capacity as power demand soars, and are betting on cheaper coal and renewables technologies, said Alex Whitworth, Head of Asia Pacific Power & Renewables Research at Wood Mackenzie.

“As leaders India and China face rapidly growing power demand, each country continues to invest in a mixture of technologies, with emphasis on the cheaper options of coal and renewables,” Whitworth said during a keynote speech at Renewable Energy India Expo 2023.

Overall, the Asia Pacific region is set to add 1,840 gigawatts (GW) of new power capacity in the next five years, more than the rest of the world combined, per WoodMac’s forecasts.

“India and China, are at the forefront of renewables growth, but are also leading the world in coal power deployments,” Whitworth noted.

Despite some of the world’s lowest-cost renewables in India and China, the two countries continue to add coal-powered capacity to support demand growth.

During the first half of 2023 alone, China approved more than 50 GW of new coal power, Greenpeace said in a report last month. That’s more than it did in all of 2021, the environmental campaign group added.

In India, coal still generates around 70% of the country’s electricity.

“Despite an aspirational 2070 carbon neutral target, India is still investing heavily in new coal power to support growth, with a pipeline of over 50 GW of projects planned and under construction,” Wood Mackenzie said.  

ADVERTISEMENT

By Michael Kern for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News