• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 35 mins Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 3 hours The CDC confirms remarkably low coronavirus death rate. Where is the media?
  • 5 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 18 mins Let’s Try This....
  • 2 hours New Aussie "big batteries"
  • 18 hours Monetary and Fiscal Policies in Times of Large Debt:
  • 4 hours China to Impose Dictatorship on Hong Kong
  • 6 hours 60 mph electric mopeds
  • 10 hours Iran's first oil tanker has arrived near Venezuela
  • 13 hours Nothing can shake AMLO’s fossil-fuel fixation
  • 19 hours US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 1 day Fed Says It Will Begin Buying Corporate-Debt ETFs on Tuesday
Covid-19 Crisis Could Crush Brazil’s Oil Boom

Covid-19 Crisis Could Crush Brazil’s Oil Boom

COVID-19 cases are skyrocketing in…

Chinese Hedge Funds Are Betting Big On An Oil Price Recovery

Chinese Hedge Funds Are Betting Big On An Oil Price Recovery

Little-known Chinese hedge funds are…

IEA: Large-Scale Integration of Renewables Not Costly

A new study released by the International Energy Agency concludes that the large-scale adoption of renewable energy technologies like solar and wind can come at “little additional cost in the long term.” Solar PV and wind could generate 30% of a given market’s electricity generation without significant economic disruption.

The IEA notes that much depends on the flexibility of the market, and how power markets are governed in an individual country. However, it does note that renewables are already being integrated in a significant way in many countries. For Denmark, Italy, Germany, Ireland, Spain, and Portugal, wind and solar have captured between 10% and 30% percent of electricity generation.

The first installations come easy – IEA finds that ramping up renewables to the point at which they account for 5%-10% pose no technical or economic challenges at all and they can be added to the existing electricity system. But once a country gets beyond the 10% threshold, IEA finds, reforming the electricity system becomes imperative. This involves transforming the system to make it more flexible.  Moreover, older power plants have to be shut down to make room for renewables, which raises difficult challenges concerning the economic impact on varying parties.

Related Article: U.S. Army’s $7 Billion Interest in Renewable Energy

But the calculation is different for emerging economies like China, India, and Brazil. Adding renewables should be considered at the start, as these countries are still adding capacity to meet growing demand. For incremental demand, renewables wouldn’t need to push out incumbent producers, theoretically making the issue easier to grapple with.

The report comes at a time when renewables are taking off around the world. Bloomberg reports that 2014 will be a record year for solar power, with projections that the solar market will grow by 20% from a year earlier. China is set to lead the way after it recaptured its lead as the world’s largest solar market in 2013.  

By Joao Peixe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News