• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 34 mins Judge Orders Trump To Release Tax Returns
  • 5 mins EU has already lost the Trump vs. EU Trade War
  • 10 hours The lies and follies of the "cry wolf" enviros: No more fire in the kitchen: Cities are banning natural gas in homes to save the planet
  • 13 mins Does .001 of Atmosphere Control Earth's Climate?!
  • 5 hours China's Renewables Boom Hits the Wall
  • 3 hours Offshore SE Asia: Offshore OFS Could Get Major Boost in SE Asia
  • 11 hours CHK Trading @ 90 Cents
  • 17 mins Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 11 hours Iran Finds New Oil Field With Over 50 Billion Barrels: Rouhani
  • 8 mins Saudi Aramco IPO Will Not Save Kingdom
  • 24 hours China Burns More Coal than the Rest of the World !
  • 23 hours Does Brazil Auction Flop Forbode the Outcome of the Saudi Aramco IPO ?
  • 23 hours "Climate Migrants"
The Keystone Oil Spill Effect

The Keystone Oil Spill Effect

The Keystone oil spill led…

The Death Of Cars Has Been Exaggerated

The Death Of Cars Has Been Exaggerated

Automotive giants are positioning themselves…

IEA Predicts Spectacular Solar Growth By 2024

Spectacular Solar Growth

The International Energy Agency expects to see “spectacular” growth in new solar power capacity additions in the period to 2024, which will highlight overall strong growth in renewable energy.

In its latest annual Renewables report, the agency said total new renewable energy additions would shoot up by 50 percent in the five-year period, or some 1,200 GW. The drivers behind this development would be falling production costs and government support.

Solar alone could reach a global capacity of more than 600 GW by 2024, according to the IEA. The number of rooftop solar systems alone is set to increase twofold to about 100 million, with Australia, Belgium, the Netherlands, Austria, and California leading the way.

“Renewables are already the world's second-largest source of electricity, but their deployment still needs to accelerate if we are to achieve long-term climate, air quality and energy access goals,” said the IEA’s head, Fatih Birol.

As regards solar specifically, Birol noted “Distributed PV’s potential is breathtaking, but its development needs to be well managed to balance the different interests of PV system owners, other consumers and energy and distribution companies.”

Related: Big Oil Fights For Its Life

According to the report, the generation costs of so-called distributed solar installations are already lower than retail electricity prices in many parts of the world. However, this does not mean that solar can survive on its own without further government reforms and continued support.

The reason for these reforms and support is that as solar power becomes cheaper, it could disrupt electricity markets and raise system costs. What’s more, this disruption could make it harder to integrate electricity from renewable sources into grids, affecting the revenues of electricity distributors.

An earlier report, by the U.S. Energy Information Administration, said renewables would generate half of the world’s electricity by 2050, rising from 28 percent last year.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play