• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 11 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 2 hours Which producers will shut in first?
  • 28 mins Cpt Lauren Dowsett
  • 2 hours The Most Annoying Person You Have Encountered During Lockdown
  • 12 hours Its going to be an oil bloodbath
  • 4 hours Pumping Dollar V Pumping Oil Match
  • 13 hours Why should ANY oil company executive get ANY bonus now?
  • 7 hours The idea that electric cars are lowering demand is ridiculous.
  • 37 mins Natural gas price to spike when USA is out of the market
  • 44 mins Iran-Turkey gas pipeline goes kaboom. Bad people blamed.
  • 12 hours CDC covid19 coverup?
  • 23 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand

Breaking News:

IEA: OPEC Can’t Save The Oil Market

How COVID-19 Could Spark The Next Recession

How COVID-19 Could Spark The Next Recession

The COVID-19 crisis is wreaking…

World’s Solar Power Capacity To Hit Major Milestone By 2023

Solar

Despite the fact that China’s recent policy changes weigh on short-term forecasts, global solar capacity is expected to reach the 1 terawatt threshold by 2023, the latest quarterly report by GTM Research shows.

In early June, market researchers rushed to lower their solar capacity addition forecasts for this year after China surprised everyone by announcing that it would not issue approvals for any new solar power installations this year and would also cut the feed-in tariff subsidy that had been a major driver of the solar business in the country that accounts for as much as 50 percent of global capacity.
GTM Research reduced its China new solar capacity additions forecast by as much as 40 percent to 28.8 GW, with one analyst saying, “When the industry talks about China, it’s always about how demand in the region exceeds expectations. That is not going to be the case anymore.”

The new Chinese policy will have “significant ramifications for the global PV market,” says GTM Research’s Solar Market Outlook Update for Q2 report, as carried by BusinessGreen.

China is now likely to install 141 GW of solar capacity between now and 2023, compared to previous estimates of 206 GW, according to the report.

“Annual installations of 20-25GW will be the new normal for China, rather than 30-40GW,” it says.

After 2019, however, global solar capacity additions will be around 120 GW each year, with total solar capacity expected to cross the 1 TW mark by 2023.

Last week, Bloomberg New Energy Finance (BNEF) said its data indicated that there were 1,013 GW—crossing the 1-TW milestone—of combined wind and solar PV generating capacity installed worldwide as of June 30, 2018. According to BNEF estimates, the second terawatt of wind and solar will arrive by the middle of 2023 and cost 46 percent less than the first.

By Tsvetana Paraskova 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