• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 8 minutes Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 14 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 13 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 17 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 13 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 22 hours Middle East on brink: Oil tankers attacked off Oman
  • 16 hours Never Knew Gasoline Prices were this important!
  • 15 hours (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
  • 13 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 1 day Middle East Attack Jolts Oil-Import Dependent Asia
  • 1 day Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 4 hours Plants are Dying
  • 10 hours We Are Better Than This
  • 1 day Emmissions up, renewables nowhere

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