Investments in wind power and photovoltaics increase
The latest New Energy Outlook from Bloomberg predicts a radical drop in electricity prices from renewable sources. Investments in gas, on the other hand, are stagnating.16 Jul 2019 Roland Freist
The latest edition of the annual New Energy Outlook (NEO) from Bloomberg New Energy Finance (BNEF) predicts that by 2050 investments of US$13.3 trillion will be made in power generation, 77% – or US$10.2 trillion – of which in renewable energies. Investment of US$5.3 trillion is to be made in wind power plants, US$4.2 trillion in solar plants, and the remainder predominately in battery storage facilities. Wind power is therefore expected to contribute to approximately 26% of the global energy mix in 2050; today, this figure is around 5%. In the same period, the share of solar energy is set to increase from 2% today to 22%.
According to the NEO, investments will continue to be made in the coming years in fossil power plants, which generate electricity primarily from coal; this will be the case in Asia especially. The US in particular will continue to rely on gas-fired power plants until 2050. However, Bloomberg analysts anticipate growth rates of just 0.6% per year in this sector: power generated from gas will increasingly be retained as simply an energy reserve and to maintain a flexible power supply.
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