Geographically, the US renewable energy sector is an important growth market for us. This market allows us to deploy capital at scale and develop large capacities with shorter lead times. It has proved to be a very compelling market for us.
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To illustrate the transition from conventional power to renewable power generation in Africa: in the time period from 2008 to 2012, the share of renewables in power generation investments was at about 15 per cent, which increased to over 80 per cent for the period between 2013 to 2019.
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A game changer for solar energy, I think, is the incorporation of storage into solar PV projects. We are actively building our technological capabilities in the solar plus energy storage space, to gear up for these new growth opportunities.
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Fatih Birol, executive director of the International Energy Agency (IEA), spoke to REGlobal about the changing energy market dynamics considering growth in renewable installations and recent oil shock, challenges brought upon by Covid-19 crisis, role of hydrogen and future energy outlook.
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Offshore energy is slated to play an instrumental role in building a power system largely based on renewables to reach the 2030 and 2050 energy and climate objectives. This net-zero objective is ambitious and will require an array of policy changes in sectors beyond energy as well. Offshore wind has the potential to contribute to a sustainable and inclusive post-Covid-19 recovery.
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Current projections suggest that by 2030-35, generation costs for utility solar will reduce even further to 1 to 2 USD cents per kWh in sunny locations. This means that building new solar power plants will not only be cheaper than operating already-built coal plants, but cheaper than fossil fuel plants in general. The uptake of solar power will certainly accelerate the phasing out of coal and other fossil fuels.
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The Enel Group’s goal is to fully decarbonize its generation mix by 2050. Towards this aim, the Group is working towards a full coal phase-out by 2030. Furthermore, on the road to full decarbonization, Enel committed to a 70% reduction in its direct greenhouse gas emissions per kWh by 2030, from a 2017 base-year.
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We are not experiencing too much from the crisis in terms of slow down on deal signing, product deployment and overall construction. In the long run, the COVID-19 pandemic just presents an opportunity to adopt smart, green policies that favor solar investments, clean energy and green job creation.
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While governments have been taking measures to ensure that wind power project operations go on unhindered, the disruption caused in the wake of the Covid19 pandemic is expected to stay for a long time yet. REGlobal spoke to Ben Backwell, chief executive officer, Global Wind Energy Council, on the impact of Covid-19 on the global wind power industry and the future outlook.
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Even though this pandemic will undoubtedly influence the market, and the 100 per cent clean energy goals of many countries in the immediate future, demand for solar is still up. Investors and banks still see solar power as a AAA investment.
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