Category: Mega Trends & Analysis

Non-Hydro Renewables Set to Outperform In Brazil’s Power Sector

Brazil’s non-hydro renewables sector remains in a prime position for significant wind and solar power growth from projects being developed through private power purchase agreement (PPA) deals as well as through power auctions. For example, in August 2021, Brazilian meatpacker BRF signed a 15-year PPA for the development of a 160MW wind power farm with developer AES Brasil Energia. Additionally, the Brazilian government awarded 873MW in non-hydropower renewables capacity through the country’s A-3 and A-4 power auctions that concluded in July 2021.

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UAE’s Power Sector: Transitioning to a clean and smart grid

United Arab Emirates’ (UAE) power production has long been driven by hydrocarbons. However, in recent years, the country has been focusing on clean power in a bid to cater to its ever-growing power demand and to save costs associated with it. These goals are clearly reflected in the UAE’s Energy Plan for 2050, which was announced in 2017. The Energy Plan envisages the production of 44 per cent of power from renewables, 6 per cent from nuclear, 12 per cent from clean coal and the rest from natural gas by 2050.

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Europe leads global offshore wind market: GWEC

Europe retains its status as the largest regional offshore wind market as of the end of 2020, but new installations outside Europe, predominantly in Asia, already surpassed Europe last year for the first time. This situation is likely to remain through to 2030, although annual installations in Europe may pass the milestone of 10 GW in 2026. In the near term (2021-2023), the majority of growth outside Europe will come from Asia – primarily China, Taiwan and Vietnam, with contributions from the US. Japan and South Korea will grow in importance from 2024 onward.

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The way forward for hydrogen in ASEAN

The ASEAN Centre for Energy has published a report titled, “Hydrogen in ASEAN: Economic Prospects, Development and Applications”. The report analyses the need, potential, economics, roadmap and policy implications for the hydrogen sector in ASEAN. REGlobal provides an extract from the report.

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EU Solar Power Hits New Record Peak This Summer

New analysis by energy think tank Ember reveals that, for the first time, solar panels generated a tenth of EU-27 electricity during their peak months of June and July this year. New records were set in eight EU countries, including Spain and Germany. However, solar panels still generated less electricity than Europe’s coal power plants, even during the height of their summer peak.

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Hydrogen production costs 2021

Hydrogen production costs are a fundamental part of energy market analysis, and a good understanding of these costs is important when analysing and designing policy to make progress towards net zero. A recent report produced by the Department for Business, Energy, and Industrial Strategy (BEIS), presents estimates of the costs and technical specifications for different production technologies.

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US offshore wind market to witness strong growth in the coming years

A new national target of 30 GW of offshore wind energy by 2030, set in March 2021, could help illuminate the potential for future U.S. market growth. As the number of projects in the advanced permitting and approval phases now exceeds 11 GW, the first phase of U.S. development is well underway. However, despite the new national offshore wind energy deployment goal, fluctuating policy support, stakeholder concerns, constrained global supply chains, and land-based grid limitations pose challenges that could potentially temper the industry’s progress.

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Electricity Exports and Hydrogen to Drive Egypt’s Long-Term Power Sector Growth

Plans to build out its hydrogen production capacity will hold significant upside potential for Egypt’s domestic electricity consumption over the coming years. In early July 2021, Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker announced plans for the government to invest USD4bn into the construction of a green hydrogen production plant, which will use renewable electricity to power electrolysers. While the plans were not discussed in further detail, the government’s commitment to establish a large-scale green hydrogen project highlights its long-term commitment to energy transition.

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Ukraine Power Sector Faces Challenges Amid Deepening EU Ties and Decarbonisation Aims

The non-hydropower renewables sector is Ukraine’s fastest power capacity growth segment, with an annual average rate of 5.3%. Ukraine has one of the most favourable climactic conditions for wind and solar in the region. Fitch Solutions highlight that the wind sector will bring on the majority of the 5.5GW of capacity growth through 2030 with 60% of non-hydro renewables additions, followed by solar with 39% and a marginal role for biomass growth.

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Production Line Market: Trends and developments in solar cells and module manufacturing equipment

The global solar manufacturing industry is undoubtedly dominated by China, which accounts for about 71 per cent of the world’s solar manufacturing capacity. Moreover, solar photovoltaic (PV) manufacturing involves both pre-cell and post-cell processes, and China controls 97 per cent of the global market for the latter. In contrast, India has a mere 1 per cent share in the global solar manufacturing market, which can largely be attributed to the country’s efforts in improving its post-cell capacity.

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Major Challenges & Opportunities Arising in Greek Power Market

In Greece, power generation alternatives, including non-hydropower renewables, are set to surge amid diversification and decarbonisation efforts in Greece’s power mix, although risks are rising with the locking in of gas-fired power. The non-hydropower renewables segment’s share of the market’s total generation is set to rise from 36.0% over 2021 to 50.4% by 2030. Capacity growth has been supported by a large number of power capacity auctions for both wind and solar, which have proved successful in delivering a large project pipeline. The wind and solar segments will account for 99% of additional capacity between 2021 and 2030 and we expect that the solar segment will lead growth accounting for 57% of additions.

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Power demand and RE integration drives grid investments in Poland

Poland’s high voltage transmission network could witness investments worth PLN14 billion in the coming decade. This is to be viewed in the context of around 17 per cent growth in electricity demand expected by the country in 2030. Besides the essential capacity augmentation, the investment outlook for the sector emphasises renewable energy and energy exchanges, both of which hinge on grid connectivity.

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Mid-Year Update: Power & Renewables Key Themes For 2021

At the mid-point of the year Fitch Solutions assesses the performance of its key themes for 2021, as outlined in December 2020. Owing to the global impacts of the ongoing Covid-19 pandemic the subject features heavily in its analysis, as does the different rates of investment recovery and the energy transition. The key themes include Offshore Wind Expansion Into New Markets, Global Capacity Resurgence From Covid-19 Recovery, Short Term Access To Capital To Cause Power Sector Growth Divergence Between DMs and EMs, US Policy Shift Back To Global Climate Stage, and Green And Blue Hydrogen Investment To Accelerate.

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Solar Power Investment Hotspots: Outperformers and Ones to Watch

Fitch Solutions highlight Spain and Japan as global solar power outperformers. Robust government support, declining renewables costs and a sizeable project pipeline will support substantial solar capacity growth in Spain. Japan is currently the second largest solar power market in Asia and will see the third largest capacity growth in the region, driven by the adoption of distributed solar generation systems. Poland is the solar power market to watch.

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Grid Integration of EVs: ENTSOE stresses on smart charging and V2G

The adoption of electric vehicles (EVs) in Europe has been increasing rapidly over the last few years and crossed 1.5 million cars in 2020 [including both battery electric vehicles (BEVs) and plug-in hybrids (PHEVs)]. European policymakers have clearly set the path towards the massive adoption of EVs. Future prospects are promising with a possibility of Europe’s combined EV market share touching 50 per cent by 2030 as per the International Energy Agency’s (IEA) Global EV Outlook 2020.

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China’s Power Sector: On track for transition to clean energy

China’s energy sector is undergoing an unprecedented transition. In a span of five years, from 2015 to 2020, the renewable energy (RE) share in the country’s generation mix grew at a compound annual growth rate (CAGR) of over 28 per cent. Further, over the next five years, is it estimated that another 62 GW of new RE capacity will be added to the country’s capacity mix.

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