The race for renewable energy has passed a turning point. The world is now adding more capacity for renewable power each year than coal, natural gas, and oil combined. And there's no going back. The shift occurred in 2013, when the world added 143 gigawatts of renewable electricity capacity, compared with 141 gigawatts in new plants that burn fossil fuels... The shift will continue to accelerate, and by 2030 more than four times as much renewable capacity will be added. "The electricity system is shifting to clean,'' Michael Liebreich, founder of BNEF, said in his keynote address. "Despite the change in oil and gas prices there is going to be a substantial buildout of renewable energy that is likely to be an order of magnitude larger than the buildout of coal and gas." Click here for the full article (VIEW LINK)
Renewable energy is growing because it is becoming increasing economic without subsidy even when operating intermittently. While renewables generally cannot deliver highly dispatchable power, their increasing affordability clearly points to a future grid that is less emissions intensive and more dynamic. The corollary to this story is the importance of getting the compensation to grid operators correct as they will serve the critical function of balancing all this dynamic generation.