The New Energy Deal Keeps Getting Better

"Remorseless’’ Cost Reductions Drive Renewable Energy Revolution

Nick Cunningham, January 21, 2019 (OilPrice)

Renewable energy will march forward this year, due to ‘remorseless reductions in the costs of solar and wind electricity and of lithium-ion batteries’…[According to Bloomberg New Energy Finance, this means] every dollar invested brings more renewable energy capacity…[T]he world will add between 125 and 141 gigawatts (GW) of new solar this year, sharply up from the ~109 GW added in 2018…[Wind capacity additions will be] 70 GW in 2019, up from 53.5 GW last year…[Offshore wind will still remain a fraction of the wind installation total, but ‘eye-catching price drops’ will make it a ‘must-have’ technology this year…

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Europe is set to install 4.9 GW of offshore wind, with Asia installing 3.5 GW – both new record highs…Asia will take over as the global leader… Energy storage hits a milestone in 2019 as well, adding 10 GWh of new capacity for the first time. China will ‘establish a truly global presence’ in the energy storage market, with automakers increasingly seeking out the Chinese suppliers. Average battery prices could fall below $150/kWh this year, down from $176/kWh last year, which itself was a record low…The [2.6 million EV] sales of electric vehicles jump by 40 percent this year…adding to the cumulative total of 5 million already sold…” click here for more

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