NewEnergyNews: World Energy's New Energy SuperMajors

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    Friday, December 04, 2020

    World Energy's New Energy SuperMajors

    The New Energy Giants Are Renewables Companies

    Brian Eckhouse, Rachel Morison, Will Mathis, Will Wade and Hayley Warren November 29, 2020 (Bloomberg Green)

    “…[Four companies – Enel, Iberdrola, NextEra Energy, and Orsted – are the new sector energy supermajors, with] the clout and financial might of the energy behemoths that plumbed the world over for oil and gas before them…[They are] leading the race to electrify the global economy…[and] prioritized the building or buying of clean-power plants when those assets were still considered alternative and expensive. Now they’re on the cusp of a breakthrough…

    …Ever-cheaper solar panels and wind turbines are beginning to dominate new power installations, threatening the growth of natural gas on our power grids and upending energy markets…Renewable energy such as solar and wind can be generated without producing heat-trapping carbon dioxide. A global transition to these cleaner fuels is the only chance we have of avoiding the most catastrophic effects of climate change. An estimated $11 trillion of renewables investment will be needed in the next 30 years to make that happen, and investors want in…

    …[Goldman Sachs projects that spending on renewable power in 2021] will overtake that of oil and gas drilling for the first time…[along with the] electrification of automobiles and heating in buildings…Clean energy supermajors’ market caps have surpassed those of oil companies…Installed [New Energy] capacity of the [New Energy supermajors] has grown 207% since 2010…Renewables are now the cheapest form of new electricity in most of the world, which helps explain why they’re spreading in the majority of markets—powered by the clean supermajors. Wind and solar supply about 9% of electricity globally and their share will rise to 56% by midcentury…If the energy story of the 20th century was oil, then this will be the century of electricity…” click here for more

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