Solar energy could emerge as 'new king of the world's electricity markets'

Solar energy could emerge as 'new king of the world's electricity markets'

The new report provides the latest IEA analysis of the pandemic's impact: global energy demand is set to drop by 5% in 2020, energy-related Carbon dioxide emissions by 7%, and energy investment by 18%.

Renewables are expected to surpass coal as the primary means of producing electricity by 2025.

The IEA estimates energy-related Carbon dioxide emissions will fall by 7 percent this year.

The combined share of solar PV and wind in global power generation will rise to nearly a third by the end of the decade, from 8 per cent in 2019.

Meanwhile, power produced from solar photovoltaics has become cheaper than electricity from plants fired by fossil fuels in most nations.

The IEA report also highlights the comparative advantage of major resources producers such as Australia who are well prepared to lead on CCUS, critical minerals and hydrogen production into the future, Constable said.

Changes in the shape and variability of electricity demand and the strong growth of solar PV and wind power are increasing flexibility needs in power systems, the report says: "As flexibility needs increase, hydropower will have greater value to systems for its ability to provide a wide set of system services across a wide range of time scales from improving power quality on a moment-to-moment basis to balancing seasonal variability".

COVID-19 again? Reinfection cases raise concerns over immunity
Clarke also pointed out that the research's findings could possibly make generating immunity against COVID-19 "much more hard ". The Nevada patient may have been exposed to a higher dose of the virus the second time.

"I see solar becoming the new king of the world's electricity markets", IEA executive director Fatih Birol said in a statement Tuesday. "Based on today's policy settings, it's on track to set records for deployment every year after 2022".

The assumptions require a massive investment in power grids, which need upgrades to absorb supply from more diverse sources that only work when the sun shines or the wind blows. Without enough investment, grids will be the "weak link" in transforming the power sector, according to the report.

If Covid-19 recovery happens in 2021, coal demand will continue to fall. By 2040, the fuel that once was a staple of utilities will fall below 20% for the first time since the industrial revolution, the IEA concludes. Yet, as reported by S&P Global Platts, China's crude oil imports ended their downtrend to gain 5.5% at 11.85 million barrels per day in September from a 4-month low of 11.23 million barrels per day in August, but the recovery looked temporary amid less new arrivals in October, port sources and refiners said on October 13.Ok, temporary, maybe like peak oil was.

However, demand for natural gas is expected to grow significantly, mainly in Asia, while oil remains vulnerable to the major economic uncertainties resulting from the pandemic.

The acceleration of clean energy transitions, and how quickly energy and climate goals are reached, will depend on how governments respond to today's challenges, the biggest being the Covid-19 crisis, the World Energy Outlook 2020 report from the International Energy Agency (IEA) suggests.

McConville pointed to recent Australian government figures, which showed that liquefied natural gas (LNG) exports have the potential to reduce global greenhouse gas emissions by up to 169-million tonnes carbon equivalent, or over 30% of Australia's annual emissions.

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