Lower Oil Price Will Not Stop the Dazzling Rise of Solar Photovoltaic

Lower Oil Price Will Not Stop the Dazzling Rise of Solar Photovoltaic
  • China will continue to build coal plants, but at a slower pace than in the past, and is further ramping up investment in renewables.
  • Boost for natural gas usage in power generation due to low oil prices
  • Shale gas market still has potential but will not play a major role until mid-2020s at the earliest; serious questions over whether Europe will ever exploit its reserves

The decline in the global oil prices – brent crude is down from US$100 a barrel in August 2014 to US$58 a barrel in February 2015 – is the current hot topic in the energy sector. Clearly this is having an impact on factors petrol prices and manufacturing costs, but it will also have implications for the power generation sector – coal, gas, nuclear, hydro, wind, solar, bioenergy, grid modernisation, energy storage and microgrids. Conventional generation will continue to dominate global installed capacity, although compared to 4–5 years ago, investments in gas and in renewable energy are projected to increase at a greater rate, at the expense of coal and nuclear.

In its latest Annual Global Power and Energy Outlook, Frost & Sullivan remains confident that renewable investment will stay strong and that oil is unlikely to make a major comeback in power generation.

For complimentary access to more information on this research, please visit the web page .

Annual Global Power and Energy Outlook 2014 is part of the Energy & Power Growth Partnership Service program.

Source: Market Watch

Date: February 2015

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