no kidding
The National Bank of Abu Dhabi says
photovoltaic technologies arecompetitive today with oil at US$10/barrel and gas at US$5/MMBtu.
Okay, this isn't Me, saying it, it isn't some whacky hippy saying it, it's
Alex Thursby, President of NBAD saying
"Some of the report’s findings may surprise you, as they did me. For example, renewable energytechnologies are far further advanced than many may believe: solarphotovoltaic (PV) and on-shore wind have a track record of successful
deployment, and costs have fallen dramatically in the past few years. In
many parts of the world, indeed, theyare now competitive with hydrocarbon
energy sources. Already, more than half of the investment in new electricity generation worldwide is in renewables. Potentially, the gains to be made from focusing on energy efficiency are as great as the benefitsof increasing generation. Together,these help us to reframe how we think about the prospects for energy in the region.
This report came from Cambridge and PwC. So the biggest bank in the Middle East, the UK's top research University and PwC one of the big 5 global accountancies is saying
FOSSILS ARE DONE!
WE WON'T INVEST IN FOSSIL ENERGY!
Deutsche Bank also said
http://www.dailykos.com/...
energy. These countries are looking
for different kinds of solutions, to
break out of traditional centralised
approaches to generation and use
new technologies to help them
leapfrog developed economies.
As this report shows, when we look
to the future, it is very clear that
renewables will be an established part
of the global energy mix. Governments
around the world, including the Gulf
region, are setting out their ambitions
for decarbonising their economies,
and the global debate about energy
has never been more intense.
This is banker speak for "We won't invest into fossil electricity and
we think a lot of people may lose their asses in fossil energy.
For solar PV and on-shore wind
technologies, there is already a track record of successful deployment.
Prices have fallen dramatically in the past few years: solar PV falling by 80
per cent in six years, and on-short wind by 40 per cent. The speed of
this shift towards grid parity with fossil fuels means that, in many
instances, perceptions of the role of renewables in the energy mix have
not caught up with reality. At the end
of 2014, the 200 MW Dubai Electricity and Water Authority (DEWA) bid inDubai set a new world benchmark for utility scale solar PV costs, showingthat photovoltaic technologies arecompetitive today with oil at US$10/barrel and gas at US$5/MMBtu. A
That means they won't lend against these unless you can show that price.
That also means that Oil Producers will not be selling into the Electricity market.
So all these little islands, will be changing over, and peaking plants will have
a hard time getting new contracts.
Now existing paid off plants can run at Oil below $60, but as those plants get older
they won't get replaced.
Also it means the billions of people in the third world without electricity, they won't be going for Diesel gensets but PV panels.
Deutsche says this will happen by 2030, i suspect it will happen much faster.
This also means carbon production will start dropping fast. as the gear wears out.