In a major new report, Citigroup says the slump in oil and gas prices may provide some road humps for wind and solar, but renewables will win out because of economics, energy security and environment issues. And it’s the cheapest way to substitute coal-fired power.
Here is an interesting fact: Solar PV is already upturning the business models of utilities around the world, yet right now it contributes just 1 per cent of global electricity demand. Imagine what its impact will be when it grows another tenfold in the coming decade.
Abbott government’s opening salvo on post 2020 targets puts it squarely in the camp of Big Oil and Big Coal. There is no mention of 2C target, or even the need for a clean energy transition. But it’s managed to suck in some media.
There are supposed to be penalties for big polluters under Direct Action. Instead, the big polluters will get a massive free kick under the government’s plan as the Coalition’s energy and climate policies descend further into high farce.
First the Abbott government brought the renewable energy industry to a standstill, then it brought it to its knees. Now, it has effectively told it to go and get stuffed. Abbott has crucified Australia’s renewable energy industry by cynically preying on its three major weaknesses – a lack of financial muscle; a lack of unity, and it’s craving for policy certainty.
Brisbane-based Tritium has landed a major deal to supply its Australian-made fast charging technology to US-based ChargePoint, developer of the world’s largest EV charging network. In Australia to announce the deal, ChargePoint CEO says the global shift to electric driving is underway – a key part of energy revolution.
Clean Energy Council proposes compromise deal on RET – good news for wind farm developers, but possibly bad news for big solar developers. The offer was quickly rejected by the government, with solar leaders accusing its peak body of “betrayal”.
WA energy minister says solar to be on most homes and businesses within a few years, and people could go off-grid. The trend may accelerate once the government removes a massive fossil fuel subsidy paid to owners of generators – some of whom never even switch the plant on.
Abbott government tells renewables industry it should consider itself “lucky” to have even an offer of a 40% cut in the renewables target on the table. This comes as Abbott ministers continue their RET whoppers – this time about whether a reduced target can be physically met.
Macfarlane and Hunt tell industry to agree to big cut in renewables target, or else. They might get away with it because there are signs of divisions within clean energy industry. Meanwhile, Abbott government ridiculed over abatement targets and invitation to climate contrarian Bjorn Lomborg.
The big question for global energy markets will be how quickly battery storage costs can fall. Will they match the cost reductions of solar PV? Australian-backed battery technology technology group Sunverge says they will, up to three times faster.