Business Record reported that energy sector research consulting firm Bloomberg New Energy Finance reports that cheaper renewable power will mean coal will be largely out of the power generation picture in a few decades, Bloomberg reported. The company reports some USD 11.5 trillion of investment will be spent on producing energy through 2050. Most of that, 85 percent, or USD 9.8 billion, will go to wind, solar or other no-emissions operations.
Better batteries, which allow grid managers to store power for times when it’s neither breezy nor sunny, will allow utilities to take advantage of plunging costs for solar panels and wind turbines. The ability of natural gas plants to work at a few minutes’ notice means the fuel will become the choice for most utilities wanting guaranteed generation capacity.
Ms Elena Giannakopoulou, head of energy economics at BNEF said that “Coal emerges as the biggest loser in the long run.” Ms Giannakopoulou added that “Beaten on cost by wind and for bulk electricity generation, and by batteries and gas for flexibility, the future electricity system will reorganize around cheap renewables.”