Bloomberg takes contrary stance, expects boom in renewables investment
By: SGN Staff
Quick Take: By now we clearly understand the link between renewables and the grid. The more renewables, the more strain on the grid, the more need for smart technologies.
Recently, however, things have been looking dim for renewables. Rock-bottom natural gas prices make it less expensive to put up a gas-fired generator than a wind or solar farm. Conservatives are crying for an end to clean energy subsidies. Solar firms have been going out of business. Existing wind farms sometimes have to shed power for lack of transmission. And so on.
But Bloomberg New Energy Finance says renewables are actually at the tipping point. As you will read, they project three different scenarios. Depending on which one you believe, the prognosis for renewables is either good, better or best.
I try hard to be an optimist, but these projections feel excessively cheerful. What's your take? Record your vote and put your explanation in the Comment form.- Jesse Berst
While the rapid decline in wind and solar power costs forced many manufacturers out of business and into bankruptcy, Bloomberg New Energy Finance sees it as a spark that will triple investment in renewables by 2030.
New Energy Finance says a dramatic increase in clean energy project spending of from $190 billion last year to $630 billion by 2030 could happen, despite how unlikely that may sound. That forecast runs counter to the much talked about oversupply that saw no profits for most wind and solar manufacturers, pushed Suntech Power Holdings Co. into bankruptcy last year and left Vestas Wind Systems A/S with "record losses." The news report also said Vestas is half way into a plan to cut 30% of staff over two years.