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BNEF projects impact of COVID-19 on renewables, energy storage, EVs, etc.

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BloombergNEF has issued a research note highlighting some of the likely effects of the coronavirus COVID-19 outbreak over the next year on the transition to a clean economy: including renewable power, energy storage, electric vehicles, heating, cooling and the circular economy. Chart: BloombergNEF.

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Bloomberg NEF forecasts falling battery prices enabling surge in wind and solar to 50% of global generation by 2050

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The arrival of cheap battery storage will mean that it becomes increasingly possible to finesse the delivery of electricity from wind and solar, so that these technologies can help meet demand even when the wind isn’t blowing and the sun isn’t shining. trillion of that going to wind and solar and a further $1.5

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IBM introduces new wind and solar forecasting system for utilities; big data analytics and weather modeling to predict output

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IBM has developed an advanced power and weather modeling technology that will help utilities increase the reliability of renewable energy resources. The solution combines weather prediction and big data analytics to forecast accurately the availability of wind power and solar energy.

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Renewables to overtake coal as largest global electricity source in 2025

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During the COP28 climate conference held in Dubai last month, world leaders from over 130 national governments agreed to set a goal to triple world renewable energy installations by 2030. There are still some big hurdles to overcome, including the difficult global macroeconomic environment.”

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BNEF ups forecast for global investment in stationary energy storage, sees majority of capacity likely to be grid-scale

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Energy storage installations around the world will multiply exponentially, from a modest 9GW/17GWh deployed as of 2018 to 1,095GW/2,850GWh by 2040, according to the latest forecast from research company BloombergNEF (BNEF). In the near term, renewables-plus-storage, especially solar-plus-storage, has become a major driver for battery build.

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IEA: global electricity demand growing faster than renewables, driving strong increase in generation from coal

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Renewables are expanding quickly but not enough to satisfy a strong rebound in global electricity demand this year, resulting in a sharp rise in the use of coal power that risks pushing carbon dioxide emissions from the electricity sector to record levels next year, according to a new report from the International Energy Agency.

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EIA expects record global petroleum consumption in 2024, with lower crude oil prices

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US oil production is the largest source of production growth in the forecast, but that growth remains uncertain because of relatively low capital investment from oil producers, EIA noted. EIA forecasts that the European benchmark Brent crude oil price will average less than $80 per barrel in 2024, more than 20% lower than in 2022.