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Increase in Renewable Energy Use Will Shift Energy Market
June 27, 2016
A recent report from Bloomberg New Energy Finance has found that cleaner alternatives to electricity generation will result in a downward shift in the use of fossil fuels. Here is one highlight from the report:
According to Bloomberg's findings, the cost of wind and solar power is, and will continue to be, less than the cost of constructing new fossil fuel plants. This is creating a huge shift in the energy market, as the dependence on fossil fuels will decrease.
Our reliance on oil is shrinking due to the decrease in price of several renewable energy sources. In previous years, one source of energy replaced another. Today, the rise of cheaper and cleaner alternatives offers more opportunities to replace fossil fuels.
However, oil will still be our single most important power source in the transportation sector. Oil prices are predicted to remain low, which offers less of an incentive to find alternatives. The turning point for oil will be how fast cars will begin to rely on electricity.
Unlike fossil fuels, where an increase in demand leads to an increase in prices, the price of renewable energy -- a technology -- decreases with the influx of technological advances. Thus, electric cars increase the demand for renewable energy, driving greater investment in battery technology and driving down the cost of batteries.
Although it may take more time for fossil fuels in the transportation sector to be substituted by renewable sources, the continued rise of the electric car market has led to the prediction that cleaner alternatives will replace gasoline-powered cars over time.