News & Analysis

Renewable Power Generation Costs Reduction Overview in the Recent Study of IRENA

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/26th June 2020, IRENA, RENEWABLE MARKET WATCHTM/ Installing new renewables increasingly costs less than the cheapest fossil fuels. With or without the health and economic crisis, dirty coal plants were overdue to be consigned to the past. Newly installed renewable power capacity increasingly costs less than the cheapest power generation options based on fossil fuels. The cost data presented in the recent comprehensive study from the International Renewable Energy Agency (IRENA) confirms how decisively the tables have turned. Next year, up to 1 200 gigawatts of existing coal-fired capacity could cost more to operate than new utility-scale solar photovoltaic (PV) costs to install, the report shows. Replacing the costliest 500 gigawatts of coal capacity with solar and wind would cut annual system costs by as much as USD 23 billion per year and reduce annual carbon dioxide (CO2) emissions by around 1.8 gigatonnes, or 5% of last year’s global total. It would also yield a stimulus worth USD 940 billion, or around 1% of global GDP.

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Kazakhstan Continues its Ambitious Plans for Renewable Power Capacity Increase and Pursues Clean Energy Leadership Position Among the CIS States

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/25th June 2020, RENEWABLE MARKET WATCHTM/ In the first quarter of 2020, the share of green electricity generated in the total amount of energy generated in Kazakhstan was 1.8%. This is 58% more than for the same period in 2019. Renewable energy development in Kazakhstan is accelerating. For three years, the amount of green energy generated has doubled. In 2017 renewable energy power plants in the country generated 1.1 billion kWh, while in 2019 this figure was 2.4 billion kWh. The state plans in 2020 to bring this figure to 3.15 billion kWh. According to the Kazakhstan Solar Photovoltaic (PV) Power Market Outlook 2020 ÷ 2030, electricity consumption in Kazakhstan will continue to show steady growth. Electricity consumption amid the development of the Kazakh economy shall increase by 2030 to 133.8 billion kWh, and by 2050 - to 162.7 billion kWh. The growing demand for electricity and the decommissioning of old power plants due to physical wear and tear in Kazakhstan will require significant construction of new power capacities: 10-15 GW by 2030 (which corresponds to approximately 60% of installed capacity for 2012) and 35-40 GW by 2050. This creates incredible opportunities for investors in renewable energy projects.

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Hungary Solar Photovoltaic (PV) Power Market Outlook 2020 - 2030 with Trends, Investments, Financial Model, Analysis, COVID-19 Impact

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/2nd June 2020, RENEWABLE MARKET WATCHTM/ With a land area of 93,028 km2, Hungary is a landlocked country in Central Europe. It measures about 250 km from north to south and 524 km from east to west. It has 2,106 km of boundaries, shared with Austria to the west, Serbia, Croatia and Slovenia to the south and southwest, Romania to the southeast, Ukraine to the northeast, and Slovakia to the north. The country’s landscape is mostly flat. The population was 9.82 million and the current gross domestic product (GDP) was $155.7 billion as of 2018, according to the Hungary Solar Photovoltaic (PV) Power Market Outlook: 2020 ÷ 2030. Under Hungary’s National Energy Strategy up until 2030, Hungary will aim at ensuring the long-term security of energy supplies and increasing the share of renewable sources in its electricity generation mix, particularly solar photovoltaic, but also notes that fossil fuels, mainly natural gas, will be necessary for future generations. Hungary is ranked among top 10 countries by attractiveness for solar photovoltaic (PV) energy investments among CEE & SEE countries by Renewable Market Watch™ in their yearly updated "Attractiveness index for solar photovoltaic (PV) energy investments in CEE & SEE countries in 2020". The country’s main strategy to meet the growing need of power is to reduce the energy dependency by increasing the energy efficiency, increased use of renewable resources and nuclear sources.

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New Horizons for the Solar Photovoltaic (PV) Power Market of Romania

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/18th May 2020, RENEWABLE MARKET WATCHTM/ Romania had the cumulative installed capacity of 1,390 MW (1.39 GW) as of 1st January 2020, according to the recently published report Romania Solar Photovoltaic (PV) Power Market Outlook: 2020 ÷ 2030. The photovoltaic development in Romania was started with small scale photovoltaic installations below 30 KW in 2006. In opposite to the rapid expansion of wind market in Romania, the photovoltaic power capacity remained relatively unchanged by the end of 2011. After that Romania was emerging market for photovoltaic energy investments amongst SEE countries by the end of 2014. The maturing photovoltaic markets in Germany, Spain, France, Czech Republic, Greece, Italy and Bulgaria allowed investors to look for new opportunities among South East European (SEE) nations and Romania was one of the best alternatives. Furthermore, Romania was one of the major destinations for the Chinese solar power plant investors in Central and Eastern Europe between 2012 and 2015. By the end of 2011, the country had approximately 3 MW installed capacity, by the end 2012 this capacity increased fourteen fold to approximately 42 MW, and with a more than thirty-fold explosive growth cumulative installed capacity reached 1,293 MW (1.29 GW) by the end of 2014. However, solar photovoltaic market growth in Romania between 2015 and 2019 was moderate with only 97 MW newly installed capacity in this period.

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Podvelezje Wind Farm Construction with 48 MW Capacity Started in Bosnia and Herzegovina

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/17th May 2020, EPBiH, RENEWABLE MARKET WATCHTM/ In the Podveležje region of Bosnia and Herzegovina, works have begun in the beginning of this week on the construction of 15 wind turbines with the accompanying foundations of the "Podveležje 1" wind farm with 48MW power capacity, which officially opened the construction site, reported the Renewable Market Watch™. After the mobilization and establishment of container accommodation for the stay of the contractor's staff, drilling the ground for the placement of explosives, work began on the excavation of pits for the foundations of future wind turbines. The terrain for the future two foundations was blown up, and the works will continue with the planned dynamics in the coming weeks. In order to ensure safety during blasting, all legal measures have been taken beforehand. The contractor for the construction of the Wind Farm is the consortium between Croatian branch of Siemens Gamesa Renewable Energy Ltd. and Wind Power A/S from Denmark. On the construction of foundations and execution of blasting works, engaged as domestic companies HP Investing doo Mostar and Blasting doo Sarajevo. The wind farm "Podveležje" is financed by credit funds the German Development Bank - KfW and its own funds Elektroprivreda BiH.

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New Report is Published about the Europe Solar Power Market 2020 - 2030 with Trends, Investments, Analysis, COVID-19 Impact, Projections

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/15th May 2020, RENEWABLE MARKET WATCHTM/ Solar energy is the fastest-growing and lowest cost source in the world. In Europe, solar capacity increased by 36 per cent to 8.5GW in 2018. However, 2019 was a huge success for the European solar PV market with a 104 per cent increase of newly installed solar PV capacity (16.7GW) compared to 2018 (8.5GW), according to the Europe Solar Photovoltaic (PV) Power Market Outlook: 2020 ÷ 2030. Cumulative installed solar capacity in Europe reached 131.9GW by the end of 2019, which is 14 per cent increase compared to 115.2GW at the end of 2018. By the end of 2020 several member states in the European Union have to speed up to meet their 2020 renewable energy targets. Furthermore, Renewable Market Watch™ expects countries such as Spain, France, and Italy shall take their place at the GW-scale annual installation level. Most of the countries in Europe agree with the new 32% EU 2030 renewables target. The ‘Clean Energy for all Europeans’ package gives the solar sector a solid policy framework that paves the way for much more versatile, low-cost solar investments in Europe. The European Green Deal is the new roadmap for making the EU's economy sustainable. This will happen by turning climate and environmental challenges into opportunities across all policy areas and making the transition just and inclusive for all.

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COVID-19 Impact on the Global Renewable Energy Market Report 2020 - 2025 - Scenarios, Trends, Forecasts

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/21st April 2020, MARTIN LEE WILSON, RENEWABLE MARKET WATCHTM/ This is the very first objective and in-depth report, which analyzes COVID-19 (Coronavirus) impact on the global renewable energy market by 2025 with scenarios, trends and forecasts. Through extensive research and discussions with experts in the industry, the Renewable Market Watch™ has identified a series of the established and new emergency market situations that will impact renewable energy equipment supply chain, procurement, investment volume and renewable power capacity additions by 2025 worldwide. Renewable Market Watch™ has advanced proprietary own developed software and analytical tools, which are based on artificial intelligence (AI) and neural networks for prediction and risk analysis with focus to renewable energy and power market modelling. We have used these tools to create a new advanced econometric model of the global energy market by taking into consideration of the recent power, oil and gas price dynamics. Renewable power projects are particularly vulnerable, because China as one of the most affected companies is a significant producer of solar photovoltaic modules and wind turbines. Do you want to know how the global renewable energy market shall be affected by the COVID-19 (Coronavirus)?

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Skills Improvement is Necessary for the Renewable Energy Sector of CIS States

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/11th March 2020, RENEWABLE MARKET WATCHTM/ The adoption of renewable power plants (especially solar and wind) in the Commonwealth of Independent States (CIS) will lead to significant reduction in the region’s carbon footprint while saving natural gas for future or other use. In the majority of the CIS states energy conservation is considered one of the main ways to ensure energy security. After the disintegration of the USSR the newly independent states found themselves facing severe challenges that had suddenly emerged in the energy sector and these challenges were related to providing a sustainable power supply. One of these challenges is the lack of skills for renewable energy industry in the CIS states.The interest of policy makers in anticipating future skill needs has grown in all countries. A better informed look into the future is viewed as an imperative of successful policies for more dynamic renewable energy markets and prosperous economies based on clean energy targets. Renewable Market Watch™ published the report Commonwealth of Independent States (CIS) Wind Power Market Outlook 2019÷2028. One of the main targets of this regional analysis is to identify impediments to the improvements that can be made in skills capacity development in CIS region. Furthermore, in this report an attempt is made to find ways to enhance the situation in general in order to mitigate risks related to the security of energy supplies in the CIS region.

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Here's how Europe plans to be the first climate-neutral continent

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/7th February 2020, Sean Fleming, World Economic Forum/ By 2050, Europe wants to become the world’s first climate-neutral continent – that’s the key message in a series of goals and initiatives announced by the European Commission known as the European Green Deal. It aims to “transform the European Union into a fair and prosperous society, with a modern, resource-efficient and competitive economy,” the Commission says. Among its timeline of objectives, the Commission has called for a 50% increase to the EU 2030 climate target, which currently calls for a 40% cut in greenhouse gas emissions and an increase in the use of renewable energy. In 2019 Europe saw a fall of almost one-fifth in the generation of coal-fired electricity – described by the climate change think tank Sandbag as the Great Coal Collapse of 2019. Addressing climate change is not just an environmental priority. As outlined in the World Economic Forum’s Global Risks Report, economic and social stability are at significant risk of disruption from climate-related problems.

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Photovoltaics 2020 Event in Greece on 20 February

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/3rd January 2020, RENEWABLE MARKET WATCHTM/ On Thursday 20 February 2020, HELAPCO (The Hellenic Association of Photovoltaic Companies) will organize the leading business and strategic event for the Greek solar energy market: Photovoltaic 2020. Once again, a diverse group of local and international developers, investors and other stakeholders will be gathering to explore the opportunities in the growing Greek solar photovoltaic (PV) market together. With its high quality, it provides an exceptional value for developers, investors, equipment manufacturers and stakeholders. The timing is now perfect for renewables industry market entrants who wish to play a role in this rapidly transforming market. The levelized cost of new solar PV energy in Greece is lower than the levelized cost of new lignite and gas‐fired power plants. This was unimaginable a few years ago. Greece has also a self‐consumption scheme (net‐‐metering) in place for residential and commercial solar photovoltaic power systems (up to 1 MWp). A new supppport scheme for renewable energygy, consistent with the Guidelines on State aid for environmental protection and energy 2014‐2020 (and based on competitive tenders and feed‐in‐premiums) was introduced in 2016. Prime Minister Kyriakos Mitsotakis’ pledge to phase out the country’s lignite-fired power fleet by 2028 has come as an energy policy earthquake and constituted ‘a decision of historic importance’. The Greek Energy Ministry announced that renewable energy should provide 35% of Greece’s final energy consumption in 2030, up from a 20% target next year. That ambition would require renewables to generate more than 65% of Greece’s electricity in 2030.

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