[ET Net News Agency, 14 September 2018] Renewable energy sources, notably solar and
wind, are reaching price and performance parity on and off the grid, finds a new Deloitte
Global report titled "Global Renewable Energy Trends".
According to the report, three key enablers - price and performance parity, grid
integration, and technology - allow solar and wind power to compete with conventional
sources on price, while matching their performance.
As technologies such as blockchain, artificial intelligence (AI), and 3-D printing
continue to advance the deployment of renewables, prices will likely continue to fall, and
accessibility will improve.
"Demand for renewable energy sources has grown tremendously in recent years," said
Marlene Motyka, Deloitte Global Renewable Energy leader. "Governments, communities,
emerging markets, and corporations increasingly understand that renewables are sustainable
and affordable, and they want them included in current and future procurement plans."
Already among the cheapest energy sources globally, solar and wind have not even run the
full course of their enabling trends yet. As costs continue to fall and accessibility
increases, the demand for renewables is growing rapidly.
"Wide-scale integration of renewable energy sources is no longer a question of if, but
when," added Motyka. "Countries such as China, the United States, and Germany have already
reached price parity for certain renewable sources. With prices continuing to drop,
developed countries and emerging markets alike have the ability to integrate renewables
into their grid systems to ensure competitive advantage."
Commenting on the China market, Sandy Lv, Deloitte China Energy and Resources Industry
consulting partner, said, "Innovation and technology have and will continue to push
China's renewable energy towards price cut and even grid parity with traditional sources.
There are challenges, such as inadequate transmission capability, oversupply and
prevailing global trade protectionism. That said, China's continued growth in use of
renewable energy is an irreversible trend given its commitment to combat climate change
and reach peak emissions by 2030 under the Paris Agreement." (KL)