We are witnessing a transformation of global power markets led by renewables. Last year marked a turning point for renewables. Led by wind and solar, renewables represented more than half the new power capacity around the world, reaching a record 153 Gigawatt (GW), 15% more than the previous year. Most of these gains were driven by record-level wind additions of 66 GW and solar PV additions of 49 GW. About half a million solar panels were installed every day around the world last year.
Over the next five years, the IEA forecasts that renewables will remain the fastest-growing source of electricity generation, with their share growing to 28% in 2021, from 23% last year.
Total energy investment worldwide in 2016 was just over $1.7 trillion, accounting for 2.2% of global GDP. Spending in energy efficiency rose by 9% while spending in electricity networks rose by 6%, yet these increases were more than offset by a continuing drop in investment in upstream oil and gas, which fell by over a quarter, and power generation, down 5%. Falling unit capital costs, especially in upstream oil and gas, and solar photovoltaics (PV), was a key reason for lower investment, though reduced drilling and less fossil fuel-based power capacity also contributed.
Energy is the engine for local development and poverty reduction Harnessing this tomorrow’s Energy Today will be the focus at the 7th Nigeria Alternative Energy 2017; Nigeria’s largest energy event which takes place annually in Abuja at the Yar Adau Convention Centre, NAEE 2017 takes place from 18 – 20 of October 2017 and the Nigeria Energy Awards take place on the 18th in Nicon Luxury. Global experts will share their expertise, knowledge and insights on the latest market trends, and update on the Nigeria Renewable energy progress and address the global challenge of Climate Change and the Government’s role in implementing the Paris Agreement.
Industry leaders will provide in-depth analysis of the regulatory frameworks and policies necessary to drive the uptake of renewables in the Nigeria, grid integration, the cost of finance (residential, commercial, industry and utility scale solar) and how to unleash the potential of energy efficiency.
Government policies and new business models are having a profound impact on the way investment in electricity supply is funded. In 2016, 94% of global power generation investment was made by companies operating under fully regulated revenues or regulatory mechanisms to manage the revenue risk associated with variable wholesale market pricing.
However, significant changes are occurring in some sectors and markets. Nearly 40% of utility-scale renewable investment took place in markets where prices for power purchase were set by auctions, contracts with corporate buyers. Falling costs for renewable energy, coupled with the increased deployment of competitive capacity procurement schemes will drive growth in the global renewables sector. We forecast total global non-hydropower renewables capacity to almost double between 2016 and 2026.
However, of the two-thirds of people in Africa without access to power, 80% live outside urban centres, therefore a mix of off-grid renewable power instalments could be the key to electrifying rural Africa with consumers buying power locally and paying via mobile phones.
PRESS RELEASE ENDS
MORE ABOUT Nigeria Alternative Energy Expo
The Nigeria Alternative Energy Expo is Nigeria’s largest Energy Event running for 7 years now have received global recognition as the foremost event for energy professionals in Nigeria, wanting access to the growing Nigeria energy market. The other strategic partners include the Africa Sustainable Energy association AFSEA, Sustainable Energy Practitioners of Nigeria, and the Renewable Energy Association of Nigeria.
Power sectors around the world are undergoing significant change due to the rapid uptake of new supply- and demand-side technologies. In particular, large-scale wind and solar power, as well as distributed energy resources, are influencing the planning, operation, and profitability of power systems. In response, policymakers, utilities, and other stakeholders need to apply innovative approaches to transform the power system, with the objective to achieve sustainable, affordable and reliable electricity.
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