The 2020 load growth is expected to be about five percent lower on average across all regions compared to pre-economic downturn forecasts. Load growth from COVID-19 expected to rebound in 2021.As an energy source, gas is regarded as a 'stop-gap' solution for renewables. By 2044, natural gas is likely to account for over 43 percent of total North American consumption and is expected to remain the largest power supply source - outstripping energy generation from wind and solar. Prices for natural gas are expected to remain under $4/MMBtu until the early 2030's. Cheap natural gas prices and the energy source's ability to fill in where sustainable energy falls short will speed investment growth. Natural gas key to renewable investments.We also feel that this insight would be valuable to any participant in the North American energy market seeking to deliver more renewables to the energy mix," said Ed O'Brien, ARC Advisory Group, Inc. "ARC views Hitachi ABB Power Grids' forecasts as timely and relevant, and holds this research in high regard. ![]() ![]() "Combined, the global pandemic and the oil price shock have led to a forecasted 20 percent decrease in overall energy spending for 2020, whilst major oil companies have left capital investments in renewables untouched, thus reinforcing the future of sustainable energy in North America." "By 2044, North America's dependency on fossil fuel-based energy sources will be a fraction of what it is today," said Greg Toothaker, Vice President, Energy Portfolio Management at Hitachi ABB Power Grids. Furthermore, wind generation is expected to reach 191 GW - almost double what coal will deliver in 2044. At that time, solar is forecast to generate twice what coal produces now - four times the growth expected from where we stand today. The Report forecasts that almost 50 percent of coal power generation will cease by 2044, with economics being the single biggest factor contributing to one third of that decline. The Report draws upon data compiled by the business entity's intelligence service, Velocity Suite *2, which has been informed by its proprietary capacity expansion model, and its well-established PROMOD production cost model.ĭriven by declining capital costs and overlapping state, utility, and corporate clean-energy priorities and regulations, renewable energy and natural gas are expected to dominate North American power generation for the next two decades. According to the report, titled 'North American Power Reference Case: Spring 2020,' *1 renewable energy generation is estimated to see double-digit growth in the next 25 years. Zurich, 17 September, 2020 - A new report from Hitachi ABB Power Grids, a global technology leader, confirms that the future of the North American energy industry is undeniably green. Natural gas is expected to remain the dominating, long-term energy source to 2044. New Report from Hitachi ABB Power Grids Confirms North America's Sustainable Energy FutureĮconomics will drive over 37 GW of coal generation offline, making way for gas and renewable growth.
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