Welcome to Energy Scope and Trends, a weekly editorial that aims to keep you informed about the latest news and developments in the energy industry in bits.
In this week's Energy News, we take a look at Major moments from across the different energy Frontiers
Wood Mackenzie Predicts a Record-breaking 270 GW of solar power expected worldwide in 2023: Embrace the Solar Revolution!
While Moss Landing: The Giant Battery Storage System That Keeps Growing: Unleash the Power of Massive Energy Storage!
EU approves clean tech scheme for Hungary: Paving the Way for Sustainable Innovation!
America welcomes its first new nuclear reactor since 2016: A New Era of Clean Energy Begins!
Seven US automakers unite for EV supremacy bid: Accelerating the Electric Vehicle Revolution!
Record-breaking 270 GW of solar power expected worldwide in 2023
Wood Mackenzie in its latest solar market outlook predicted that solar will continue to rise annually to around 330GW by 2032.
According to Statista, the global cumulative solar PV capacity in 2021 was 940 gigawatts, with about 168 gigawatts of new PV capacity installed in that year. The International Energy Agency (IEA) forecasts that the global renewable electricity capacity will grow by an average of 305 gigawatts per year between 2021 and 2026, with solar PV accounting for almost half of that growth. Other sources estimate that the global solar capacity will exceed 150 gigawatts in 2021 and 200 gigawatts in 2022.
This new historic milestone is propelled by ambitious clean energy targets, the coal phaseout and the urgent desire for energy security, the increase in policy support and the significant fall in the cost of solar energy.
The report predicted that China will continue to be the leading solar panel manufacturer for at least the next five years, due to the fact that recent policy incentives in the US, Europe and India are not enough yet to affect China’s Market shares.
In the US it noted that the inflation reduction Act has fueled a surge in the solar industry, with the sector reporting its largest first-quarter revenue on record in Q1 of 2023; with an addition of more than 3GW of planned US solar-a 25% year-over-year increase.
It also noted that while the utility-scale solar installations in the US were strongest at 66% year-over-year in Q1, projects are still hampered by delays and supply chain glitches.
In Europe, the UK is on the lead for the Highest residential Solar installations in Q1 of 2023, doubling its previous records in the same period of 2022, and should the pace of residential solar installation in the UK continue it is expected to grow by at least 60% in 2023.
Meanwhile, Romania is emerging as a top distributed market for solar in Europe. According to Mackenzie, this is expected to hit 6.5 GW of cumulative distributed solar capacity by 2027.
Moss Landing: The Giant Battery Storage System That Keeps Growing
The World’s largest battery storage system facility at Moss Landing Monterey, California has expanded its storage capacity by 350MW.
Owned by Texas-based retail electricity and power generation company Vistra Energy (NYSE: VST). The company announced that it has completed the third phase of Moss Landing 350-Megawatt/1.400-Megawatt-hour expansion project, to bring its battery storage system’s total capacity to 750-MW/3, 000MWh the largest of its kind anywhere in the World.
The storage system uses Lithium-ion batteries to store excess renewable energy that powers grids.
This third phase project is made of 122 individual containers, that house more than 110,000 battery models.
The facility began operations on June 2, serving its California grid, with a 15-year resource adequacy agreement with PG&E entered into effective from August 2023.
EU approves clean tech scheme for Hungary
The European Commission has approved a €2.36 billion ($2.6 billion) scheme to boost clean tech manufacturing in Hungary, in line with the Green Deal Industrial Plan.
The scheme will support companies producing equipment or raw materials for batteries, heat pumps, solar panels, wind turbines, electrolysers, carbon capture and storage, etc. The aid will take the form of direct grants and tax advantages.
The scheme was approved under this framework, which aims to speed up investment and financing for clean tech production and manufacturing in Europe. The framework allows for various types of aid, such as liquidity support, energy price compensation, renewable energy rollout, industrial decarbonisation, electricity demand reduction, etc.
The framework excludes sanctioned Russian-controlled entities from the scope of these measures.
Green Deal Industrial Plan: This is Europe’s response to increasing global competition in the energy sector and is hoped to enhance the competitiveness of Europe’s net-zero industry.
America welcomes its first new nuclear reactor since 2016
Unit 3 nuclear reactor plant has started commercial operation, delivering clean energy to about 500,000 homes and businesses across the US.
This is the first time in seven years that a new nuclear reactor has delivered energy to the power grid since October of 2016 when the Tennessee Valley Authority began commercial operations of its Watts Bar Unit.
Nuclear energy is one of the most climate-friendly energy sources as its free of Greenhouse gas emissions responsible for Climate Change. In 2022 It contributed to 47% of America’s Carbon-free electricity generation.
Seven US automakers unite for EV supremacy bid
Seven automakers (BMW, Ford, Honda, Hyundai, Kia, Toyota and Volkswagen) have formed a joint venture to build a network of high-powered charging stations in North America for electric vehicles (EVs).
The network will use renewable energy and have several DC chargers at each station. It will be open to all EVs that use either a Combined Charging System (CCS) or the North American Charging Standard (NACS).
The joint venture will leverage public and private funds, including those from the Inflation Reduction Act and the US National Electric Vehicle Infrastructure (NEVI) programme. It will be established later this year and the first stations will open in the summer of 2024. Canada will be considered for future expansion.
The joint venture aims to become the leading network of high-powered charging stations in North America and accelerate the transition to electromobility. It is seen as a competitive move against Tesla, which has the largest network of fast chargers and the highest EV sales in the US.
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