Plus, analyst WoodMac says a fall in the cost of power generation in Japan during the public health crisis will help drive renewables investment and the Indian government has relaxed borrowing rules for its financially crippled electric utilities.
Plus, there is hope of a bright new dawn with proposed legislative changes in Europe and the U.S. even as the solar equipment industry hits new lows and cyber attacks reportedly increase in frequency.
U.S.-owned business intelligence firm Wood Mackenzie has attempted to evaluate the market opportunities offered by the repowering of solar projects around the world which feature inverters which are 10 years old – as well as those which will expire ahead of time.
According to data released by analyst Wood Mackenzie and the Solar Energy Industries Association, the U.S. added more than 2.8 GW of residential solar last year. Cumulative operating PV capacity now tops 76 GW.
U.S.-owned analyst Wood Mackenzie expects solar demand to decline but predicts the market will recover, with the prospects for the energy transition remaining intact.
As the outbreak takes its toll on solar panel and battery manufacturing in China, Australia is bracing for disruptions in the supply chain.
WoodMac analysts say the amount of new battery manufacturing capacity added in the nation this year could fall by as much as 10% because of the outbreak. With Tesla’s Shanghai gigafactory affected by the extended new-year-holiday shutdown, the analyst warned of potential supply shortages for Australia and the U.S. and U.K.
With electric vehicles making up only 3% of the global car market last year, analyst WoodMac says battery packs need to be cheaper and lighter and range anxiety must be addressed to change the habits of drivers.
Analyst WoodMac has spelled out the urgent need to decarbonize the global hydrogen production industry. While the fuel can offer a sustainable grid balancing act for intermittent renewables, in its current fossil-fuel driven form it is pumping out more than 800 megatons of carbon into the atmosphere every year.
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