October 25 NEC Energy News
¶ “‘Unstoppable’ Energy Transition Means Demand For Oil, Gas, And Coal Set To Peak By 2030” • Global demand for fossil fuels is expected to peak later this decade, according to a report. The International Energy Agency said in its annual World Energy Outlook report that the shift will be driven by the “phenomenal rise” of clean sources of energy. [CNN]
¶ “Germany And France Finally Compromise On Nuclear” • The French are dependent on nuclear power. Existing French nuclear plants will require major capital improvements and plants under construction are really expensive. France wants to subsidize its nuclear program, but other EU countries, especially Germany, objected. Now they have compromised. [Oil Price]
¶ “Climate Scientists Warn That Earth Systems Are Heading For ‘Dangerous Instability’” • Forecasts about the negative effects of human-caused climate change are common, but new research makes even more dire claims, declaring that “life on planet Earth is under siege” and that “we are pushing our planetary systems into dangerous instability.” [ABC News]
¶ “California Sees Unprecedented Growth In Energy Storage” • California is surging forward in the buildout of battery energy storage systems with more than 6,600 MW online, enough to power 6.6 million homes for up to four hours. The total resource is up from 770 MW four years ago and double the amount of just two years ago. [California Energy Commission]
¶ “Wind Energy Market Size To Hit $220.7 Billion, Globally, By 2028” • According to The Insight Partners, the windpower market is expected to grow from $156.8 billion in 2021 to $220.7 billion by 2028. It is anticipated to grow at a CAGR of 5.0% from 2022 to 2028. The Asia Pacific region is expected to continue its dominance over the forecast period. [Yahoo Finance]
¶ “NY Governor Hochul Announces Nation’s Largest-Ever State Investment In Renewable Energy Is Moving Forward” • New York Governor Kathy Hochul announced the largest state renewable energy investment in US history. The conditional awards include three offshore wind and 22 land-based renewable energy projects totaling 6.4 gigawatts of clean energy. [CleanTechnica]
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