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Industry Forecast: Fact or Fiction?
“Global coal consumption to reach all-time high this year,’ according to IEA. Shockingly, high natural gas prices have inadvertently reversed or in some cases, delayed the transition to clean energy. Extreme weather events have forced greater reliance on fossil fuels for reliability and globally, decision-makers are choosing to slow plans to phase out of coal and nuclear power generation.
- UK coal-burning power facility will stay open two years longer that planned
- Bulgaria is rolling back plans to phase out coal
- Germany may extend the life of its three remaining nuclear power plants
- China, the world’s biggest coal consumer and producer, will resume Australian coal imports
- Engie will extend the life of two nuclear reactors in Belgium
- Japan will restart up to nine more nuclear reactors in time to avert any power crunch over the winter, said Industry Minister Koichi Hagiuda.
- S. Korea President Yoon Suk-yeol reversed the previous administration's plan to phase out nuclear energy.
In 2021, plans to phase out coal in the U.S. required annual retirements averaging 90 GW over the next decade, removing 40 percent of the existing fleet. Now, plans have changed. Global energy consumption is expected to increase by 1.3 percent and providers are concerned about demand. Extreme weather continues to force energy providers to lean on fossil fuels and delay the green energy transition, according to Economist Intelligence. The company’s Energy Outlook 2023 anticipates an increase in renewable energy consumption by about 11 percent. Renewable energy growth will also remain stay strong.
In 2011, nuclear engineer and physicist, Charles Ferguson said that phasing our nuclear power generation was an overreaction to common concerns about nuclear power. Now, over a decade later, Biden plans to cut U.S. emissions in half and require carbon-free electricity generation by 2035. To reduce emissions, TVA will replace coal-fired Cumberland Fossil Plant with gas-fueled turbine.
Should we expect to see more coal and nuclear plants be extended to ensure reliability?
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