Solar Declared King
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- Oct 19, 2020 11:16 pm GMTOct 19, 2020 11:02 pm GMT
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The International Energy Agency (IEA) has declared solar the “new king” of electricity. Their argument is, while renewable technologies as a whole are poised for rapid growth over the coming decades, solar will be “at the centre of this new constellation of electricity generation technologies.” The industry reflects those predictions with multiple projects in various stages of development and implementation.
An aggressive expansion into utility-scale solar by Public Service Company of New Mexico will replace all of the power PNM will lose when the coal-fired San Juan Generating Station (SJGS) closes in June 2022. A research brief published by the Institute for Energy Economics and Financial Analysis states, "Because PNM is one of the largest electricity market players in the region, its shift will influence other electricity providers in the West and the Southwest, many of whom are facing the same market and policy pressures as PNM.” Karl Cates, an IEEFA analyst and author of the brief, continued, "It will be seen industrywide as a fresh indication--on top of many others--of where regional and national energy markets are quickly moving.” One reason for this cosmic domination is solar photovoltaic (PV) is now consistently cheaper than new coal- or gas-fired power plants in most countries. Globally, its capacity has already increased 20-fold in the past ten years and will triple in the next ten years.