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Title: I'm Now Convinced That Global Solar Dominance Is In Sight
Source: [None]
URL Source: http://www.businessinsider.com/glob ... r-dominance-is-in-sight-2014-4
Published: Apr 10, 2014
Author: AMBROSE EVANS-PRITCHARD
Post Date: 2014-04-10 12:24:45 by Ada
Keywords: None
Views: 109
Comments: 1

Solar power will slowly squeeze the revenues of petro-rentier regimes in Russia, Venezuela and Saudi Arabia. They will have to find a new business model, or fade into decline

Solar power has won the global argument. Photovoltaic energy is already so cheap that it competes with oil, diesel and liquefied natural gas in much of Asia without subsidies.

Roughly 29pc of electricity capacity added in America last year came from solar, rising to 100pc even in Massachusetts and Vermont. "More solar has been installed in the US in the past 18 months than in 30 years," says the US Solar Energy Industries Association (SEIA). California's subsidy pot is drying up but new solar has hardly missed a beat.

The technology is improving so fast - helped by the US military - that it has achieved a virtuous circle. Michael Parker and Flora Chang, at Sanford Bernstein, say we entering a new order of "global energy deflation" that must ineluctably erode the viability of oil, gas and the fossil fuel nexus over time. In the 1980s solar development was stopped in its tracks by the slump in oil prices. By now it has surely crossed the threshold irreversibly.

The ratchet effect of energy deflation may be imperceptible at first since solar makes up just 0.17pc of the world's $5 trillion energy market, or 3pc of its electricity. The trend does not preclude cyclical oil booms along the way. Nor does it obviate the need for shale fracking as a stop-gap, for national security reasons or in Britain's case to curb a shocking current account deficit of 5.4pc of GDP.

But the technology momentum goes only one way. "Eventually solar will become so large that there will be consequences everywhere," they said. This remarkable overthrow of everything we take for granted in world energy politics may occur within "the better part of a decade".

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#1. To: Ada (#0)

Asia can do it as long as they keep out n-words.

Prefrontal Vortex  posted on  2014-04-10   13:43:51 ET  Reply   Untrace   Trace   Private Reply  

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