Solar energy … the “new king” of the world’s electricity markets – Local Economy

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The International Energy Agency expected that the production of solar energy will lead to an increase in the supply of electricity from renewable sources in the next decade, as renewable energy is expected to account for 80% of the growth in electricity generation worldwide, under the current circumstances, describing solar energy as becoming the new king of the markets. Electricity in the world

In its annual global energy forecast yesterday, the agency said in its main vision, which reflects the intentions of the policies and goals already announced, that renewable energy sources are expected to surpass coal, as the primary means of producing electricity, by 2025.

She added that the combined share of solar energy, which operates with photovoltaics and wind energy in generating electricity globally, will increase to approximately 30% in 2030 from 8% in 2019, with solar PV capacity growing by an average of 12% annually.

The Executive Director of the International Energy Agency, Fatih Birol, said: “I expect solar energy to become the new king of the world’s electricity markets. Based on the current policy situation, it is on the right path to record new record levels annually after 2022, in terms of proliferation. The International Energy Agency confirmed that “mature” technology and support mechanisms have reduced financing costs for major solar photovoltaic projects, which has helped reduce production costs in general. She noted that solar PV is, now, cheaper than new coal or gas-fired power plants in most countries.

The Paris-based agency added that generating electricity from renewable sources is the only major source of energy, which will continue to grow in 2020.

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