RIYADH: As global efforts towards moving to renewables gain further traction some resistance still partially persists.
Looking at the Bigger Picture:
·India’s push towards renewables could see trading of the spot market more than quadruple in two years, Bloomberg reported.
More than a quarter of the nation’s electricity could be purchased through spot deals.
Buyers are anticipated to drift away from conventional long-term contracts and shift to cheap renewable energy, Bloomberg stated citing Rohit Bajaj, head of business development at Indian Energy Exchange Ltd.
Read more: https://www.arabnews.com/node/1993626/business-economy
·The Texas electric grid remains defenseless against the cold weather despite restructuring efforts following February’s power system failure, The New York Times reported.
This is mainly due to improper reform in which no strict measures have been taken to decrease heat demand, companies have not better equipped themselves, and the poor selection of cheap, affordable electricity over dependability by the Texas market.
Through a micro lens:
· A Roman tech startup serving amongst others Uber and Airbnb is resurrecting Einstein’s father’s hydropower plant to supply more electricity to the country’s grid than is consumed, the Wall Street Journal reported.
This is mainly driven by the startup’s need to generate power through renewable means to back its yearly 70 percent increase in electricity consumption.
·India’s multinational conglomerate, Adani Group, is to start exporting coal from its Australian based Carmichael mine despite worldwide efforts to phase out fossil fuels, the Financial Times reported.
India retains a high dependency on coal which accounts for almost 70 percent of its power generation.
·Anglo-Australian metals and mining corporation, Rio Tinto will invest $2.4bn to build a lithium mine in Serbia that provides a crucial strategic resource that is expected to facilitate the electric vehicle revolution, the Financial Times stated.
Read more: https://www.arabnews.com/node/1993641/business-economy
However, the project has faced backlash from local communities over concerns of the the environmental impact and the potential damage it would create to villages in the surrounding region.
Renewables will provide 95% of power capacity growth in next five years: IEA