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No More Nuclear Waste
Leave the world a better place. No more nuclear waste.
Leave the world a better place. No more nuclear waste.
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One of the biggest banks in the Middle East and the oil-rich Gulf countries says that fossil fuels can no longer compete with solar technologies on price, and says the vast bulk of the $US48 trillion needed to meet global power demand over the next two decades will come from renewables.

The report from the National Bank of Abu Dhabi says that while oil and gas has underpinned almost all energy investments until now, future investment will be almost entirely in renewable energy source.

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The first renewable energy auction held in the UK under its new “contract for difference” pricing mechanism has pulled the rug from underneath the nuclear advocate argument that it is the cheapest form of clean energy. It has also surprised the UK government, and some of the renewable developers themselves.

Ignoring a couple of outlying bids, both wind energy and solar came in at around £80/MWh, which is well below the £120/MWh budget for solar, and the £95/MWh by the UK government, and the £92.50/MWh negotiated for the proposed £42 billion Hinkley C #nuclear reactor.  The strike prices for these wind and solar technologies will be progressively scaled down in coming years. The UK government hopes they will require no subsidies post 2020.

And before anyone starts posting comments about the “grid” costs of solar or wind, let’s not forget that UK’s National Grid said that upgrades to cope for Hinkley C would result in additional grid costs of £160 million a year, which will be passed on to consumers. That’s about $12 billion over the first 35-year lift of the project.

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"French nuclear giant EDF Energy has been forced to shut down one quarter of its nuclear fleet in the UK, but the national grid operator says it is not an issue because there is plenty of back-up – from wind energy."

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Finally. I think my work is coming to an end...

"France’s biggest electricity users urged the government to cap Electricite de France SA (EDF)’s wholesale nuclear-power price at the current level to help industrial consumers compete with German rivals.

"Large German industrial power users will pay 35 percent less for their electricity next year than those in France, Uniden said."

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"Across Europe, utilities have been surprised a by a surge in renewable energy sources, most notably solar and wind, basically replacing power from many gas and coal-fired power plants and leading wholesale power prices to collapse."

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"Jim Barry, chief investment officer of BlackRock's renewable power group said that there had been a “huge flood,” of capital and interest into the sector.

"Commenting on the company's portfolio strategy, he said: “Do we invest in gas generation – which is cheap now, but what is it going to be like in 30 years? And then they also have to think about carbon dioxide even as a contingent liability. Or do they build or buy renewable power, where they can lock up the cost for 15, 20 and 25 years?”  "

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"The figures are in: 2013 was an annus horribilis for the nuclear power industry − its third in a row − and the nuclear renaissance can now be pronounced stone cold dead...."

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"Government economic advisor radically adjusts its energy cost forecasts, with solar and wind costs revised downwards in a big way. It admits that it got the cost of #nuclear hopelessly wrong (but still has not recognised the interest, insurance and decommissioning costs)."

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Based on this presentation by BYD, I believe it is reasonable to conclude that mass adoption of electric vehicles would provide overwhelming support to move toward a 100% renewable electricity system...

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