The International Energy Agency (IEA) has published an annual forecast document on the assessment of the share of renewable energy sources in the structure of world energy consumption over the medium term.
On 25 October 2016, IEA released “The Medium-Term Renewable Energy Market Report 2016” and stated that it was significantly increasing its forecast in comparison with the previous year (by 13%). The increase is due to the trend that emerged in 2015 to support the sector in some of the “key” countries (the USA, China, India and Mexico) that commissioned record capacities on their territories.
The new document forecasts reduction of the cost of electricity production in 2015-2021: by a quarter in the solar power industry and by 15% in the wind power industry.
2015 became a landmark for renewable energy. Led by wind and solar power industries, renewable energy sources account for more than half of the new power capacity in the world, reaching a record 153 GW, which is 15% more than last year. About half a million solar panels were installed daily around the world last year. And in China (which accounts for about a half of the commissioned wind farms and 40% of all types of RES) about two wind turbines were installed every hour in 2015.
“We are witnessing a transformation of the global energy markets led by renewable energy sources. And, as is the case with other fields, the center of gravity for renewable growth is moving to emerging markets”, commented on the new paper Dr. Fatih Birol, the IEA’s executive director.
More information about the report can be found on the official website of the IEA:
and in the presentation: