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Significant rise in electricity generation from renewables in the third quarter

Significant rise in electricity generation from renewables in the third quarter

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Significant rise in electricity generation from renewables in the third quarter
Significant rise in electricity generation from renewables in the third quarter

Third Quarter Sees Renewable Energy Boom, Traditional Sources Struggle

Contrasting the current trend, conventional energy sources like coal and natural gas experienced a substantial dip of 42.9% in the third quarter. The staggering statistic reveals that a hefty 94.2 billion kilowatt hours of electricity was produced and distributed from July to September, leading to a striking 20.3% decrease compared to the previous year's numbers. The Federal Office attributes this decrease mostly to a decrease in consumption by energy-intensive industries due to the slowing economy and increased imports of electricity.

Once again, wind power took the lead as the primary source of domestic electricity generation in the third quarter, marking an impressive year-on-year increase of 16.2% to now account for a whopping 24.4% of the total electricity generated. Meanwhile, the production of electricity in coal-fired power plants plummeted an alarming 47.3%, reducing its share to a mere 23.9%. No electricity was produced from nuclear power following the closure of the remaining nuclear power plants in April.

Insights

Renewable energy sources are projected to play a significant role in Germany's power consumption by 2024, accounting for 54% of the total. The country aims to reach 80% by 2030 as part of its carbon-neutral strategy, with plans for the power grid to become carbon-neutral by 2035.

Citizen-led renewable energy projects have contributed substantially to the expansion of renewables, notably in wind and solar technologies.

Beyond the Headlines

Renewable energy growth faces challenges, particularly with wind power and planning procedures. However, the offshore wind sector is expected to make improvements in 2025.

Grid stability is a priority, focusing on maximizing grid flexibility, deploying battery energy storage systems, and encouraging flexible demand management.

  1. Renewable energy is set to surpass coal-generated electricity for the first time in 2025, accounting for 35% of global electricity supply. Solar and wind power are poised to become the largest sectors of the global electricity industry, with a projected share of 18% by 2026, surpassing hydropower.
  2. The costs of renewable energy sources like solar and wind are decreasing, making them increasingly competitive with traditional fossil fuels. Government policies, such as carbon pricing mechanisms and renewable energy incentives, are driving decarbonization efforts.
  3. The rise of electrified transportation is another factor driving decarbonization, with nearly one in five cars sold in 2023 predicted to be electric, and an estimated 17 million electric vehicles sold in 2024.

Regional Forecasts

  1. China, the world leader in renewable electricity capacity additions, added almost 350 GW in 2023, two-thirds of all global deployment. China's solar and wind power capacities have expanded significantly over the past decade.
  2. The European Union is accelerating solar PV and wind deployment in response to the energy crisis, with an estimated 80 GW added in 2023, double the pre-crisis growth in 2021. New policies and targets in the REPowerEU Plan and The Green Deal Industrial Plan are expected to drive renewable energy investments.
  3. The global renewable energy market size was valued at $954 billion in 2023 and is projected to grow to $1574.17 billion by 2032, with solar power leading the market in both revenue and volume terms.

Key Technologies

  1. Solar PV is set to meet half of the growth in global electricity demand over 2024 and 2025, with solar thermal and CSP also contributing to renewable energy supply. In 2023, solar PV accounted for about 70% of the growth in renewable electricity generation, with wind generation contributing the remaining 30%.
  2. Wind power generation has increased significantly, with onshore wind capacity rising from 178 GW in 2010 to 699 GW in 2020, and offshore wind capacity growing rapidly as well.

These trends and forecasts indicate a significant shift towards renewable energy globally, driven by technological advancements, economic factors, and supportive policies.

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