News
Electricity prices have turned negative in parts of China as renewable energy has overwhelmed the grid.
The country is building twice as much wind and solar power as the rest of the world combined, and grid officials have had to resort to cutting production, while the industry tries to… Build battery storage To facilitate the flow of energy, said OilPrice, which itself is shaping up to become a major market.
Meanwhile, the United States, although lagging behind China in absolute terms, is seeing a huge increase in solar capacity: average solar production in the 48 contiguous states has reached An increase of 36% year-on-year Solar energy is expected to account for nearly two-thirds of new electricity generation capacity in the final months of 2024.
Signs
Concern about Chinese solar “overcapacity” may undermine the global green transition
China’s solar energy capacity has exceeded global demand, a reality that “Shrinking a lot of profit “Outside the industry” – vital materials are sold at a price well below the cost of production, and failed companies receive state subsidies, the Economist writes. But the country’s solar dominance — with China adding more capacity in 2023 than the United States has ever installed — could be a good thing. Somewhat deceptiveThe high-capacity Kyle Chan subproject noted that China still ranks behind the Netherlands, Australia, Germany, Austria and others in terms of per capita solar capacity. However, many countries depend on Chinese solar exports, and talk of surplus capacity ignores how much solar panels are needed for the green transition.
Energy storage may be the “key that unlocks” solar energy
The global energy storage market has nearly tripled in the past year, and is expected to continue Adding more than 100 gigawatt-hours of capacity For the first time in 2024 — an uptick largely driven by growth in China, BloombergNEF reported in April. “Energy storage is not just an addition to renewable energy “It is the key that unlocks its full potential,” a renewable energy asset management expert told Asian Investor, because it allows for 24/7 flexible power generation from renewables. But the industry is lagging behind, especially in Europe, where Insurance risk premiums of highly flammable lithium-ion batteries threatens profitability, writes an industry expert at Smart Energy International.
