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New Power Generation Market Report Available
Dublin, Ireland (SPX) Oct 02, 2008 Conditions within the power industry have changed significantly in recent years. The rising cost of natural gas has made this an expensive source of power, while concern about global warming and the introduction of limits on CO2 emissions will have a profound effect on the use of coal for power generation, at least in the developed world. As a consequence, nuclear power has its best chance of a revival for a generation and renewable energy is gaining ground as technology is refined and experience grows. Of the renewable technologies, wind power offers the least capital cost option at $1208/KW, together with a relatively short lead time which is driving strong uptake in wind turbine technology and wind farm construction both offshore and onshore energy sectors. Unlike wind turbine technology, solar thermal generation and solar photovoltaic technology options remain the most expensive with estimated capital costs of $3149/KW and $4751/KW, respectively. A significant number of renewable energy generation technologies have reported significant increases in costs during the period 2003 to 2007 due to like-for-like increases in global raw material costs. Most price rises are moderate, ranging from 4% to 20%, though costs for both solar technologies are estimated to have risen by around 40%. The prices rise that stands out is that for fuel cells which is estimated in 2007 to be 244% higher than in 2003. This technology has not progressed as fast as first expected earlier in the decade and the available technology today is still relatively expensive. The rising cost of natural gas and fossil-fuels is making nuclear power and renewable energy power generation a more attractive option. This situation still holds true despite costs also increasing for renewable energy generation during the period 2003 to 2007, driven by the increase in raw material prices over the same period. The worst affected renewable energies have been fuel cell and solar technologies which have reported cost increases of 244% and 40%, respectively during the period 2003 to 2007. Wind energy is becoming an increasingly attractive option in an environment where fossil-fuel prices are increasing and solar technologies are becoming less attractive due to increasing raw material prices. It is the relatively low capital investment combined with high energy payback ratios which is making wind energy turbines an attractive renewable energy source today. However, this type of energy production can not keep up with the world's increasing demand for energy consumption with the global energy production capacity from wind turbine technology falling significantly short of current demand levels. It is therefore regarded as a technology which can play a part in global renewable energy production although will need an alternative source such a nuclear to fill the gap left as we move away from relying on fossil-fuels. Related Links The Cost of Power Generation - The current and future competitiveness of renewable and traditional technologies
Analysis: U.S.-European energy future
Berlin (UPI) Sep 29, 2008 Cooperation in clean technology and competition over new energy supplies will likely dominate the European-U.S. energy relationship once a new U.S. president takes office in January. |
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