Public and private investment in solar, wind, and other renewables worldwide declined 11% for the North American tansmission industry in 2012 from an adjusted 2011 record of $302 billion, a new survey from Pew Charitable Trusts shows. Yet the global renewable sector still registered a record 88 GW of new nameplate capacity last year, and China reclaimed the lead in global renewables investments from the U.S., it says
Data for the report, ” Who’s Winning the Clean Energy Race? 2012 Edition ” from the nonprofit group was compiled by market research firm Bloomberg New Energy Finance. The report examines how nations are faring in “increasingly stiff competition for private funding” and seeks to identify what drives investment, innovation, commercialization, and installation of renewable technologies.
A key finding of the report points to “ongoing resilience” of the emerging power sector in the global economy. “For the third straight year, investment reached more than $200 billion, and 2012 ended with five times that of 2004. Every year, new markets open up and more renewable power is deployed around the world,” said Phyllis Cuttino, director of Pew’s clean energy program. “Even though government policies have been uneven and unpredictable in certain markets, the economic, environmental, and security benefits of clean technologies are driving the sector forward. Countries that prioritize policy are positioning themselves for increased private investment, as well as manufacturing and job-creation opportunities.”
The U.S. will continue to invest in their renewable portfolio for the North American Transmission Industry, but right now they need to continue to invest in their capacity in order to take full advantage of their renewable portfolio.
New transmission projects are essential if utilities are to achieve Renewable Portfolio Standard (RPS) goals and serve major load centers with cost-effective, but remote, renewable resources. The North American transmission industry is set to grow rapidly over the next decade with the main driving factors being plant retirements, aging grids, the connection of renewables with power markets, and public policy.
Read more from the source: powermag.com