The largest energy transition in history continues unabated
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700 GW of solar and wind capacity added in 2024
Net new nuclear capacity (the difference between capacity added and decommissioned) has averaged per year over the last decade 2 GW happened, last year 5,5 GW capacity added. The new solar and wind energy capacity added in 2024 700 GW broke a record with.
While solar energy capacity and production have increased exponentially, nuclear energy production has remained stagnant since 2000. Both solar and wind energy production will catch up with nuclear production this year. The reason is clear: Solar and wind energy are more powerful than nuclear. much cheaper.
The size of a nuclear power plant is approximately 1 GW. And that’s average building a nuclear reactor, excluding planning and permitting periods. 6 to 8 years continues. Moreover, nuclear power plant construction becomes more expensive over time, rather than cheaper. Establishing solar and wind power plants It is much cheaper and takes place in a shorter time.
Production with fossil fuel decreased
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More than half of global new solar and wind capacity last year was deployed in China. As a result of the electrification of transportation, heating and industry, electricity demand in developed countries has increased. It is expected to double or triple. Electricity production as a result of increasing prosperity and electrification in developing countries It could increase fivefold by 2050.
Although solar and wind energy are growing rapidly, the intermittent nature of these energy sources poses a significant problem. To overcome this problem battery-based energy storage facilities with pumped storage hydroelectric power plants It is expected to become widespread in the future.
As more solar and wind energy is installed, the working hours of existing coal and natural gas power plants are decreasing and they are incurring losses, as a result of cheaper energy prices in sunny and windy weather. Because, Coal and gas plants may be shut down sooner than many analysts expect. This could open up more space for solar and wind energy.
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