Solar PV eclipses all other new types of electricity generation in 2016 to become the world’s favourite

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Solar PV has become the world’s favorite new type of electricity generation, with more solar PV capacity being installed than any other generation technology according to GlobalData.

The company’s latest report update on the GlobalData Power Attractiveness Index (GPAI) confirms that worldwide, approximately 72 GW of new solar PV capacity was installed in 2016. Wind energy was in second place with 53 GW, followed by coal with 52 GW, gas with 41 GW, and hydro with 31 GW.

 

China and India occupy the top two spots in the overall power market attractiveness index as the most lucrative markets in the short term. These are followed by the US, Turkey, Germany, and Brazil.

China rolled out its latest five-year energy development plan, detailing the country’s aim of investing about CNY2.5 trillion (more than $363 billion) through 2020 in the development of renewable energy resources. Ankit Mathur, Power Practice Head at GlobalData, commented: ‘‘If the planned energy development programme is followed, solar, hydro, and wind power would be the biggest benefactors. They would also support China’s recently announced ambition to stop the production and sales of traditional energy vehicles in the coming decades.’’

The US has lost ground in the index, due to a shift in energy policy under President Donald Trump. The Trump administration has issued orders to roll back many of the previous administration’s climate change policies, revive the US coal industry, and review the Clean Power Plan, which requires states to cut carbon emissions from power plants.

The UK’s market lost attractiveness post-Brexit with uncertainty over the impacts of the country’s decision to leave the European Union (EU). Mathur, continued: ‘‘Along with the US, the UK’s market has also lost attractiveness post-Brexit. However a number of Southeast Asian markets show progress with high market attractiveness due to strong growth fundamentals and all-round capacity addition.

Source: GlobalData