Why Power Markets Tilt Toward Renewables Even With Cheap Oil

Source: Bloomberg Business
03/28/16, 04:43 AM | Solar & Wind, EVs and Fuel Cells

Anna Hirtenstein for Bloomberg Business:  If you’re a power plant developer, chances are you’ll be selling renewables in a developing nation in the decades ahead -- even with fossil fuel prices bumping along historic lows.

That’s been the conclusion for some time of the International Energy Agency and independent researchers such as Bloomberg New Energy Finance. A report out Thursday from the United Nations Environment Program using BNEF data gives more statistical backing for the trends.

For the first time in 2015, more investment went into renewables than fossil fuels, and most of the money went to emerging markets. BNEF is hosting a conference in New York starting April 4 to bring together executives and bankers attempting to generate value from the boom.

Here are six charts from the UNEP report showing why cheap oil and natural gas aren’t about to slow the rise of wind and solar.

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