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Cheap Coal Is Dead. Long Live Renewable Age (Part 1)
"...In March, the power generating arm of India’s largest conglomerate, the Tata Group, announced that it was shifting its investment strategy from coal-fired thermal plants to wind and solar renewable projects. Coal projects, Tata said, were becoming “impossible” to develop, and investment in them had stopped.With this declaration, one of Asia’s biggest energy players confirmed an emerging reality. The U.S., Europe, Russia, Australia and Japan all had created modern consumer economies dependent on abundant, cheap fossil-fuel energy. In the 21st century that is no longer viable; the high-carbon growth path is closing...."
Cheap Coal Is Dead. Long Live Renewable Age (Part 1)
By Carl Pope, Bloomberg
June 20, 2012
"Sustainable Energy for All" is the main theme for this week's Rio+20 United Nations gathering in Brazil. The challenge of making energy both accessible and sustainable has grown more complicated in the past year or so, and also more exciting. These are tough times for coal and other high-carbon sources of energy, while the news about clean energy is more promising.
In March, the power generating arm of India’s largest conglomerate, the Tata Group, announced that it was shifting its investment strategy from coal-fired thermal plants to wind and solar renewable projects. Coal projects, Tata said, were becoming “impossible” to develop, and investment in them had stopped.
With this declaration, one of Asia’s biggest energy players confirmed an emerging reality. The U.S., Europe, Russia, Australia and Japan all had created modern consumer economies dependent on abundant, cheap fossil-fuel energy. In the 21st century that is no longer viable; the high-carbon growth path is closing.
The reason is cost. Oil has long been expensive, because low-cost oil producers such as Saudi Arabia have learned to demand high prices by limiting supplies and refusing to sign long-term price agreements. Coal had always been different — traded locally, on both long-term concessions and short-term spot contracts. Two years ago, China and India could supplement their domestic coal supplies with imports from Indonesia, Australia and South Africa. Some of the cheapest coal mines serving China in 2010 were in Indonesia, where India’s Adani Power Ltd. and Tata were purchasing coal mines and building their own shipping and port facilities to ensure they could supply a wave of huge new power projects.
Geologically Abundant
While coal is geologically more abundant than oil, cheap coal, close to population centers, is not. The biggest ....
By Carl Pope, Bloomberg
June 20, 2012
"Sustainable Energy for All" is the main theme for this week's Rio+20 United Nations gathering in Brazil. The challenge of making energy both accessible and sustainable has grown more complicated in the past year or so, and also more exciting. These are tough times for coal and other high-carbon sources of energy, while the news about clean energy is more promising.
In March, the power generating arm of India’s largest conglomerate, the Tata Group, announced that it was shifting its investment strategy from coal-fired thermal plants to wind and solar renewable projects. Coal projects, Tata said, were becoming “impossible” to develop, and investment in them had stopped.
With this declaration, one of Asia’s biggest energy players confirmed an emerging reality. The U.S., Europe, Russia, Australia and Japan all had created modern consumer economies dependent on abundant, cheap fossil-fuel energy. In the 21st century that is no longer viable; the high-carbon growth path is closing.
The reason is cost. Oil has long been expensive, because low-cost oil producers such as Saudi Arabia have learned to demand high prices by limiting supplies and refusing to sign long-term price agreements. Coal had always been different — traded locally, on both long-term concessions and short-term spot contracts. Two years ago, China and India could supplement their domestic coal supplies with imports from Indonesia, Australia and South Africa. Some of the cheapest coal mines serving China in 2010 were in Indonesia, where India’s Adani Power Ltd. and Tata were purchasing coal mines and building their own shipping and port facilities to ensure they could supply a wave of huge new power projects.
Geologically Abundant
While coal is geologically more abundant than oil, cheap coal, close to population centers, is not. The biggest ....
http://www.renewableenergyworld.com/rea/news/article/2012/06/cheap-coal-is-dead-long-live-renewable-age-part-1??cmpid=GeoNL-Thursday-June21-2012
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