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You are seeing a shift away from fossil fuels all across the world.
"Neither the oil nor gas industry’s woes are new. But the coronavirus pandemic, which is expected to shave roughly $8 trillion from the U.S. economy over the next decade, has thrown the troubles of the energy industry into high relief, forcing companies and investors to face reality and turn toward renewables. Evidence that renewable energy and storage sectors reached a milestone was clear this May: a record-low solar tariff of $13.50 per megawatt-hour (MWh) was awarded in Abu Dhabi, which is 13 percent below the previous global record; the New Mexico Public Regulation Commission approved 100 megawatts of solar generation and 50 megawatts of dispatchable battery storage for $30 per MWh; California awarded seven projects totaling 770MW of battery storage; two mega-renewable hydrogen projects worth a total of $5 billion were reported in China; and more.
Through the middle of June, U.S. wind turbines, solar panels and dams had produced more electricity than coal on 90 separate days, demolishing the previous year’s record.
Momentum for renewables continued through June, when utilities in Arizona, Colorado and Florida announced plans to close coal-fired plants and replace them with renewable sources, without using any gas-fired plants as a “bridge” fuel."
Coronavirus accelerates global shift to cheaper, more sustainable renewable energy | TheHill
"Neither the oil nor gas industry’s woes are new. But the coronavirus pandemic, which is expected to shave roughly $8 trillion from the U.S. economy over the next decade, has thrown the troubles of the energy industry into high relief, forcing companies and investors to face reality and turn toward renewables. Evidence that renewable energy and storage sectors reached a milestone was clear this May: a record-low solar tariff of $13.50 per megawatt-hour (MWh) was awarded in Abu Dhabi, which is 13 percent below the previous global record; the New Mexico Public Regulation Commission approved 100 megawatts of solar generation and 50 megawatts of dispatchable battery storage for $30 per MWh; California awarded seven projects totaling 770MW of battery storage; two mega-renewable hydrogen projects worth a total of $5 billion were reported in China; and more.
Through the middle of June, U.S. wind turbines, solar panels and dams had produced more electricity than coal on 90 separate days, demolishing the previous year’s record.
Momentum for renewables continued through June, when utilities in Arizona, Colorado and Florida announced plans to close coal-fired plants and replace them with renewable sources, without using any gas-fired plants as a “bridge” fuel."
Coronavirus accelerates global shift to cheaper, more sustainable renewable energy | TheHill