A New Era of Change
The traditional power industry is currently being reshaped by key megatrends (Decarbonization, Decentralization and Digitalization) that are driven by strong forces at a global level such as:
- Political agenda (increased climate change/ green consciousness)
- New technology (PV, batteries, digitalization, robotics, AI, etc.)
- Customer expectations (added value services, on-demand, real-time, sharing green,…)
- New competition (long-term infra investors, oil majors, virtual retailers & generators, etc.)
These three megatrends are inter-related and PV technology has played (and it’s set to continue doing so, together with new technologies such as batteries) a key role in them. As an example of this relationship, falling costs of renewable energy and batteries through new technology and innovation, have increased their competitiveness versus conventional fossil-fuel based power generation, making possible renewable energies to be considered an affordable alternative to fossil fuels, giving a push to the political agenda while providing customers with a product that meets their increased environmental consciousness.
Today PV and wind are already cheaper than building new large-scale coal and gas plants in many of the world major markets. These include India, Germany, Australia, U.S. and China. By 2030, we reach this “tipping point” almost everywhere.