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Is the Global Energy Transition on track? A new report by Wood Mackenzie, Thinking global energy transitions: the what, if, how and when, explores the forces shaping the energy transition, and pinpoints the sustainability tipping point – when the world shifts from the age of oil and gas to the age of power and renewables – will arrive by 2035.
Looking at behind-the-meter, Australia was the biggest residential storage market in the world in 2017, with a tripling of residential storage deployments over the previous year. High retail electricity rates and diminishing or expiring feed-in tariffs have encouraged residential solar customers to choose storage for self-consumption benefits. As a result, over the past few years, Australia has been the preferred testbed for new residential energy storage products, as several technology vendors have first introduced their residential product portfolios in the country.
In contrast to the 2018 GSOO released today by the AEMO, Wood Mackenzie’s East Coast Gas report identifies a potential gas shortfall between 2023 and 2025, significantly earlier to the GSOO’s estimate of 2030.
In a recent study, Wood Mackenzie forecasts Australia's East Coast gas prices to rise up to 30 percent to between A$10 and A$13 /per gigajoule by the mid 2020s.
Under heavy subsidies from the government, China's electric vehicles (EV) market has grown exponentially to overtake the United States as the world's largest EV market. However with subsidies fading out in two years' time, the Chinese government and EV manufacturers are pressed for time to sustain the growth momentum in EVs. Wood Mackenzie's latest research reveals that China's proposed dual-credit scheme can reshape the EV market for a more sustainable development beyond the abolishment of subsidies in 2020. The EV penetration rate is projected to hit 17% in 2035 as a result.
Historically, coal has played a key role in meeting Asia's growing power demand. However environmental concerns has led to more stringent regulations and commitments towards tighter emission controls globally. Increasingly over the last year, financing institutions (mostly export credit agencies (ECAs) in OECD countries and European banks) have announced plans to stop investing in coal power projects. This could impact Asia since we expect growth in power demand through to 2035, and this calls for new power capacity, including coal-fired ones.
We took a closer look at the impact of the UK government’s proposal to ban the sale of new petrol and diesel cars by 2040.
A joint research report conducted by Wood Mackenzie and GTM Research assessing generation economics concludes that declining renewables and energy storage costs will increasingly squeeze out gas-fired generation in South Australia as early as 2025.
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