12 Jun '18, 9am

As Subsidies Wane, Market Forces Drive the Growth of Renewables

That’s critical to reducing the world’s carbon emissions: Cheap, unsubsidized renewable power gives countries a solid economic reason to switch from fossil fuel energy. Auctions play a role in this revolution by “enabling industry to build on technology that has become cost efficient, establish larger scale, and further lower prices,” says Rana Adib, executive secretary of REN21, a renewable energy policy network based at the UN Environment Program. Yet the market-based system has its drawbacks, resulting in a bumpy transition in many countries . Aggressive competition can result in unrealistically low bids that don’t materialize into actual projects — something that will only be known a few years from now. And the drive to lower prices is winnowing out the small players that were instrumental in nurturing the early phase of renewables. Community energy groups find it hard...

Full article: https://e360.yale.edu/features/as-subsidies-wane-market-f...

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