Solar investment trumps oil and gas
The Financial Post reports that global clean energy investment, including solar and wind, was double that of fossil fuels in 2015. The main reason is that production costs for renewables are decreasing substantially. The cost of solar power has plummeted to 1/150th of its level in the 1970s. In that same time period, the total amount of installed solar has skyrocketed 115,000-fold.
“We’re in a low-cost-of-oil environment for the foreseeable future,” said Michael Liebreich during his keynote address at the Bloomberg New Energy Finance (BNEF) Summit. “Did that stop renewable energy investment? Not at all.” The BNEF Council has noted that every time solar power installations double, costs go down by 24 percent.
IESO to award FIT 4 contracts in Q2 2016
Ontario’s Independent Electricity System Operator (IESO) is slated to award FIT 4 contracts this quarter. The agency reports it received 1,968 renewable energy (solar, wind, waterpower and bioenergy) project applications representing a total of 582 megawatts (MW) during the October 2015 procurement window. Applications are currently under review and the IESO expects to award contracts up to the procurement target of 241.438 MW.