Month: April 2024

IEA Predicts Sharp Drop in Battery Costs to Accelerate Renewable Energy Adoption

Admin
Renewable-Energy

LONDON, April 25 (Reuters): According to the International Energy Agency (IEA), the anticipated significant decline in battery costs for energy storage in the coming years will hasten the global shift towards renewable energy and away from fossil fuels. The IEA’s Batteries and Secure Energy Transitions report highlights the crucial role of energy storage in ensuring the reliability of renewable sources like solar and wind power. By 2030, the total capital costs of battery storage are expected to plummet by up to 40%, making renewable energy coupled with storage systems more…

Read More

China’s Coal Consumption to Decrease Modestly by 2040, Despite Global Climate Objectives

Admin
China-Coal

A recent report by Norwegian risk assessment firm DNV suggests that China’s coal consumption, although expected to decline by one-third by 2040, will still remain a significant part of its energy mix. This outlook contradicts global climate goals that aim to phase out coal power capacity by 2040 to limit temperature rises. According to the report, China’s coal consumption will experience a minor increase in the next two years before gradually decreasing. However, coal will continue to play a substantial role, comprising around 25% of its peak consumption by 2050.…

Read More

Global Electric Car Sales to Hit 17 Million in 2024, Major Shift Expected by 2035

Admin
electric-car

The International Energy Agency (IEA) predicts that global electric car sales will reach 17 million by the end of 2024, marking a significant surge in demand. According to the IEA’s Global EV Outlook, this growth trend is set to reshape the automotive industry and significantly reduce oil consumption for road transport. China is leading the electric car revolution, with projections indicating that almost half of all car sales in the country will be electric by 2024, totaling around 10 million units. In the United States and Europe, electric cars are…

Read More

Govt Considers Lowering Net Metering Buyback Rates Amidst Power Sector Concerns

Admin
power-transmission

Reports from Business Recorder suggest that the government is contemplating reducing the buyback rates for net metering electricity from Rs 21 per unit to Rs 11 per unit. This move comes as the surge in net metering installations has disrupted the government’s capacity charge payment plans, sources reveal. The Power Division is concerned that affluent consumers are shifting to net metering, leaving the financial burden on less privileged consumers already grappling with high bills. While the government supports solarization efforts, the current buyback rates of Rs 12-22 per unit are…

Read More

TEVTA and PSA Sign MOU to Boost Solar Energy Skills

Admin
Solar-Energy

The TEVTA-Pakistan Solar Association MOU signing ceremony took place at TEVTA Secretariat, Lahore. Chairman TEVTA Brig. Muhammad Sajid Khokhar, SI(M) Retd., and Chairman PSA Amir Parvez Chaudhry signed the documents. COO TEVTA Qurat-ul-Ain Memon noted that the collaboration spans two years initially, aiming for further expansion. TEVTA commits to enhancing its ties with the solar industry, updating syllabi, conducting trainer sessions, and arranging paid internships. Chairman TEVTA emphasized expanding solar courses from five to eight institutions, with plans for more based on industry requirements. The event highlighted CM Punjab’s directive…

Read More