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• Published: 29 May 2024

Wind power and solar photovoltaics found to have higher energy returns than fossil fuels

Nature Energy ( 2024 ) Cite this article

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A key issue in net energy analysis is the omission of the effects of end-use efficiencies on the energy returns of technologies. Now, an analysis shows that these effects strongly favour the energy returns of wind power and solar photovoltaics, which are found to be higher than those of fossil fuels.

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Raugei, M. & Leccisi, E. A comprehensive assessment of the energy performance of electricity generation technologies deployed in the United Kingdom. Energy Policy 90 , 46–59 (2020). This article presents a net energy analysis of electricity generation technologies.

Article   Google Scholar  

Marshall, Z. et al. A country-level primary-final-useful (CL-PFU) energy and exergy database v1.2, 1960-2020. University of Leeds Data Repository (5 February 2024); https://archive.researchdata.leeds.ac.uk/1234/ . The online repository associated with the CL-PFU database that we used to determine the useful-stage EROIs.

Slameršak, A., Kallis, G. & O’Neill, D. W. Energy requirements and carbon emissions for a low-carbon energy transition. Nat. Commun. 13 , 6932 (2022). This paper reports a dynamic analysis of the net energy aspects and CO 2 emissions of the energy transition.

Heun, M. K., Marshall, Z. & Aramendia, E. CLPFUDatabase: A suite of R packages for energy conversion chain analysis. J. Open Source Softw. 9 , 6057 (2024). This paper introduces the software developed to build the CL-PFU database used in this work.

Murphy, D. J., Raugei, M., Carbajales-Dale, M. & Rubio Estrada, B. Energy return on investment of major energy carriers: review and harmonisation. Sustainability 14 , 7098 (2022). An article that reviews and harmonizes the EROIs published in the literature for major energy carriers.

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This is a summary of: Aramendia, A. et al. Estimation of useful-stage energy returns on investment for fossil fuels and implications for renewable energy systems. Nat. Energy https://doi.org/10.1038/s41560-024-01518-6 (2024).

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Wind power and solar photovoltaics found to have higher energy returns than fossil fuels. Nat Energy (2024). https://doi.org/10.1038/s41560-024-01520-y

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Published : 29 May 2024

DOI : https://doi.org/10.1038/s41560-024-01520-y

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Press Release

Pune, India: Suzlon Group, India's largest renewable energy solutions provider, today announced that CRISIL Ratings has upgraded its ratings to 'A-' with Positive Outlook in alignment with the company's strengthened financial position, operational excellence and favourable sectoral tailwinds.

CRISIL highlighted in the rating rationale that "the rating upgrade factors in, higher than expected improvement in the margins of WTG business while maintaining healthy cash flow generation from the O&M services business, and an uptick in the order book providing visibility for future revenues."

CRISIL Ratings upgraded its ratings on the bank facilities of Suzlon to 'CRISIL A-/Positive/CRISIL A2+' from 'CRISIL BBB+/Positive/CRISIL A2'.

Himanshu Mody, Chief Financial Officer, Suzlon Group said, "We are delighted with bank facilities rating upgrade by CRISIL, which is aligned with our efforts to achieve financial flexibility, and indicative of the robust financial position of the company. Achieving this milestone reflects our continuous focus on sound financial management, operational excellence, and sustainable growth. By successfully repaying our term debt and improving our financial flexibility, we are better positioned to seize growing opportunities within renewable energy and continue our journey of leading the sector."

This long term ratings upgrade and a Positive Outlook of CRISIL Ratings largely indicate CRISIL's expectations of continued achievement given the Company's strong business fundamentals and a favourable market environment for the Indian wind energy sector.

Click the link to Rating Rationale: https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/SuzlonEnergyLimited_March 26_ 2024_RR_339438.html

About The Suzlon Group

The Suzlon Group is one of the leading renewable energy solutions providers in the world with ~20.5 GW* of wind energy capacity installed across 17 countries. Headquartered at Suzlon One Earth in Pune, India; the Group comprises of Suzlon Energy Limited (NSE: SUZLON & BSE: 532667) and its subsidiaries. A vertically integrated organisation, with in-house research and development (R&D) centres in Germany, the Netherlands, Denmark and India, Suzlon's world-class manufacturing facilities are spread across multiple locations in India. With over 28 years of operational track record, the Group has a diverse workforce of over 6,300 employees. Suzlon is also India's No. 1 wind energy service company with the largest service portfolio of over 14.5 GW in wind energy assets. The Group has ~6 GW of installed capacity outside India. Suzlon offers a comprehensive product portfolio led by the 2 MW and 3 MW series of wind turbines.

*Global installations of Suzlon manufactured wind turbine generators. Data as on 31 st December 2023

Suzlon corporate website: www.suzlon.com

Dharini Mishra Tel: +91 (20) 67025000 E-mail: [email protected]

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Coal power plants thrive despite surge in renewable energy capacity: CRISIL Ratings

The report stated that higher plfs will continue to be supported by conducive fuel supply as domestic coal production, building upon its record high of 893 million tonne (mt) last fiscal, is on track to achieve 11-13 percent growth projected for this fiscal..

thermal power plants

Plant load factors (PLFs) of coal-based power plants in India will improve to 65 percent this fiscal despite record renewable energy (RE) capacity addition, stated a CRISIL Ratings report released on November 16.

Over the past two fiscals, demand for electricity has seen a robust 8-9 percent annual growth, driven by the post-pandemic economic rebound. During this period, 34 gigawatt (GW) of capacity has been added, with 90 percent of it in RE.

"In GW terms, this is a 9 percent growth in power capacities but on normative terms this was only 4-5 percent growth as capacities operate at varying PLFs and in this incremental supply, coal-based power plants remain an important cog, accounting for 69-71 percent of total power generation because of the intermittent nature of RE with lower PLFs," the report explained.

ALSO READ: Govt to make every effort to ramp up coal production to meet growing power demand: Pralhad Joshi

It stated that healthy PLFs along with lower receivables and encouraging fuel supply will support the credit profiles of private coal-based generating companies (gencos).

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Ankit Hakhu, Director, CRISIL Ratings said the trend will likely continue this fiscal. "Power demand is seen growing 5-6 percent, and a part of the incremental requirement will be met by the newly added RE capacities — including 18 GW in wind and solar, the highest ever. That said, a good portion of the incremental generation will be met by existing coal-based power plants."

The increase in demand for coal-based power will prove beneficial for thermal PLFs, which are likely to improve by 100 basis points (bps) to over 65 percent in fiscal 2024, as no material coal-based capacity is envisaged this fiscal and relatively low-capacity addition of hydro, biomass and nuclear, he said.

The report stated that higher PLFs will continue to be supported by conducive fuel supply as domestic coal production, building upon its record high of 893 million tonne (MT) last fiscal, is on track to achieve 11-13 percent growth projected for this fiscal. Moreover, coal allocation under various e-auction modes has notably improved. Evacuation infrastructure has also witnessed augmentation with railway rakes for coal transportation 8 percent higher on-year, it said.

Mithun Vyas, Team Leader, CRISIL Ratings, said cash flows will be supported by release of receivables under the Late Payment Surcharge (LPS) scheme notified by the government in June 2022. Receivables of private gencos rated by CRISIL Ratings are estimated to reduce from 82 days as of March 2022 to 55-60 days by the end of this fiscal.

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• Updated On May 31, 2024 at 08:30 AM IST

• Published On May 31, 2024 at 08:27 AM IST

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For the first time, more money is going into solar power than oil

By Irina Ivanova

Edited By Anne Marie Lee , Megan Cerullo

Updated on: May 29, 2023 / 11:13 AM EDT / MoneyWatch

The upheaval in oil and gas markets started by Russia's war in Ukraine is helping fuel a clean-energy boom as countries scramble to secure their power supply.

One notable record: Investment in solar outpaced that in oil for the first time last year, according to the International Energy Agency, which released a report recently on global energy investment .

But the world is still investing far too much in fossil fuels, the Paris-based group warned. Investment in that sector is currently double the maximum amount that would be allowed if nations are to meet their stated pledges to reduce emissions, the IEA said.

A growing gap

Since 2018, far more funding has been put into clean-energy development than into fossil fuels, and the gap continues to grow. Last year saw a record $2.8 trillion invested globally into energy sector, of which more than $1.7 trillion is dedicated to clean energy.

"For every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy. Five years ago, this ratio was one-to-one," IEA Executive Director Fatih Birol said in a statement.  "One shining example is investment in solar, which is set to overtake the amount of investment going into oil production for the first time."

Russia's brutal invasion of Ukraine which began last year boosted demand for energy of all types, raising investment in fossil fuel as well as clean power. The war set off a price spike in oil and gas, of which Russia is a major producer — supplying about 12% of the world's crude oil and nearly half of the European Union's natural gas.

Investors responded by doubling down on all options, throwing money into developing gas and oil sources outside of Russia, as well as into new renewable energy developments that don't need gas at all.

Natural gas is a fossil fuel that contributes to global warming. While it was long considered "cleaner" than older fuels, like coal and oil, recent research shows it could be much more damaging to the climate than previously thought, as its extraction releases large amounts of methane , a powerful heat-trapping gas.

The rapid acceleration of clean-energy investment is good news for the world's pledge to meet its climate targets. If the pace of the last two years continues, "then aggregate spending in 2030 on low-emission power, grids and storage, and end-use electrification would exceed the levels required to meet the world's announced climate pledges," the IEA wrote. "For some technologies, notably solar, it would match the investment required to get on track for a 1.5°C stabilization in global average temperatures."

However, that can only happen if planned oil and gas development is scaled back significantly, IEA warned.

"The risks of locking in fossil fuel use are clear: Fossil fuel investment in 2023 is now more than double the levels required to meet much lower demand in the [net zero emissions] scenario," the report found.

Fossil fuel prices create a dilemma

The still-high prices of fossil fuels, and oil and gas companies' record profits in the past year, have created a quandary for investors, who are eager to make more profits off commodity prices.  

"A key dilemma for investors undertaking large, capital‐intensive gas supply projects is how to reconcile strong near‐term demand growth with uncertain and possibly declining longer-term demand," IEA wrote.

If the clean-energy boom is to continue, the agency said, another key point needs to be addressed: Equality. So far, clean-power investment has been restricted to just a few countries — primarily China, the European Union and the U.S.

"Remarkably, the increases in clean energy investment in advanced economies and China since 2021 exceed total clean energy investment in the rest of the world," the IEA found.

The high upfront costs of clean-energy infrastructure and high interest rates mean that many developing countries aren't investing in renewables, even though their use, in the long term, would cost less than fossil fuels and would save lives, the IEA said. In the U.S. and many developed nations, meanwhile, the need for multiple approvals for an energy project, often taking years or even decades, has slowed down the buildout of clean energy.

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