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 |
Louisiana Light • 5 days | 73.60 | -0.15 | -0.20% | ||
|
Bonny Light • 126 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 5 days | 72.88 | -0.85 | -1.15% | ||
|
Mars US • 417 days | 73.93 | -1.23 | -1.64% | ||
|
Gasoline • 11 mins | 1.957 | +0.019 | +0.98% |
|
Bonny Light • 126 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 126 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 5 days | 72.88 | -0.85 | -1.15% |
|
Peace Sour • 8 hours | 62.29 | -0.22 | -0.35% | ||
|
Light Sour Blend • 8 hours | 64.14 | -0.22 | -0.34% | ||
|
Syncrude Sweet Premium • 8 hours | 67.39 | -0.22 | -0.33% | ||
|
Central Alberta • 8 hours | 62.34 | -0.22 | -0.35% |
|
Eagle Ford • 5 days | 66.39 | -0.67 | -1.00% | ||
|
Oklahoma Sweet • 5 days | 66.50 | -0.50 | -0.75% | ||
|
Kansas Common • 5 days | 56.74 | -0.67 | -1.17% | ||
|
Buena Vista • 5 days | 76.83 | -0.67 | -0.86% |
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EU Solar Power Growth Slows
Solar power installations increased by just 4% this year from 2023, down from 40-50% annual growth in the three prior years, as grid bottlenecks are holding back expansion, industry association SolarPower Europe told Reuters.
In 2024, the EU installed a total of 65.5 gigawatts (GW) of solar power capacity. While that’s a record-high amount of installed solar capacity in a year, it is only 4% higher compared to 2023, according to the data SolarPower Europe shared exclusively with Reuters.
To compare, growth in solar installations hit 40% in each of 2021 and 2022 and surged by 50% last year compared to the previous year.
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The slower pace of solar growth is raising concerns that the EU may fall short of its solar installation targets. The EU will need to install 70 GW of solar each year through 2030 to meet its capacity goals.
However, the surge in solar installations in recent years hasn’t been accompanied by a similar increase in grid transmission and flexibility. Solar projects have to queue for grid connections and at times are paid to curtail output to prevent overwhelming the grids.
“The growth is substantially slowing down,” SolarPower Europe CEO Walburga Hemetsberger told Reuters, commenting on the figures for the 2024 capacity installations.
“What we see more and more in different countries, all over Europe, is that we're running into grid bottlenecks,” Hemetsberger noted.
Unlike in Europe, China continues to see strong growth in solar power capacity additions.
New installations are set to reach between 230 and 260 GW this year, with the growth sizable in spite of China’s recent struggles with profitability and excess inventory and production capacity. Countering these problems is support for utility-scale solar development in the deserts, growth in rooftop solar proliferation, and grid expansion, which has made it possible for more solar power to reach consumers instead of getting wasted.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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