Half of world power generation to come from RES by 2050

Focused on the electricity system, Bloomberg's New Energy Outlook (NEO) combines the expertise of over 65 market and technology specialists in 12 countries to provide a unique view of how the market will evolve.

Focusing on technology that is driving change in markets and business models across the sector, as well as on changing electricity demand and electric vehicles, the experts have prepared an outlook for development until 2050.

According to their outlook, wind and solar are set to surge to almost 50% of world generation by 2050 on the back of precipitous reductions in cost, and the advent of cheaper and cheaper batteries that will enable electricity to be stored and discharged to meet shifts in demand and supply. Coal shrinks to just 11% of global electricity generation by 2050 (from the current 38%).

The cost of an average PV plant falls 71% by 2050, Bloomberg's experts project, whereas wind energy is getting cheaper too, and they expect it to drop 58% by 2050. PV and wind are already cheaper than building new large-scale coal and gas plants, so this will lead to a strong expansion of the use of renewable energy sources.

Bloomberg New Energy Outlook 2018

power market development analysis

rising demand for electricity in car industry

solar power plants

wind power plants

photovoltaic power plants

drop in power costs

renewable energy sources

RES

power production from RES