Energy Moving Through the Year
Although we are only four months into 2016 there are some trends that have been developing in terms of energy consumption, efficiency, generation, and carbon emissions. Changes in the energy industry tend to happen slowly, however once they do occur they have a large impact.
Firstly, oil prices are staying low thanks to big data and technology allowing them to manage their resources more efficiently than they have been in the past. It’s safe to assume that these low oil cost will also change the industry throughout the rest of the year.
We’re also very excited to see solar power continue to boom. Countries are now becoming huge markets for solar energy including the U.S.A., India, and China, thanks to cheap solar panel prices. Right now and throughout 2016 solar power is definitely a preferential power source.
Coal is beginning to be phased out in all countries, except for India. This is incredible because coal is the most detrimental fossil fuel for power generation. However, the industry’s earnings fell 25% in North America last year and it is now no longer profitable to extract from half of the world’s coal reserves.
Nuclear power is also on the energy radar for 2016 because it does not produce carbon emissions which is being used as cause to go back to the drawing board on how nuclear energy is harnessed and produced. There are also other environmental concerns that need to be considered such as what to do with nuclear waste. We expect to see new approaches to pop up in the near future.
The final trend for 2016 is batteries. Think bigger than your TV remote, think Tesla and Nissan electric cars. Or even better, think taking homes off the power grid and becoming battery operated.