EEW Markets and Opportunity
Today, electricity produced by solar power plants is less expensive than electricity produced by coal in the UK, Germany, Australia, the USA, Spain and Italy. By 2021, solar will be more competitive than coal in China, India, Mexico and Brazil.
Solar PV is expected to represent 30% of all new power capacity installation worldwide, this equals to 2,000 GW up to 2040.
An estimated 72% of the $10.2 trillion investment required up to 2040 in the energy sector will target wind and solar. At 40€/MWh, solar energy is already competitive in 2018 with most other power generation. System prices are expected to continue falling, which will soon enable solar to provide base load generation in combination with storage.
There is potential for 380 GW of new solar PV in selected EEW markets up to 2030, this translated into a €228bn investment.