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As per recent proposals from government, the biggest energy suppliers in Britain will buy renewable electricity from their own customers, having solar panels in their households, and the extra renewable energies could be sold back to the energy suppliers. In the past the government had announced the closure of payment scheme that had left many concerned over investment in small scale renewable energy production. Some analysts believed the previous system was complex and left many energy companies in confusion over how much to pay. In that phase the customers had been providing electricity to the energy supplier free of cost. The new scheme will increase competition amongst energy suppliers, while, more and more homes will try to adopt smart energy technologies in their household systems and vehicles. Households will be paid as per smart export guarantee. The change in scheme will provide a new market where suppliers will be bidding competitively and giving best price to exporters.
Zero Carbon Hubs
Many countries in Europe are preparing to achieve the zero carbon targets where UK will be introducing first net zero carbon industry hub to promote clean growth. This will be a net zero carbon cluster of clean energy and will be developed by 2040. It will sustain the move to sponsor projects in developing countries away from non-renewable such as coal (Even today coal powered power grids produce over 40 per cent of global electricity).
Battery Car Sale Increase in Norway
In Norway, one-third of total car sales include electric or hybrid versions, where the engines are battery powered and internal combustion engines. Currently, the country aims to get 100 per cent zero emission cars by 2025. Many exemptions have been offered for battery driven cars, which are also given free parking and charging points. Norway share of such cars was 39 per cent in 2017, whereas, 2.2 percent cars run on battery in China and 1.2 percent cars in US are battery based.
Trade war and tariffs on solar panels from China will hit sentiment in the renewable sector and this was visible in the decline in renewable stocks in 2018. China’s solar panel sale grew in Q3 y-o-y and cost of photovoltaic cells continues to decline.
Oil Price Predictions
Experts predict some significant energy trends in 2019 where it is believed the oil production and supply will slow down in the market, and by the end, it is predicted- the price will be at $70/bbl level. In US, oil production was at highest in 2018, since 2011, where production grew 1.5 million bpd. Overall the average total production in 2018 was at 10.9 million bpd. Trump Administration allowed exemptions on importing Iranian oil and this led to increase in supply of oil. Gasoline price declined due to collapse in oil price and experts believe US will slow down oil production in 2019.
Oil was $15/bbl down in first week of 2019, and crude inventories in US are holding same amount as a year ago. The development towards electric battery cars and continued growth in oil production in US can lead to oversupply.
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