Wind, Solar Power Soaring in Spite of Bargain Prices for Fossil Fuels

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155-turbine Smoky Hill Wind Farm near Vesper, Kan. (Charlie Riedel/AP)

By Joby Warrick

Wind and solar power appear set for a record-breaking year in 2016 as a clean-energy construction boom gains momentum in spite of a global glut of cheap fossil fuels.

Installations of wind turbines and solar panels soared in 2015 as utility companies went on a worldwide building binge, taking advantage of falling prices for clean technology as well as an improving regulatory and investment climate. Both industries have seen stock prices jump since Congress approved an extension of tax credits for renewables as part of last month’s $1.14 trillion budget deal.

Orders for 2016 solar and wind installations are up sharply, from the United States to China to the developing economies of Africa and Latin America, all in defiance of stubbornly low prices for coal and natural gas, the industry’s chief competitors.

“We’re seeing very good momentum across the board globally,” Anders Runevad, chief executive of Vestas Wind Systems, the world’s biggest producer of wind turbines, said in an interview. “We’re seeing growth in every region.”

Read more at the Washington Post

Categories: Economic Indicators

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