UK Shale Has Potential to Spark $55 Billion in Investment, Says E&Y
U.K. shale gas production has the potential to spur local demand for supplies from rigs to waste-water management, according to an Ernst & Young LLP report. About $55 billion would have to be allotted to bring 4,000 wells into production by 2032, and 62 percent of the expenditure will be for the controversial hydraulic fracturing technique. The U.K. government pledged tax breaks to drillers as it seeks to cut reliance on imports and stir the economy amid declining reserves from the North Sea. Northern England’s Bowland basin is hoped to hold 1,300 trillion cubic feet of gas – enough to meet demand for about half a century.
China’s Polysilicon Manufacturers Double in 2013 as Price Spiked
The number of polysilicon manufacturers in China more than doubled to 15 last year as prices increased. China generated 84,000 metric tons of solar panel raw materials last year, an 18.3 percent jump from 2012, says the Ministry of Industry and Information Technology. They added that at the beginning of the year, the country only had seven manufacturers. The commodity price spiked 15 percent in 2013 which prompted some polysilicon makers to restart production after suspending output as prices started to decrease in 2011. Panel output in China increased 13 percent to 26 GW last year, equivalent to more than 60 percent of global production.
Solar Power Grew 400 Percent in 4 Years
The Energy Information Agency said that solar capacity increased 418 percent since 2010. Solar capacity is now 12,057 megawatts up from 2,326 megawatts four years ago. Around 5,251MW of that additional capacity had been installed by home and business owners participating in net metering programs that allow solar system owners to sell excess power back to the local utility at retail rates. According to the EPA, the solar sector is enjoying strong near-term growth prospects. As of this month, there are 6,459 MW of proposed large-scale PV projects and 1,841 MW of proposed thermal solar plants.
Green Bonds May Cut India’s Renewable Energy Cost by 25%
Funding clean energy projects with Indian government-backed green bonds could lower the cost of renewable energy by as much as 25 percent, according to a report by the Indian School of Business and Climate Policy Initiative. The San Francisco-based research firm says that the Indian government could sell bonds and lend the proceeds to solar and wind farm developers. India could then offer funds a third cheaper than commercial bank loans and for double the tenor as the government has the highest domestic credit rating.