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WHAT'S NEXT?: By 2025 solar energy will be the cheapest energy option globally. In 2040, oil and natural gas are expected to make up nearly 60 percent of global supplies, while nuclear and renewables will be approaching 25 percent. Improvements in energy efficiency in lighting and home appliances are expected to continue to push residential electricity use lower. The burning of coal will fall out of favor. Transportation energy consumption will be rising in correlation to growth in automated vehicles in the coming years.

  • [New] Centre has launched a plan to develop the power transmission system for integration of 500 GW of green energy by 2030.
  • [New] Chief among global events moving energy markets is the devastating war in Ukraine, which the International Energy Agency said is precipitating a move toward renewables more quickly than expected. Govtech
  • [New] Energy company Uniper is currently developing an LNG terminal in Wilhelmshaven that will handle 7.5 bcm of natural gas per year, making up around 8.5% of Germany's current gas demand. gasworld
  • [New] ExxonMobil and other major oil companies benefited from higher oil prices in 2022, as chronic global underinvestment in processing & extraction facilities in the last few years led to a spike in prices as post-pandemic demand for energy recovered more quickly than many expected. Investopedia
  • [New] Collaborating for a smart grid future According to the International Energy Agency, investment in electricity grids must average around $600 billion annually through 2030 for the global energy sector to reach net-zero carbon emissions by 2050. Welcome Qatar
  • [New] The price cap, which was led by the G-7 wealthy democracies, aims to prevent a sudden loss of Russian oil that could lead to a new surge in energy prices and further fuel inflation. WFTV
  • [New] The UK-US Energy Security and Affordability Partnership will aim to drive investment in clean energy and exchange ideas on energy efficiency and reducing demand for gas. Reuters
  • [New] Hydrogen has enormous potential as a clean energy (green hydrogen could meet 25% of the world's energy needs by 2050). Hydrogen Central
  • [New] At COP 27' s Hydrogen Transition Summit, one of Climate Action's key events in 2022, Mitsubishi Power underscored the opportunity of hydrogen as a main enabler of energy transition, and as an integral constituent of a future decarbonised energy system. Technical Review Middle East
  • [New] Using a global computable general equilibrium model, we prove that the current EU embargo on coal and oil imported from Russia will have adverse supply effects, substantially increasing energy prices and welfare costs for the EU resident. Science Direct
  • [New] Together with 12 other IPEF partners, the United States and Australia plan to address economic challenges and opportunities, including through commitments related to trade, supply chains, clean energy, and tax and anti-corruption. United States Department of State
  • [New] The EU is expected in Tirana to confirm a package of subsidies worth around €1 billion to help the Balkans weather the energy crisis triggered by the Ukraine war. CNA
  • [New] One solution could be to find more efficient ways to use and store renewable energy such as sand batteries, a project run by Finnish engineers who are motivated to tackling climate change. Hospitality Net
  • [New] India has set an ambitious target to achieve a capacity of 175 GW worth of renewable energy by the end of 2022 and 500 GW by 2030. futureenergy
  • [New] The energy crisis is fuelling an acceleration of the rollout of renewable power, raising hopes for efforts to meet ambitious targets against global warming. Digital Journal Inc
  • [New] The amount of renewable power capacity added in Europe in the 2022-27 period is forecast to be twice as high as in the previous five-year period, driven by a combination of energy security concerns and climate ambitions. IEA
  • [New] Indonesia aims to develop a nuclear power plant in 2039 to achieve net zero emissions and support domestic needs for energy.
  • [New] The new entity, Nidec Energy, will build and sell battery energy storage system solutions and is targeting 8 GWh of production by 2025 and 1 2GWh by 2030. Energy Storage News
  • [New] In the wake of Russia's invasion of Ukraine, Europe faces an energy crisis that has the potential to weaken its economic position for years to come. Forbes
  • [New] Driven by a combination of energy security concerns and climate ambitions, Europe's renewable capacity added in the next five years will be twice as high as the previous five-year period. PV Tech
  • The Milken-Motsepe Prize in Green Energy is focused on the energy crisis in Africa, but the ideas and solutions generated could be used to help the 940 million people, or 13%, who do not have access to electricity globally. BusinessTrumpet News

Last updated: 09 December 2022