A recent forecast by Rystad Energy states that renewable energy developments in the Asia-Pacific region are set to outspend exploration and production (E&P) activities in 2020. With the exception of China, total CAPEX in renewable developments of all types will overtake E&P spending next year.
The energy research firm anticipates the largest investments will come from Australia, India, Vietnam, Japan
And the industry group most likely to emerge as the dominant renewable developer in Australia and elsewhere? It might just be the oil and gas majors.
Gero Farruggio, Head of Renewables at Rystad Energy, anticipates that upstream companies will lead the charge in response to commercial drivers. Farruggio foresees increased investment in utility storage, solar and offshore wind. “Solar panels, lithium-ion batteries
EnergyMakers will continue to track this and other developments in the quickly evolving global energy arena.