Solar could be primary power source by mid-century

Solar energy could account for more than half of global electricity generation and become the most affordable energy source by the middle of the century, according to Gao Jifan, CEO of Trina Solar, a Chinese manufacturer of photovoltaic components and systems. Speaking at the Boao Forum for Asia on the southern Chinese island of Hainan on 20 April 2022, Gao – whose company is the world’s third-largest solar panel provider – said falling costs and increasing efficiency of PV panels could lead to global solar generation capacity growing from currently 800 gigawatts (GW) to 14,000 GW by 2050.

The Trina CEO said that by then, the generation cost of solar PV power could drop to a third or less of current prices, which combined with more efficient panels would drive uptake worldwide. However, this would require not only a massive increase of new panel installation to more than 400 GW annually, but also an expansion of high-voltage transmission networks that can bring power from the point of generation to the megacities where it will be consumed. Furthermore, the grids of the future will have to be backed up by significant growth in storage capacity to stabilize grids and make them more resilient.

According to Bloomberg New Energy Finance, Trina Solar had a yearly output capacity of about 29.6 GW of solar modules as of the end 2021, and plans to add another 41 GW of capacity with new factories. Gao’s statement came shortly after the Dutch energy monitoring website?Energieopwek.nl?announced that combined wind and solar power production in the Netherlands had reached a new record of 198 GWh on 7 April 2022, accounting for around 59 percent of the country’s electricity consumption.

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AUTHOR

Chris Findlay

Editor & Expert Relationship Manager at Supertrends