Wednesday, June 7, 2017

Global: Geothermal Industry Continues to Face Challenges in 2016 - REN21 Report

Another Record Breaking Year for Renewable Energy: More renewable energy capacity for less money (REN21)

Today REN21 published its Renewables 2017 Global Status Report (GSR), the most comprehensive annual overview of the state of renewable energy.

Additions in installed renewable power capacity set new records in 2016, with 161 gigawatts (GW) installed, increasing total global capacity by almost 9% over 2015, to nearly 2,017 GW. Solar PV accounted for around 47% of the capacity added, followed by wind power at 34% and hydropower at 15.5%.

The geothermal industry continued to face challenges in 2016, burdened by the inherent high risk of geothermal exploration and project development, the associated lack of risk mitigation, and the constraints of financing and competitive disadvantage relative to low-cost natural gas. Yet the industry made progress with new project developments in key markets, and industry leaders cemented partnerships to pursue new opportunities.

An estimated 0.4 GW of new geothermal power generating capacity came online in 2016, bringing the global total to an estimated 13.5 GW.

Indonesia and Turkey were in the lead for new installations. Kenya, Mexico and Japan also completed projects during the year, and several other countries had projects under development.

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