Bloomberg Expects 1,400 GW PV For Europe By 2050

Experts See Solar Power Becoming Dominant Source Of Electricity Generation; Bloomberg NEF Says Solar Could Account For 36% Share In European Electricity Mix By 2050
05:26 AM (Beijing Time) - 07. November 2018
BNEF 2050 scenario

Jenny Chase of Bloomberg NEF, speaking in a webinar hosted by SolarPower Europe, said solar PV could account for 1.4 TW of PV capacity providing a 36% power generation share if Europe reached a level of around 87% renewables in the continent’s power mix by 2050. (Source: Bloomberg New Energy Finance/SolarPower Europe)

Key Takeaways

  • In a webinar hosted by Europe' solar sector association SolarPower Europe, Bloomberg NEF said solar could account for 1.4 TW or 36% of total electricity generation in Europe by 2050 if the continent reaches around 87% renewables by 2050
  • In 2050, Bloomberg NEF expects utility scale PV to account for 28% and small-scale PV representing 12% of the total among energy sources deployed globally
  • Lappeenranta University of Technology (LUT) and the Energy Watch Group (EWG) published results of a 100% renewable power scenario in 2050, where solar would provide nearly 2 TWp of power generation in Europe, of which nearly 700 GW will be utility-scale and nearly 1.3 TW rooftop solar PV

Solar PV is set to dominate power generation in the long-term in Europe. Bloomberg NEF believes it could account for a 36% share or 1,400 GW of the total deployed if Europe reaches a renewables share of around 87%  in the Continent’s power mix by 2050. Jenny Chase, Head of Solar at Bloomberg NEF referred to these assumptions of the Bloomberg New Energy Outlook 2018. She was speaking in a webinar hosted by lobby association SolarPower Europe to discuss the European Solar Market Outlook.

The European Commission is currently working on its new EU 2050 climate and energy strategy to achieve its long-term goal of reducing greenhouse gas emissions by 80% to 95% by 2050, which will be officially unveiled in Katowice, Poland during COP24 in December 2018.

At the end of 2017, the total installed energy capacity in the world, as per the Bloomberg NEF, was 6,596 GW, with coal making up 30% and utility scale PV contributing only 4%. By 2050, BNEF forecasts 16,977 GW of global installed power generation capacity with utility scale PV accounting for 28% and small-scale PV representing 12% of the total, making PV the dominant energy source.

Prof. Christian Breyer of Lappeenranta University of Technology (LUT) went even further and modelled a 100% renewable power scenario, which was published by LUT and the Energy Watch Group (EWG).

“According to our 2050 scenario, solar will provide nearly 2 TWp of power generation in Europe, of which nearly 700 GW will be utility-scale and nearly 1.3 TW rooftop solar PV. This renewable power system would be backed by around 3.6 TWh of battery storage. In 2050, solar PV will account for a staggering 69% of the total electricity mix globally,” said Prof. Breyer.

SolarPower Europe is obviously happy with the sunny prospects for PV technology shown by a leading market research firm and a scientific institution leading in solar modelling . Michael Schmela, Head of Market Intelligence and Executive Advisor at SolarPower Europe, said. “This is good news from leading solar researchers, and comes at the right time, as the Commission is finalising its climate strategy for 2050. It is also very positive that with the recent removal of the solar trade duties, solar is now the cheapest form of electricity in many EU countries. More than ever before, solar is ready to play a leading role in Europe’s energy transition as the lowest-cost clean energy technology.” 

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani