global trends in clean energy and transportation · 2020. 7. 22. · naturgy/iese energy...

Global Trends in Clean Energy and TransportationNaturgy/IESE Energy ProspectivesMadrid, 14 March 2019

Michael LiebreichFounder and CEOLiebreich Associates

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3 14 March 2019

LIEBREICHAssociates

@mliebreichNaturgy/IESE Energy Prospectives, Madrid 2019

Image: Wikimedia Commons

Solar and wind are not taking over the world

The great hope for a quick and sweeping transition to renewable energy is wishful thinking.

Vaclav SmilDistinguished Professor Emeritus in the Faculty of Environment

at the University of Manitoba in Winnipeg, Manitoba, Canada

4 14 March 2019

LIEBREICHAssociates


Image: Lomborg.com

Wind and solar are not taking over the world

Today, solar and wind make up just 0.8% of global energy. In a quarter century, solar and wind will produce less than 4% of global energy

Bjørn Lomborg visiting professor at the Copenhagen Business School

President of the Copenhagen Consensus Center4 February 2018

5 14 March 2019

LIEBREICHAssociates


2040: Welcome to the Three-Third World

1/3 of electricitywill be wind and solar

1/3 of vehicles will be electric

Economy will be 1/3 more energy productive

Images: Tesla, Wallpaper Mania, Cleantechnica

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8 14 March 2019

LIEBREICHAssociates


10

100

1,000

100 1,000 10,000 100,000 1,000,000Cumulative installed capacity (MW)

€/MWh (real 2018)

2008

2018

1985

0.1

1

10

100

1 100 10,000 1,000,000

$/W (real 2018)

2003

1976

Cumulative capacity (MW)

2018

Source: BNEFNote: LCOE in real 2017

Wind – learning rate 15% Solar – learning rate 24-29%

Wind and solar experience curves

9 14 March 2019

LIEBREICHAssociates


Solar scale-up 2005 – 2018

Images: Nissan; Enel Villanueva solar plant

2005 2018

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12 14 March 2019

LIEBREICHAssociates


Unsubsidised clean energy world records 2015

Country:Bidder:Signed:Construction:

USAVarious20152016

Solar PV Onshore wind Offshore wind


UAEAQWAJanuary 20152017


Horns Rev, DenmarkVattenfallFeb 20152017

US$ 12.1 c/kWhUS$ 4.5 c/kWhUS$ 5.8 c/kWhSource: Various manufacturers and project developersNote: images are illustrative only

13 14 March 2019

LIEBREICHAssociates


Unsubsidised clean energy world records 2018


MexicoNeoenNov 20172019

Solar PV Onshore wind


MexicoEnelNov 20172018

Offshore wind


DenmarkVattenfall20162022

US$ 5.3 c/kWhUS$ 1.77 c/kWhUS$ 1.97 c/kWhSource: Various manufacturers and project developersNote: images are illustrative only

14 14 March 2019

LIEBREICHAssociates


Source: Liebreich Associates; BNEF; BPNote: Calculated as GWh renewable production / GWh consumption

RE proportion of power generation 2007 – 2017

8%17%

US

61% 66%Canada

88% 81%Brazil16%

52%

Italy

14%36%

Germany

18% 19%

India

15%27%

China

9% 17%

Japan

8% 20%

Australia

8%20%

AustraliaWind & solarOther renewables

19%34%

Spain

5%33%

UK

15 14 March 2019

LIEBREICHAssociates


Source: IEA World Energy OutlookNote: 2002-2009 Reference, 2010-2018 New Policies Scenario

Global cumulative solar installations

IEA solar capacity forecast evolution

GW

0

500

1,000

1,500

2,000

2000 2010 2020 2030 2040

Historical 2002 2004 2006 2008 2009 2010 20112012 2013 2014 2015 2016 2017 2018

GW per year Annual solar additions

0

1,000

2,000

3,000

2000 2010 2020 2030 20400

40

80

120

2000 2010 2020 2030 2040

16 14 March 2019

LIEBREICHAssociates


Source: EIA International Energy OutlookNote: Reference scenario

Global cumulative solar installations

EIA solar capacity forecast evolution

GW GW per year Annual solar additions

0

500

1,000

1,500

2,000

2000 2010 2020 2030 2040

Historical 2009 2010 2011 2013 2014 2016 2017

0

40

80

120

2000 2010 2020 2030 20400

1,000

2,000

3,000

2000 2010 2020 2030 2040

17 14 March 2019

LIEBREICHAssociates


0

20

40

60

80

2000 2010 2020 2030 2040

Source: IEA World Energy OutlookNote: 2002-2009 Reference, 2010-2018 New Policies Scenario

Global cumulative wind installations

IEA wind capacity forecast evolution

GW

0

500

1,000

1,500

2,000

2000 2010 2020 2030 2040

Historical 2002 2004 2006 2008 2009 2010 20112012 2013 2014 2015 2016 2017 2018

GW per year Annual wind additions

0

500

1,000

1,500

2,000

2000 2010 2020 2030 20400

20

40

60

80

2000 2010 2020 2030 2040

18 14 March 2019

LIEBREICHAssociates


Source: EIA AEO; BNEF

US Projected net imports of LNG 1997-2030

-6

-4

-2

0

2

4

6

8

1995 2000 2005 2010 2015 2020 2025 2030

Trillion cubic feet

-6

-4

-2

0

2

4

6

8

1995 2000 2005 2010 2015 2020 2025 2030

Trillion cubic feet2004200520062007200820092010201220132014201520162017Actual

-6

-4

-2

0

2

4

6

8

1995 2000 2005 2010 2015 2020 2025 2030

Trillion cubic feet2004200520062007200820092010201220132014201520162017Actual

Impo

rter

Expo

rter

2018

19 14 March 2019

LIEBREICHAssociates


Source: PJM

PJM net energy forecasts

Note: Excludes ATSI, DEOK and EKPC

600

650

700

750

800

850

900

950

2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032

TWh

600

650

700

750

800

850

900

950

2008201020122014201620182020202220242026202820302032

TWh

20082009201020112012201320142015201620172018

600

650

700

750

800

850

900

950

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

TWh

2008 2009 2010

2011 2012 2013

2014 2015 2016

2017 2018 Historical 8

Historical 9 Historical 10 Historical 11

Historical 12 Historical 13 Historical 14

Historical 15 Historical

20 14 March 2019

LIEBREICHAssociates


Source: AEMO

Australian electricity demand

0

50

100

150

200

250

300

FY06 FY08 FY10 FY12 FY14 FY16 FY18 FY20 FY22 FY24

TWh

2010

2011

2012

2013

2014

2015

2016

2017

Historical0

50

100

150

200

250

300

FY06 FY08 FY10 FY12 FY14 FY16 FY18 FY20 FY22 FY24

TWh

Historical

2010

2011

2012

2013

2014

2015

2016

2017

21 14 March 2019

LIEBREICHAssociates


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

1970 1980 1990 2000 2010 2020 2030 2040

Mtce

IEA 2013IEA 2014IEA 2015IEA 2016IEA 2017IEA 2018BNEF 2016BNEF 2017BNEF 2018Historical

Source: IEA; BP; Liebreich Associates

Global coal demand forecasts

Note: Using IEA NPS scenarios

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

1970 1980 1990 2000 2010 2020 2030 2040

Mtce

HistoricalIEA 2013IEA 2014IEA 2015IEA 2016IEA 2017IEA 2018BNEF 2016BNEF 2017BNEF 20180

1,000

2,000

3,000

4,000

5,000

6,000

7,000

1970 1980 1990 2000 2010 2020 2030 2040

Mtce

HistoricalIEA 2013IEA 2014IEA 2015IEA 2016IEA 2017IEA 2018BNEF 2016BNEF 2017BNEF 2018

22 14 March 2019

LIEBREICHAssociates


Image: Twitter

Price of renewable energy in India

The cost of solar power is now cheaper than coal in this country.

Piyush GoyalMinister of State for Power, Coal, New &

Renewable Energy and Mines, India

23 14 March 2019

LIEBREICHAssociates


Source: IEA

Global investment in coal supply2000 – 2017

0

50

100

150

200

2000 2005 2010 2015 2017

$ bn (nominal)

24 14 March 2019

LIEBREICHAssociates


Source: Liebreich Associates; Coalswarm

Net new coal generation capacity 2006 – 2018

-100

-50

0

50

100

2006 2010 2015 2018

GW

RoW

India

China

Retirements

Net additions

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LIEBREICHAssociates


Image: Mark Lyons/Getty Images

Trump digs coalJuly 2017

Everybody was saying, well, you won’t get any mining jobs. We picked up 45,000 mining jobs

Donald TrumpUS President

28 14 March 2019

LIEBREICHAssociates


Source: BNEF

Gas plays an important role, but increasingly for flexibility only

-120

-80

-40

0

40

80

120

2017-20 2021-25 2026-30 2031-35 2036-40China India Rest of APAC AmericasEurope ME & Africa ROW

-1,200

-800

-400

0

400

800

1,200

2021-2025 2026-2030 2031-2035 2036-2040

Δ generation (TWh)

Coal Gas

Incremental change in gas consumption Incremental change in generation

29 14 March 2019

LIEBREICHAssociates


0

500

1000

1500

2000

2500

3000

1990 1995 2000 2005 2010 2015

MtCO2

Improved electricity productivity

New non-fossil generation

Coal-to-gas switching

CO2 MtCO2

Historical

Pro rata to GDP growth

Source: EIA; Liebreich Associates; FRED

US electricity CO2 emissions 1990 – 2017

Note: 2017 figures are estimates; new non-fossil generation includes nuclear uprates

0

500

1000

1500

2000

2500

3000

1990 1995 2000 2005 2010 2015

MtCO2




Historical


0

500

1000

1500

2000

2500

3000

1990 1995 2000 2005 2010 2015

MtCO2




Historical


2017

31 14 March 2019

LIEBREICHAssociates


India China U.S.

Nuclear vs. non-hydro renewable generation in selected countries 1990 – 2017

0%

5%

10%

15%

20%

1990 1995 2000 2005 2010 2015

% electricity generation

Nuclear Non-hydro renewablesSource: BP; Liebreich Associates

0%

5%

10%

15%

20%

1990 1995 2000 2005 2010 2015


0%

5%

10%

15%

20%

1990 1995 2000 2005 2010 2015


0%

5%

10%

15%

20%

1990 1995 2000 2005 2010 2015


32 14 March 2019

LIEBREICHAssociates


Image: Lomborg.com

Wind and solar are not taking over the world

Today, solar and wind make up just 0.8% of global energy. In a quarter century, solar and wind will produce less than 4% of global energy

Bjørn Lomborg visiting professor at the Copenhagen Business School

President of the Copenhagen Consensus Center4 February 2018

33 14 March 2019

LIEBREICHAssociates


Source: Lawrence Livermore National Lab

Sankey for the U.S. in 201668% of primary energy is wasted…

…almost all of it from coal, oil, gas and nuclear

34 14 March 2019

LIEBREICHAssociates


0

200

400

600

800Mtoe

0

2,000

4,000

6,000

8,000

TWh

Primary energy Electricity

Primary energy, final consumption and electricity generation

67% waste heat

Nuclear Hydro Nuclear Hydro

Source: IEA WEO2018; Liebreich Associates

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37 14 March 2019

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Source: BNEF

Evolving structure of power supply Northern Europe

Past – summer

Past – winter

-40

-20

0

20

40

60

80

Monday Tuesday Wednesday Thursday Friday Saturday Sunday

-40

-20

0

20

40

60

80


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Current – winter

-40

-20

0

20

40

60

80


-40

-20

0

20

40

60

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-40

-20

0

20

40

60

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-40

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0

20

40

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-30.0

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30.0

50.0

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Peaking fossil Baseload fossil Nuclear CHP Hydro Baseload RE Solar Wind Pumped hydro generation/Storage Imports Exports/curtailment/DR

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40 14 March 2019

LIEBREICHAssociates


Image: Tesla; Detroit Electric, courtesy of EVASD

The future of transportation – EVs

Prices on electric cars will continue to drop until they're within reach of the average family.

The Washington Post , 1915

41 14 March 2019

LIEBREICHAssociates


0

100

200

300

400

500

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

2012 2013 2014 2015 2016 2017 2018

thousand sold

0

100

200

300

400

500

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

2012 2013 2014 2015 2016 2017 2018

thousand sold

0

100

200

300

400

500

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

2012 2013 2014 2015 2016 2017 2018

thousand sold

APAC EMEA AMER

Quarterly EV sales by regionQ1 2012 – Q4 2018

CAGR 86% CAGR 62% CAGR 54%

Source: BNEF

42 14 March 2019

LIEBREICHAssociates


Source: BNEF EVO 2018

Annual global light duty vehicle sales Global light duty vehicle fleet

BNEF electric vehicle outlook to 2040

3%

28%

55%

0

30

60

90

120

2015 2020 2025 2030 2035 2040

million vehicles

1%9%

33%

0

500

1,000

1,500

2,000

2015 2020 2025 2030 2035 2040

million vehicles on road

3%

28%

55%

0

30

60

90

120

2015 2020 2025 2030 2035 2040

million vehicles

PHEV BEV ICE All EVs % of sales

1%9%

33%

0

500

1,000

1,500

2,000

2015 2020 2025 2030 2035 2040

million vehicles on road

PHEV BEV ICE All EVs % of fleet

43 14 March 2019

LIEBREICHAssociates


Sources: BNEF; BP; Exxon Mobil; OPEC; IEA

Global EV fleet forecasts by various organisations – 2018

Notes: IEA values are base case. ExxonMobil and IEA forecasts prior to 2018 include BEVs, PHEVs and FCVs; all other forecasts include just BEVs and PHEVs.

0

200

400

600

2020 2025 2030 2035 2040

Million EVs

BNEF – 2016BP – 2016BP – 2017BP – 2018ExxonMobil – 2016ExxonMobil – 2017ExxonMobil – 2018OPEC – 2016OPEC – 2017OPEC – 2018IEA – 2016IEA – 2017BNEF – 2017BNEF – 2018

0

200

400

600

2020 2025 2030 2035 2040

Million EVs

BNEF

BP

OPEC

IEA

ExxonMobil

2016

2017

44 14 March 2019

LIEBREICHAssociates


10

100

1,000

10,000

100 10,000 1,000,000Cumulative capacity (MW)

€/MWh (real 2018)

2018

1985

Solar – learning rate 28.5% Wind – learning rate 15% Batteries – learning rate 20%

Experience curves

Source: BNEF

0

1

10

100

1,000

10,000

1 1,000 1,000,000

$/W (real 2018)

1976

Cumulative capacity (MW)

2018

10

100

1,000

10,000

1 1,000 1,000,000Cumulative production (MWh)

$/MWh (real 2018)

2010

2018

?J 78(!%+#$(9:7;

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9:7S(g 9:98

46 14 March 2019

LIEBREICHAssociates


Shanghai, China

Image: Michael Liebreich

47 14 March 2019

LIEBREICHAssociates


Delhi, India

Image: Newsclick India

48 14 March 2019

LIEBREICHAssociates


Paris, France

Image: D€NNI$/Creative Commons

49 14 March 2019

LIEBREICHAssociates


London, UK

Image: HHRCA

JB 78(!%+#$(9:7;

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">-?/34M-N-6-:*56-8 I91>/4!-B)

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<='"&*+&"#$>%6.+?@AB2C2(2/&+?@(D+-5E&#6"F&5G(!%0+"0(9:7;

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e-),)"0%3)

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!"#$%#"&'())*+,-./)

<='"&*+&"#$>%6.+?@AB2C2(2/&+?@(D+-5E&#6"F&5G(!%0+"0(9:7;

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<='"&*+&"#$>%6.+?@AB2C2(2/&+?@(D+-5E&#6"F&5G(!%0+"0(9:7;

! "!#!!! $!!#!!! $"!#!!!

%&'()*+,-&(*./)-0(()1*2'1)()-&

+&31&-&'*454678/()''9:;0:0<0*=.>!?):@&*?,A&3

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56 14 March 2019

LIEBREICHAssociates


Source: BNEF EVO 2018

Public EV charging points installed globally 2008 – 2018

0

200

400

600

800

2010 2011 2012 2013 2014 2015 2016 2017 2018

Thousand outlets

OthersJapanU.S.EuropeChina

CAGR 62%

57 14 March 2019

LIEBREICHAssociates


0

1,000

2,000

3,000

4,000

2015 2030 2040 2050

TWh/yr

0

1,000

2,000

3,000

4,000

2015 2030 2040 2050

TWh/yr

0

1,000

2,000

3,000

4,000

2015 2030 2040 2050

TWh/yr

0

3,000

6,000

9,000

12,000

2015 2030 2040 2050

TWh/yr

0

1,000

2,000

3,000

4,000

5,000

2015 2030 2040 2050

TWh/yr

Europe U.S. China

Impact of EVs on power demand

0

200

400

600

800

2015 2030 2040 2050

TWh/yr

EV demand Rooftop PV Gross demand Net demand Net demand + Evs

0

200

400

600

800

2015 2030 2040 2050

TWh/yr


0

200

400

600

800

2015 2030 2040 2050

TWh/yr

EV demand Rooftop PV Gross demand Net demand Net demand + EV

0

200

400

600

800

2015 2030 2040 2050

TWh/yr

EV demand Rooftop PV Gross demand Net demand Net demand + EV

0

200

400

600

800

2015 2030 2040 2050

TWh/yr


Note: EV demand includes light duty vehicles only; Europe and US EVs are 19% of the fleet by 2040; Chinese EVs are 28% of LDV fleet by 2040 Source: BNEF NEO 2018; Liebreich Associates

58 14 March 2019

LIEBREICHAssociates


Source: Various, BNEF

Spot price of solar-grade silicon, year 2000 – February 2018

Notes: Annual data 2000-07 from various industry sources. Data November 2007–May 2009 based on a 3-point moving average of actual spot deals. Consistent monthly data collection using the Spot Price Index began in May 2009.

0

100

200

300

400

500

Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18

$/kg

59 14 March 2019

LIEBREICHAssociates


Source: Antaike Information Development Co., Bloomberg; Benchmark Mineral Intelligence; BNEF

China Shanghai Cobalt Asia Lithium Hydroxide

Cobalt and lithium prices

Note: Data up to Feb 2019

0

5,000

10,000

15,000

20,000

25,000

2012 2013 2014 2015 2016 2017 2018 2019

$/metric ton

0

25,000

50,000

75,000

100,000

125,000

2012 2013 2014 2015 2016 2017 2018 2019

$/metric ton

60 14 March 2019

LIEBREICHAssociates


Source: BNEF

Battery electric vehicles Fuel cell vehicles

Global BEV vs. FCV sales

0

250

500

750

1,000

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2014 2015 2016 2017 2018

Thousand units

0

250

500

750

1000

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2014 2015 2016 2017 2018

Thousand units

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'),"%&<#+)"&G

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<='"&*+&"#$>%6.+?@AB2C2(2/&+?@(D+-5E&#6"F&5G(!%0+"0(9:7;

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f1+(#0)*&E5)"&:)""&;,&$%33)(1&;)@-:"),'#1#3%&<-(%-

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e(-;)&3(%-*&L#;-*0&2%(3,K >O k&ABB

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X)E5)"&3-L)=&@#L)K >&L-*53) 46Y

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V?C=BBB

NG 78(!%+#$(9:7;

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<='"&*+&"#$>%6.+?@AB2C2(2/&+?@(D+-5E&#6"F&5G(!%0+"0(9:7;

">-?/)34A/)9-84A*K*.-840*12+/34!,/B2/,+:4())*+,-./)

'),"%&<#+)"&G

f1+(#0)*&E5)"&:)""&;,&$%33)(1&;)@-:"),'#1#3%&<-(%-

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e(-;)&3(%-*&L#;-*0&2%(3,K >O k&ABB

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N? 78(!%+#$(9:7;

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">-?/)34A/)9-84A*K*.-840*12+/34!,/B2/,+:4())*+,-./)

'),"%&<#+)"&G

f1+(#0)*&E5)"&:)""&;,&$%33)(1&;)@-:"),'#1#3%&<-(%-

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e(-;)&3(%-*&L#;-*0&2%(3,K >O k&ABB

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NJ 78(!%+#$(9:7;

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f1+(#0)*&E5)"&:)""&;,&$%33)(1&;)@-:"),'#1#3%&<-(%-

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e(-;)&3(%-*&L#;-*0&2%(3,K >O k&ABB

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X)E5)"&3-L)=&@#L)K >&L-*53) 46Y

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V?C=BBB

66 14 March 2019

LIEBREICHAssociates


Not just cars going electric – buses

Images: Thomas Jouley; BYD; Proterra

NO 78(!%+#$(9:7;

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<='"&*+&"#$>%6.+?@AB2C2(2/&+?@(D+-5E&#6"F&5G(!%0+"0(9:7;

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NQ 78(!%+#$(9:7;

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<='"&*+&"#$>%6.+?@AB2C2(2/&+?@(D+-5E&#6"F&5G(!%0+"0(9:7;

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">-?/)34I,7,).2/984#:-5?84!,9,1>84(,2B1)84k151>84U(0(

72 14 March 2019

LIEBREICHAssociates


Source: BNEF; Liebreich Associates

Cumulative oil displacement by electric vehicles

0.0

0.2

0.4

0.6

0.8

1.0

2011 2012 2013 2014 2015 2016 2017 2018

mbpd

Diesel (light vehicles)

Gasoline (light vehicles)

Diesel (buses)

Gasoline (2 & 3 wheelers)

OG 78(!%+#$(9:7;

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/F&:@%(0-*0!)*)(%3-#*

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!

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AB?B

76 14 March 2019

LIEBREICHAssociates


2040: Welcome to the Three-Third World

1/3 of electricitywill be wind and solar

1/3 of vehicles will be electric

Economy will be 1/3 more energy productive

Images: Tesla, Wallpaper Mania, Cleantechnica

77 14 March 2019

LIEBREICHAssociates


0

100

200

300

400

2009 2018

€/MWh

U.K. Denmark Germany

Spain U.S. (average) Australia

Residential electricity prices by cost segment

Source: EIA; AEMC; Eurostat; BNEF; Liebreich AssociatesNote: Australian data excludes the carbon price repealed in 2014. EU data only available until H1 2018. Other includes taxes, levies and FiTs.

0

100

200

300

400

2009 2018

€/MWh

0

100

200

300

400

2009 2018

€/MWh

0

100

200

300

400

2009 2018

€/MWh

0

100

200

300

400

2009 2018

€/MWh

0

100

200

300

400

2009 2018

€/MWh

OtherNetwork costsElectricity supply

78 14 March 2019

LIEBREICHAssociates


Source: BNEF

Evolving structure of power supply Germany

Past – summer

Past – winter

-40

-20

0

20

40

60

80


-40

-20

0

20

40

60

80


Current – summer

Current – winter

-40

-20

0

20

40

60

80


-40

-20

0

20

40

60

80


Future – summer

Future – winter

-40

-20

0

20

40

60

80


-40

-20

0

20

40

60

80


-30.0

-10.0

10.0

30.0

50.0

70.0

90.0


GW


79 14 March 2019

LIEBREICHAssociates


Source: BNEF

Future power supply

-30.0

-10.0

10.0

30.0

50.0

70.0

90.0


GW


-40

-20

0

20

40

60

80


-40

-20

0

20

40

60

80


Winter

Summer

-40

-20

0

20

40

60

80


-40

-20

0

20

40

60

80


Low carbon generation

-40

-20

0

20

40

60

80


-40

-20

0

20

40

60

80


Flexible generation

=

=

+

+

Total generation

80 14 March 2019

LIEBREICHAssociates


Source: BNEF

Future power supply

-30.0

-10.0

10.0

30.0

50.0

70.0

90.0


GW


-40

-20

0

20

40

60

80


-40

-20

0

20

40

60

80


Winter

Summer

-40

-20

0

20

40

60

80


-40

-20

0

20

40

60

80


Low carbon generation

-40

-20

0

20

40

60

80


-40

-20

0

20

40

60

80


Flexible generation

=

=

+

+

Total generation

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86 14 March 2019

LIEBREICHAssociates


Images: Bloomberg New Energy Finance, Tesla, Wallpaper Mania, Cleantechnica; Wikipedia Commons

Beyond the Three-Third World

Shipping/air/freight Chemicals

Energy accessHeatAgriculture

Manufacturing

87 14 March 2019

LIEBREICHAssociates


[email protected]@mliebreich

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global trends in clean energy and transportation · 2020. 7. 22. · naturgy/iese energy...

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