Global energy markets are likely to see natural gas and renewables consolidate and further expand their predominance in the energy mix to 2040, rising respectively by 49% and 78% from 2014 levels, against a progressive decline in the role of coal and oil, the International Energy Agency said.
In its latest edition of the World Energy Outlook, IEA said that “renewables and natural gas are the big winners in the race to meet energy demand growth until 2040.”
UK's grid operator National Grid posted an adjusted operating profit of ££1.851 billion, up £15m, or 1% year on year. The period on period movement in exchange rates had a £43 million positive impact on operating profit, the company said in a statement, adding that on a constant currency basis, operating profit was down £28 m, or 1% year on year.
One of the key factors that will determine the amount of gas used in power generation over future years is the cost and effectiveness of energy storage. The cheaper the storage, the more intermittent renewables will be able to be introduced to grids, and the less gas that will be required; especially in higher latitudes where solar is not available part of the year.