Energy crisis is hastening end of fossil fuel era, says India
The global energy crisis is accelerating a shift to renewable sources and hastening the end of the dominance of fossil fuels, according to India’s Power and Renewable Energy Minister Raj Kumar Singh.
Renewables paired with energy storage are now cheaper than coal after the fuel’s price surged in recent months, while fossil sources are also experiencing a lack of investment in new production, Singh said Wednesday in a speech at the Sydney Energy Forum.
“This will actually hasten the energy transition,” Singh said. “Once you have round-the-clock renewables, that’s renewables plus storage, that are viable, then that’s the end of the story for fossil fuels.”
Turmoil in the global energy sector that’s triggered shortages in some nations and sent power and fuel prices soaring has multiple causes, and is not only the result of Russia’s war in Ukraine, according to Singh.
“This is a crisis which has been in the making for some time” and exacerbated by issues including under-investment in supply and a push by producers to raise margins, he said.
The energy crisis began about half a year before Russia’s invasion of Ukraine with shortages of coal, natural gas and then oil as a result of “preemptive underinvestment,” Daniel Yergin, vice chairman at S&P Global, said at the conference.
“The next few months could get far worse,” Yergin said. “Partly because markets are so tight” and also because Vladimir Putin seeks to use natural gas as a weapon to create economic hardship, strengthen populist parties and weaken the alliance against his invasion of Ukraine, he said.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Complete range of security sealing solutions including security seals bags and labels.
VISIT SHOWROOM
Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
