Energy Stories (10/02): SMRs, Solar Acceleration, and Offshore Wind Growth
The energy landscape is evolving fast, with key developments shaping the future of power generation and consumption. This week, we look at how small modular reactors (SMRs) could revolutionize nuclear energy, the record-breaking speed of solar expansion, and why renewables are set to become even more cost-competitive. Offshore wind saw impressive growth last year, and a new global energy consumption map highlights disparities in energy access worldwide.
⚛️ Small Modular Reactors (SMRs) Could Reshape Nuclear Energy
SMRs are emerging as a potential gamechanger for nuclear power. These compact reactors offer faster construction times and greater potential for cost reductions through innovation. By 2050, projections suggest over 1,000 SMRs could be operational worldwide, contributing a combined 120 GW of capacity.
☀️ Solar Growth: From One Year to One Day
The pace of solar deployment has skyrocketed. In 2004, it took an entire year to add a gigawatt of solar capacity. By 2023, the world was installing that amount every single day. This rapid expansion is playing a crucial role in the transition to low-carbon energy sources.
📉 Renewables Set to Become Even Cheaper by 2025
New analysis from BloombergNEF (BNEF) indicates that wind and solar will continue to undercut coal and gas in nearly every major market. Falling costs could accelerate the transition to a more sustainable global energy mix.
💨 Global Offshore Wind Capacity Grew 15% in 2024
The offshore wind sector saw significant growth, surpassing 80 GW of installed capacity. China and the Netherlands led the way, adding a combined 8.6 GW, accounting for 63% of all new capacity in the past year.
⚡ Mapped: Global Energy Consumption Per Capita
A new map provides insights into per capita energy consumption worldwide, highlighting regional disparities in energy access and usage. This visualization helps illustrate the uneven distribution of energy resources across different nations.