Time to dump fossil fuel stocks (if you haven't done so already)
The World Nears Peak Fossil Fuels for ElectricityCoal and gas will begin their terminal decline in less than a decade, according to a new BNEF analysis.
Tom Randall tsrandall, Bloomberg
June 12, 2016
The way we get electricity is about to change dramatically, as the era of ever-expanding demand for fossil fuels comes to an end—in less than a decade. That's according to a new forecast by Bloomberg New Energy Finance that plots out global power markets for the next 25 years.
Call it peak fossil fuels, a turnabout that's happening not because we're running out of coal and gas, but because we're finding cheaper alternatives. Demand is peaking ahead of schedule because electric cars and affordable battery storage for renewable power are arriving faster than expected, as are changes in China's energy mix.
Here are eight massive shifts coming soon to power markets.
1. There Will Be No Golden Age of Gas
Since 2008, the single most important force in U.S. power markets has been the abundance of cheap natural gas brought about by fracking. Cheap gas has ravaged the U.S. coal industry and inspired talk of a "bridge fuel" that moves the world from coal to renewable energy. It doesn't look like that's going to happen.