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Renewable energy in Nigeria, others may rise by 60 per cent in 2017

President Goodluck Jonathan

NOT withstanding the economic uncertainties of most developing countries, the International Energy Agency (IEA) has projected that renewable power generation in Nigeria and others would increase by 60 per cent by 2017 given the increasing relevance of the new technology in the global power mix.

The agency in a mid term Renewable Energy Market Report for 2012, said that renewable electricity generation should expand by 1 840 terawatt hours (TWh) between 2011 and 2017, almost 60 per cent above the 1 160 TWh growth registered between 2005 and 2011.”

With recent intervention by the United Nation Industrial Development Organisation (UNIDO) to collaborate with the Federal Government and efforts by the National Power Training Institute of Nigeria (NAPTIN), Nigeria is expected to be among the countries to be counted among the beneficiary of this development.

Former United States’ Secretary for Energy and two-term Governor of New Mexico, Bill Richardson had said recently that Nigeria can become the hub of renewable energy in Africa. According to him, “Nigeria has the opportunity to a cleaner path than oil and can create a renewable energy path that lead to great investments and job opportunities in the power sector.

“It is also important that as a young, developing nation, Nigeria should protect its environment by taking full advantage of renewable energy and become a pacesetter in renewable energy in Africa.” IEA Executive Director, Maria van der Hoeven said “Renewable energy is expanding rapidly as technologies mature, with deployment transitioning from support-driven markets to new and potentially more competitive segments in many countries,”

The Executive Director further said “Given the emergence of a portfolio of renewable sources as a crucial pillar of the global energy mix, market stakeholders need a clear understanding of the major drivers and barriers to renewable deployment. Based on these factors, this report forecasts global renewable development and, in so doing, provides a key benchmark for both public and private decision makers.”

According to the report, which acknowledges the coming of age of renewable energy sector, “the study examines in detail 15-key markets for renewable energy, which currently represent about 80 per cent of renewable generation, while identifying and characterising developments that may emerge in other important markets. It completes a series of IEA medium-term market reports also featuring oil, natural gas and coal.  Like the others, it presents a forecast of global developments and detailed country projections over the next five years”.

Interestingly, this is the first market report by the agency on renewable energy states that note withstanding “economic uncertainties in many countries, global power generation from hydropower, solar, wind and other renewable sources is projected to increase by more than 40 per cent to almost 6 400 TWh”.

The report according to the Press release by the organisation further posits that countries that are non-members of the Organisation for Economic Cooperation and Development (OECD) will account for two third of this growth. “This growth is underpinned by the maturing of a portfolio of renewable energy technologies, in large part due to supportive policy and market frameworks in OECD countries”.

However, rapidly increasing electricity demand and energy security needs in recent years have been spurring deployment in many emerging markets – both large and small. These new deployment opportunities are creating a virtuous cycle of improved global competition and cost reductions.

The report’s release comes amid profound changes and the uncertainties associated with a cautious macroeconomic outlook. First, governments in several key markets are deliberating significant changes to renewable policies and deeper electricity market reforms as renewable deployment scales up. Second, the cost and availability of financing will act as a key variable, with a need for more investment sources and structures.

From: The Guardian

Source: http://www.ngrguardiannews.com/index.php?option=com_content&view=article&id=91878:renewable-energy-in-nigeria-others-may-rise-by-60-per-cent-in-2017&catid=94:energy-report&Itemid=592