Overcoming productivity and profitability issues at today’s wind, solar and hydro power plants
According to the International Renewable Energy Agency (IRENA), the costs of renewable energy have fallen significantly in recent years, helping to advance the industry quickly. But apparently not quickly enough, as that same agency estimated in May of 2018 that renewable energy only represents about 15% of the total energy supply. Global sustainability goals, in contrast, have been set for it to represent 65% of the total supply by 2050.
Various experts cite an array of causes which include: politics, misperceptions, a loss of tax incentives, and an overall lack of innovation. Regardless of the cause, the result is the same—renewable power plants are not where they need to be from a productivity and profitability perspective.
This article explores the various emerging technologies and processes that have been positioned to help increase productivity and profitability, specifically in wind, solar and hydro power plants, as well as the challenges that still face the industry as a whole.