“The growth of renewable energies is easy to see in the investments being made in the electrical power system. In 2019, the emphasis on renewables will increase further,” says Seppo Valkealahti, Professor in Electrical Energy Engineering at Tampere University.
“Of all investments in the electrical power system, renewables will probably amount to over 50%. The investment pot of renewables in the entire global market is divided roughly in half between solar power and wind power. Approximately 40% of other investments goes to transmission and distribution networks, and only 10–15% to nuclear and fossil power. And even those are mostly replacement investments,” Valkealahti summarises.
Although the shift from fossil energy sources to renewable ones is constantly accelerating, it remains gradual. Once all new investments will be in renewable energies, fossil power plants will gradually be phased out as they come to the end of their service life. It will take roughly another 30 years to fully replace the whole system.