Renewable Energy Becoming Cheaper as More Countries Make the Switch
Renewable energy is at the forefront of the future green techas more and more countries begin investing. In the last few years, solar panels and wind turbines have become more affordable, not less. These investments are in addition to the investments in renewable energy sources that are expected to be the cost-effective choice for electricity. The cost of wind turbines has fallen so low that they may become competitive with natural gas in the energy market.
In addition to lower prices, the industry has begun to attract more investors. Companies such as Vattenfall and Pipistrel have made investment decisions based on sustainable energy. The latest comes from the Norwegian oil and gas company P.A.E. that has decided to buy 100% renewable electricity to power its operations.
P.A.E. is currently seeking investors because it is unable to attract sufficient capital from the Norwegian oil and gas industry. It is expected to raise around $30 million to buy a 100% renewable electricity supply that can be obtained from wind, hydro, biomass and water.
The renewable energy company is looking for Norwegian investors to help them get their energy supply to its customers. The Norwegian oil and gas industry is struggling to attract investors as investors are not as supportive of the company’s business decisions to convert to renewable energy.
The renewable energy industry has a lot of growth potential as it currently holds 8% of the global energy market. Investors are also finding it difficult to invest because of the difficulties they face finding companies willing to make renewable energy projects possible.
The company has raised around $20 million so far and this is a very low amount by Norwegian standards.
The renewable energy industry in Norway is expected to double by 2026. The company will be selling its energy resources in the country as well as in the rest of the Nordic region.