By Will Wade
Technology is catching up with Thomas Edison’s electricity industry, eating away at the utility business model that hasn’t changed much in a century.
Clean energy installation will almost triple to 290 gigawatts in 2030, driven by a plunge in the cost of wind and solar power, Bloomberg New Energy Finance forecast at its conference, which finshes in New York today.
Electricity from wind and solar is now competitive on price against coal and natural gas in places such as Chile and Texas. That’s forcing utilities to rethink how they obtain power as the number of places multiplies where renewables holds their own against fossil fuels.
“It’s not going to be your grandfather’s energy industry,” Nancy Pfund, a managing partner at the San Francisco-based venture capital company DBL Partners LLC, said at the conference. “We’re going to see a parallel evolution in energy like we’ve seen in computing, phones and radio. There really hasn’t been an innovation cycle in energy in 100 years.”
Read the full article in The Washington Post.