Balance of Power
With Renewables Gaining Ground, Organizations Are Retooling Project Portfolios and Risks for a New Energy Era
Call it a hinge moment in global energy markets. Nearly three years ago, project portfolios were thrown into a tailspin seemingly overnight when the price of oil plunged. Little has changed since then, as the cost of renewable energy projects, especially solar, has steadily dropped. It's all flipping familiar energy sector scripts. With the ROI on wind and solar projects exceeding what some hydrocarbon projects can deliver, major oil and gas companies are projected to plow US$90 billion into renewable initiatives by 2035, according to a June report by consultancy Wood Mackenzie.