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A Look Back at the Energy Year of 2022 - S317 Consulting

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A Look Back at the Energy Year of 2022

With the start of a new year, it is time to take a look back on the energy landscape from the past 12 months. 

Due to Russia’s invasion of Ukraine, there has been an unparalleled surge in interest in renewable energy. Disruptions in the supply of fossil fuels have highlighted the advantages of locally produced renewable electricity for energy security, prompting many nations to improve laws in favour of renewable energy. Meanwhile, the cost of fossil fuels has increased globally, making solar PV and wind power more competitive with conventional fuels.

This review of the energy year of 2022 is a snapshot of where we have been and where we are heading in the future. We will reflect on renewable energy sources, technological innovation, and policy changes that shaped this year’s energy landscape.

Renewable Energy

This was an exciting year for renewable energy sources. The use of solar and wind power as primary sources of energy expanded significantly as more companies invested in sustainable solutions. This growth was driven by both government incentives and private investments, creating a strong framework for further development in the future.  Additionally, continued advancements in battery technology meant that storage became more efficient and affordable than ever before. Battery storage allowed households to access renewable resources even during peak hours when demand usually outstrips supply.

The increase of renewable capacity over the next five years will happen far more quickly than was anticipated a year ago.

According to IEA, renewable energy will increase by over 2 400 GW between 2022 and 2027, which is comparable to China’s current installed power capacity. This represents the highest ever upward revision and an acceleration of 85% from the prior five years and approximately 30% above the prediction in the previous year’s report. Almost in the predicted period, over 90% of the increase in the world’s electrical capacity is expected to come from renewable sources. China, the European Union, the United States, and India are mostly responsible for the upward revision since they are all implementing current policies, regulatory reforms, and market changes faster than anticipated in response to the energy crisis. The key factors influencing the updated projections are China’s 14th Five-Year Programme, market reforms, the REPowerEU plan, and the US Inflation Reduction Act.

Innovation

This was also an important year for technological advances in the energy sector too. Artificial intelligence (AI) algorithms began to be used to analyse data from various sources such as smart grids and connected devices. This allowed for better forecasting and optimisation across multiple platforms, allowing for smarter usage of resources with lower costs. Additionally, blockchain technology saw an increase in adoption by utility companies as it provides greater transparency and trust between operators and their customers, allowing them to work together more efficiently. 

Policy

Finally, there were some key policy changes implemented this year that will shape the years ahead. Net zero emissions targets have been set by many countries around the world as they move towards reducing their carbon footprint and relying on clean technologies instead of fossil fuels-based generation methods. Additionally, green taxes were introduced to encourage people to switch over to renewable energies while disincentivizing those who continue using traditional fossil fuel-based electricity generation methods like coal or natural gas plants. These taxes are expected to be increased over time until all countries reach net zero emissions targets by 2050 or sooner, if possible. 

All in all, this has been an incredibly exciting year for the energy sector with many developments that have shaped its current landscape and set up a strong platform for future growth.

Renewable energies saw significant expansion thanks to increased investments while technological advances allowed us to make more efficient use of our resources than ever before thanks to AI algorithms and battery storage solutions becoming available at lower costs than ever before combined with policy changes designed to encourage people switching over from traditional fossil fuel-based electricity generation methods, like coal or natural gas plants towards cleaner alternatives, solar or wind power plants thus helping us meet our net zero emissions targets set by many countries worldwide by 2050 or sooner if possible!

All these developments combined will help create a better future not only environmentally but economically, since going green is cheaper than staying stuck with outdated technologies!