RENEWABLE ENERGY Market Analysis and Forecasts to 2020
International Energy Agency (IEA)
Medium-Term Market Report EXECUTIVE SUMMARY 2014
In 2013, new renewable power capacity expanded at its fastest pace to date. Globally, renewable generation was estimated on par with that from natural gas.
Over the medium term, renewables face a transition period. Despite strong anticipated generation growth, new generation, capacity additions and investment in renewable power are all expected to level off through 2020. Biofuels for transport and renewable energy use for heating and cooling face slower growth and persistent policy challenges.
Even with growing competitiveness, policies remain vital to stimulating investment in capitalintensive renewables. Scaling up deployment to higher levels would require stable, long-term policy frameworks and market design that prices the value of renewables to energy systems and increases power system flexibility to ensure system adequacy with greater variable renewables.