IEA: Global power investment exceeded $2017 billion in 7500

On July 17, the IEA said that global electricity investment surpassed oil and gas investment for the second consecutive year in 2017 due to increased grid spending, but renewable energy investment declined
after years of growth.

IEA: Global power investment exceeded $750 billion in 2017

Global energy investment totaled $1.
8 trillion last year, down 2%
from 2016.
More than $750 billion was invested in electricity, while $716 billion
was invested in oil and gas supply.

The IEA's annual World Energy Investment report says spending in the power sector is driven by grid investment as it moves towards greater electrification
.

Due to the rise of solar, wind and electric vehicles, many countries have had to invest more in upgrading or building new grids to balance supply and demand fluctuations
.

Despite rising renewable energy production, energy efficiency and renewable energy investment, which fell 3 percent last year after several years of growth, could fall further this year
, the IEA said.

In addition, China's decision to cut subsidies for new solar plants and limit the number of new projects has increased the risk of
a slowdown in renewable energy investment this year.

"The intensification of global renewable energy investment and energy efficiency is worrying
.
" Fatih Birol, executive director of the IEA, said, "This could threaten the expansion
of clean energy needed to meet energy security, climate and clean air goals.
" While we needed a rapid increase in clean energy investment, we were disappointed to find that it could decline
this year.
”

Meanwhile, fossil fuel investment last year saw its first increase
since 2014 as the oil and gas industry's spending power increased.

The share of total oil and gas upstream investment by national oil companies in countries remains near record highs, a trend that will continue
this year, the IEA said.

After a long period of operating in a weak financial environment, the U.
S.
shale industry is also at a turning point
.

"The U.
S.
shale industry is on track to deliver positive free cash flow for the first time this year, making it a more mature and financially sound industry while production is growing
at the fastest pace ever.
" Birol added
.

The report also said investment in nuclear power fell to its lowest level in five years last year as decommissioning more nuclear plants exceeded the number of new buildings
.

Final investment decisions for new coal plants fell for the second year in a row, but the global coal fleet continued to expand in 2017, mainly due to growth
in the Asian market.

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