Renewable energy technologies: The future of photovoltaics

Summary form only given: In the world where consumption of electricity is forecasted to nearly double over the next 25 years, all aspects of electric energy generation, transmission and distribution will become more challenging. Renewables will certainly constitute part of the planned generation additions of over 5 TW of new electricity generating capacity (including replacement capacity) at a cost of over $5 trillion. The new plants will require an additional $6 trillion worth of additional infrastructure, making electric power an $11 trillion market over the next 25 years. The search for new generation technologies is accelerating. In the first quarter of 2011, renewable generation produced more energy than nuclear power plants for the first time ever. Photovoltaic generation accounted for barely more than one percent of that capacity, but its growth of over 100 percent per year is making it a serious contender for a more prominent position in renewable energy generation portfolio of every utility company.