The world is heading into an era of cheaper energy prices as a shift towards electricity use leaves behind surpluses of oil and gas, the International Energy Agency predicted.
Chris Rose, founder and executive director at Renewable Energy Alaska Project, joins BNN Bloomberg and talks about how Alaska's transtioning from oil and gas to renewables.
“The world is set to enter a new energy market context in the second half of this decade because underlying market balances for oil and gas are easing,” IEA Executive Director Fatih Birol said in an interview. “Bar major geopolitical conflicts, we will be entering a period where prices will see significant downward pressures.”
“In energy history, we’ve witnessed the Age of Coal and the Age of Oil – and we’re now moving at speed into the Age of Electricity,” said Birol. Led by Saudi Arabia, OPEC+ is already holding back record spare capacity of around 6 million barrels a day following a series of production cutbacks, a level that the IEA expects will reach 8 million barrels by 2030.Others in the energy industry aren’t as convinced that fossil fuels face such an imminent sunset.
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