A Current Assessment of the Renewable Energy Industry

Abstract

Renewable energy capacity additions reached another record in 2021, as well as energy consumption. Despite logistical challenges, demand almost returned to pre-Covid levels, increased prices and challenges—moreover, the Russian Federation (from now on referred to as the Russian Federation). Energy and power sectors are reeling from "Russia's" invasion of Ukraine. An unprecedented energy crisis has arisen due to the collapse of the agriculture markets. As a result of energy prices rising, governments are trying to protect consumers, and efforts are being made to reduce dependence on Russian supplies and accelerate the process. Clean energy technologies are being transitioned to the use of renewable energy can reduce prices and dependence on fossil fuels. The long-term and short-term effects of fuels. The cost of installing solar PV and wind power is on the rise, despite the fact that prices of natural gas, oil, and electricity have risen in the last decade, reversing a decade-long trend of cost reductions. Due to the much faster rise in coal prices, the situation has improved more than before. Electricity generated from renewable sources is competitive. The question is, however, how quickly renewables can be implemented. Fossil fuel alternatives are subject to several uncertainties and will need to be dependent on several factors' impact.