• Critically analyse the factors affecting the content of international agreements for the oil and gas industry
• Critically examine the framework of the energy policies.
• Demonstrate the key global challenges and issues facing the world oil and gas industry and the factors affecting the long term prospectsPercentage of marks awarded for module.
Renewable energy actually is the energy which is produced from the natural possessions like wind, biomass, sunlight, tides, rain, plus geothermal heat that are in reality renewable, which gets, logically reloaded. Technologies of renewable energy actually are vitally account towards energy provider group, as they donate to the energy safety in the world, decrease reliance upon fossil fuels, as well as supply many chances for extenuating the greenhouse gases. The renewable energy even is considered by many to be significant contributor toward financial development of the rural locations, a source of decreasing poverty via making of employment as well as through improving quality of the lives (Bertelsen, 2012). Renewable energy resources were extra unpopular within past decades as of their relative cost drawback. Along with the exception of very vast hydropower and explosive biomass as well as superior geothermal tasks, standard cost of the energy even are usually never spirited with the wholesale electricity plus fossil fuel costs.
Moreover, this decade also has seen a vast development within renewable energy segment. Rising oil costs, problem of global warming and carbon gas release, terrorism plus political volatility in several oil making nations in Middle East also are vital forces driving such growth and development. Global Energy Agency also estimates that about 50% of international power supplies would need to arrive from the renewable energy resources for reducing carbon dioxide release by some 50% till 2050 plus minimize important, irreversible climate alteration affects. During five- years phase from end of the year 2004 to 2009, universal renewable energy actually grew at rates of about 10-60% for several technologies. In the year 2008 for first time, extra renewable energy as compared to the convectional power capability was added within European Union as well as United States, showing “a basic transition” of globe’s energy markets towards renewable (Bull, 1996).
One of greatest ecological issues of the world in current time is the global warming problem. This issue is in fact the result of carbon gas release from all the fossil fuels. Main center of the western world also is to anyhow reduce the carbon release to be as small as feasible. The basic loom to this is development and growth of international alternative energy resources with very low carbon release, of which the renewable energy also is feasible and viable choice. UK is even playing a very leading role in reducing international carbon emission. Very comprehensive loom towards attaining such aims, Renewable Energy plan and Strategy of UK for the year 2009″ was actually presented to house of the parliament in the month of July of the year 2009 (Charters, 2001). Such strategy contains several incentives for attracting confidential investors plus proposed vast government capital deal in diverse locations of the renewable segment. Renewable energy benefits about £485 million every year through Renewable compulsion and plans that are on the ground to appropriately offer additional subsidies via amendments to electricity bills. Even, current legislation in UK as well as EU provides proper framework for additional commitment to growth and development of the renewable energy and sources. Additionally, UK is also blessed with several suitable areas for development of several types of the renewable energy (Dealtry, 1992).
UK actually has a very stable political scheme characterized by very high technological as well as infrastructural development and growth. Therefore, economy is also capable of properly developing widespread expertise in very wide variety of the renewable technologies, counting the design, research and also manufacture as well as installation. The attainability of the world class amenities plus manpower within several UK universities could also be connected to channel the entire research towards growing and developing proper first class and ultimate renewable energy technologies which would promote whole industry competence in the entire sector. The effect of research plus technology in development of very appropriate and also sustainable energy economy can also not be overemphasized at all (Falconett & Nagasaka, 2010). It would drive whole industry into the maturity level from which the economy of the scale could be attained. Even, renewable energy segment opens many opportunities for several multinational oil plus gas firms to enhance their wager or as novel entrants. Such firms have suitable skills mix as well as technology. Growth and development in the renewable energy segment can even open prospects for firms to enter the international markets.
Big energy firms review entire global energy sector to recognize best returns intended for their total investment. Few of such firms have also decided to limit investment in the renewable energy within certain areas and also technologies, as extra interesting chances are seen outside the UK locations. Also proposed plans for replacing UK’s nuclear power stations that is also ageing, with novel power stations also pose a very serious threat towards future of the whole renewable energy. The sector even has very less carbon release and thus represents perfect alternate towards renewable energy within such respect (Fine, 2009).
Development of some large scale and high investment renewable energy firms as well as necessary infrastructures need considerable amount of the capital that is also hard to properly come by. Also investors are even finding it extra hard to attain needed fund and money from banks because of recession (Jackson, Reid & Croft, 1982). Even, it has also been recognized by the research that, within very short time, renewable energy also are extra expensive than convectional energy resources. Entire business implication for this is about the profitability that would be affected within this short time period. The energy supply actually has very little product demarcation and buyers would just go for cheapest energy resource. Therefore, novel renewable energy firms might also be required to apply the price penetration strategy to gain sufficient market from which the firms can appropriately enjoy the economies of the scale (Kettl, Niemetz, Sandor, Eder & Narodoslawsky, 2011).
Global Investment within Renewable power plus fuels enhanced 17% to the novel record of about $257 billion within the year 2011. Such developing Economies also made some 35% of investment as compared to about 65% for the entire developing economies. Nation like China is the leading investor within the Renewable energy along with some 57% leap within its outlays till $51 billion. India has showed fastest rate of expansion for the investment of vast Renewable market within the globe in the year 2011 with some 62% enhancement to about $12 billion from the year 2010. There were also few main features that were responsible in changing the landscape within the year 2011 i.e. lessening technology costs, and then falling the photovoltaic module costs and also onshore wind turbine costs from some 5% to about 10%, making all these as most spirited renewable power technology (Khudadad, Ali & Jan, 2013). With traditional and also non renewable fuel alternatives such as Gas plus coal, there even was a very weakening strategy support for the renewable energy within several developed nations that is coming paradoxically at the time when totally renewable power in fact is initiating to be the reality. This is biggest challenge to the continued growth and development in Investment within this segment and then putting the nation on risky hopes that the investment in such segment would reduce Global Carbon route before the year 2020 and then will make the Global Economy totally Green (Markovska, Taseska & Pop-Jordanov, 2009).
Technological alterations within the technologies of renewable energy play a vital role regarding climate change because they contribute towards a proper reduction of the technology costs as well as leads to an enhancing market dispersion of the release reducing technologies. UK has best wind as well as wave power resources within entire Europe, skills within the offshore engineering plus long traditions for the infrastructure building plus industrial and also social innovation. The renewable energy also is a quickly expanding international sector, previously providing vital quantities of the clean and low carbon energy. By the year 2050 the entire world would need to vitally reduce the dependence on the fossil fuels, only if unsafe climate change actually is to be averted. The nations need a vital expansion into use of the renewable energy within the nation, yet not as a conclusion in itself. Somewhat such expansion must take place within a background of very violent energy saving, to relocate unabated use of fossil fuel (PlesnicÌŒar & Zaletel-Kragelj, n.d.). Currently, as in 1970s, necessary aim for promoting the renewable energy also is towards power plus heat modern houses, industries and vehicles plus so on devoid of ever-enhancing dependence upon the oil, gas plus coal. Energy security worries till date remain as a disagreement in the favor of appropriately maximizing use of familial energy resources, chiefly those which are in fact non-exhaustible. Moreover since 1970s extra reasons to desire to decrease dependence on the fossil fuels, either domestic or even imported, have actually begun to properly shape the policy. Most vital part of such is mitigation of the greenhouse gas release. Moreover there even are wider ecological benefits regarding human health plus ecology if taking out, transporting plus burning such fossil fuels could anyhow be avoided. Advantages of the renewable energy, later, are mainly those that in fact arise from never using the fossil fuels – and less risk for fuel price alarm and also energy shortfalls, less greenhouse gas release, fewer toxins within atmosphere as well as less coal plus oil production as well as transport. Such advantages are the real benefits to the society on a whole. Furthermore identical profit can, up till some point, be attained by anyhow saving energy. In reality practice of energy saving as well as use of the renewable resources are two sides of same coin (Soimu, 2014). Advancement and progress within both locations have so far in fact been extra limited within UK, along with negligible effect upon the use of fossil fuel. The businesses, individuals plus potentially entire economy are within the positions to attain benefit from a vital expansion of the whole renewable sources, but benefits are also chiefly social. Community has currently denied such benefits as mechanisms have yet not been within proper place to appropriately socialize costs indulged in shifting to the system based on non-fossil energy. The centralized, and energy system based on fossil within UK was vastly created on the behalf of the society, utilizing all the public funds, and that too prior to privatizations of the year 1989 (‘SunPower acquires SolarBridge Technologies Inc.’, 2014). National electricity network and road plus networks of gas pipeline have also served the society in UK well in several respects. Moreover, while the society’s priorities plus Government’s policies and strategies have shifted on, infrastructures on which energy system in fact is built also have changed to some extent. Since the privatization, all the energy industries also have concentrated upon sweating the present assets, along with resulting underinvestment within shared infrastructures plus even within generating the capacity. All such things have contributed to the ‘lock-out’ of the technologies which better suits current day’s aims and goals. Though making fuller utilization of the renewable energy also means capitalizing upon diversity of the scales, technologies plus business replicas for the deployment, so communally helpful solutions matched the local circumstances could be found (Vermeylen, 2010).
Conclusion
The entire analysis shows that the renewable power actually is a enhancing the segment of energy sector in entire UK along with several probabilities to grow plus develops into very vital energy segment. Various forces are also responsible for growth of the renewable energy sector. All these include; global plus EU commitments towards reducing carbon gas release from convectional fossil fuel as well as gas. Government in UK supports regarding incentives plus subsidies, area advantage of the UK, and long term turn down in the UK’s oil plus gas output in addition to several government rules plus legislations. Additionally to this, the renewable energy if totally developed supplies a lasting energy source not like other convectional resources with imperfect supply life length. Nevertheless, greatest challenges facing development of the renewable energy segment are hesitation of supply as the most renewable resources are totally affected by the natural situations which are hard to control, plus high cost of the renewable energy. The cause for such affects is technical as well as economic. In a nutshell here are all the details of changes in renewable energy technologies and alteration in policies of UK.
References
Bertelsen, B. (2012). Everything you need to know about SWOT analysis. [Newmarket, Ont.]: BrainMass Inc.
Bull, S. (1996). Renewable energy transportation technologies. Renewable Energy, 9(1-4), 1019-1024. doi:10.1016/0960-1481(96)88453-9
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Dealtry, T. (1992). Dynamic SWOT analysis. Birmingham (Prince’s Corner, Harborne Park Road, Harborne, Birmingham. B17 0DE): Dynamic SWOT Associates.
Falconett, I., & Nagasaka, K. (2010). Comparative analysis of support mechanisms for renewable energy technologies using probability distributions. Renewable Energy, 35(6), 1135-1144. doi:10.1016/j.renene.2009.11.019
Fine, L. (2009). The SWOT analysis. [S.l.]: Kick It.
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Kettl, K., Niemetz, N., Sandor, N., Eder, M., & Narodoslawsky, M. (2011). Ecological Impact of Renewable Resource-Based Energy Technologies. J. Fundam. Renew. Energy Appl., 1, 1-5. doi:10.4303/jfrea/r101101
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Soimu, O. (2014). A SWOT Analysis of Bio-energy Production in Republic of Moldova. Procedia – Social And Behavioral Sciences, 149, 896-900. doi:10.1016/j.sbspro.2014.08.277
SunPower acquires SolarBridge Technologies Inc. (2014). Renewable Energy Focus, 15(6), 11. doi:10.1016/s1755-0084(14)70135-8
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