“Solar enjoys the support of 130 governments,” said Birol at the launch of the report on Tuesday. Solar’s new status as ‘king’ of power markets is not being driven by a handful of markets, but is a global phenomenon on multiple continents that Birol calls “extremely impressive.”
Still, it warns that the industry’s growth could be undermined by grid investment, which it calls “the weak link” in the transformation of the power market. Even the IEA’s middle-road "Stated Policies" scenario would require an 80 percent increase in grid investments over the next decade, compared to the previous 10 years.
See Forget King Coal. Solar Is ‘New King’ of Global Power Markets, Says IEA
Global energy watchdog continues to upgrade its renewables outlook but warns that grid upgrades and coal closures must follow.