How does the model account for capacity expansion and investment decisions in the energy sector? Specifically, what additional capacity from renewable energy power plants is anticipated by 2030, and which technology is expected to contribute most significantly to this increase? Furthermore, what proportion of the on-grid system's energy mix is projected to be from renewable sources in 2030?
In 2030, the expansion of renewable energy power plant capacity is led by solar PV, which is expected to grow from less than 1 GW today to 29 GW by 2030. Additionally, hydropower also plays a significant role, with its expansion over the decade driven by 8 GW of new plants. Hydropower is expected to contribute 12% to the renewables generation mix in 2030. Overall, through 2040, VRE comprises 60% of the power capacity additions, with solar PV and hydropower being key contributors.
In 2030, the RE generation share is projected to be 44% of the total power generation of the on-grid system, with this share increasing to 92% by 2050.
For more information on the renewable energy share information can be found in Chapter 5.2.1.2 and 5.2.2.2 of the CIPP.
