The International Energy Agency (IEA) states that the global power industry is at the risk of falling short of the hopes and expectations bestowed upon it by consumers. Political troubles in regions in the Middle East, which is the only traditional large source of low-cost oil, have led to an uncertainty about global oil security. On the one hand, the oil market is dwindling owing to supply glut and continuously declining prices, while the conflict between Russia and Ukraine has reinstated concerns regarding gas security on a global front.
The present timesare a tough phase for the power industry and the major issue is the industry’s extreme dependence on fossil fuels. Nuclear power, which forms an important part of the energy mix of many countries, also faces an uncertain future. Electricity is still not accessible to many people across the globe and the issue of greenhouse gas emissions and the connection of the power industry with the issueis not encouraging for the global power industry.
However, research and development activities in the field of emerging energy sources such as solar and wind power, leading to significant improvements in their efficiency, are some reasons the industry, and the mounting global population, should be optimistic about a stable power industry in the future.
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