While wind and solar power are expected to grow rapidly, they will account for about 1% of global energy demand by 2030, while 80% of the energy needs will be met by oil and gas, according to Robert C. Olsen, chairman and production director of Exxon Mobil International Ltd. (XOM) Wind and solar power will grow an average of 10.5% a year through 2030, compared with 1.6% average annual growth for coal, gas and oil combined, Olsen estimated. "It will be the conventional energy sources -- oil, natural gas and coal -- that will need to meet the bulk of the world's energy requirements over the coming decades," he commented at the Offshore Europe energy conference in Aberdeen, Scotland.
http://money.cnn.com/news/newsfeeds/articles/djf500/200709041449DOWJONESDJONLINE000590_FORTUNE5.htm
Standard bullshit here.
Prices of many of these technologies are going down RIGHT NOW. Manufacturing of these technologies is ramping up. Early participants have already passed the 1% mark (Germany), and they did so at a premium. Followers will benefit by the investments of the early adopters.
I'd put my target closer to or above 30% by 3030, which includes an explosion in the energy biotech market which is coming within the next three years.
Exxon will buy in, that's for sure, but the last thing they want to do is telegraph future interest.
Sunday, September 9, 2007
Misdirection by Exxon.
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