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In April, electricity generated from wind and solar sources exceeded output from gas-fired power plants for the first time on a monthly record, according to a report from climate outlet Ember cited by Reuters. Wind and solar installations accounted for 22% of global electricity generation last month, while gas-fired generation represented 20% of the total.
The ongoing energy crunch has constrained gas availability and driven up its cost, making renewable alternatives more economically competitive. An Ember global electricity analyst, Kostantsa Rangelova, stated that the current energy crisis has enhanced the economic case for renewables versus imported gas and added greater political urgency to accelerate their deployment.
However, the Strait of Hormuz crisis has impacted a fifth of global liquefied natural gas production capacity, causing price surges and prompting a shift from gas to coal across Asia, as coal remains the most affordable baseload power option. The crisis has also spurred growth in wind and solar deployment, particularly solar, as a fast substitute for hydrocarbons that are increasingly scarce.
The parallel expansion of wind and solar alongside coal reveals that affordability remains the primary consideration for most energy buyers. This trend challenges the view that wind and solar are reliable long-term replacements for hydrocarbons, but it does show they can serve as alternatives during periods of tight gas supply, especially when wind turbines and solar panels are at peak output.
Some observers note that the current shift in energy demand is likely temporary and will change once the Strait of Hormuz reopens and gas flows return to pre-crisis levels. Bob McNally, founder of Rapidan Energy Group and a former White House energy adviser, commented to Fortune that while high oil prices may push consumers to reduce gasoline demand more effectively than previous policies, periods of high demand are typically followed by downturns. When oil prices eventually fall, demand for electric vehicles is expected to decline as well, creating a cyclical pattern tied to oil price fluctuations.
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