Fossil Fuels, Renewables Can Co-Exist, Help Each Other

Fossil fuel-based and renewable energy sources can co-exist and even help each other, according an industry professional speaking at central London energy conference attended by Rigzone.

In the presentation, the energy sector representative – who was speaking under Chatham House Rules – stated that the two fields are currently kept well apart, but suggested that collaboration among certain renewable and conventional sources could only help the energy sector. The source did concede, however, that it could be a long time before the energy industry might see such collaboration, due to financial and legislative restraints.

“It is regrettable in our policy and operational landscape that we silo renewables from fossil fuels. It’s as if they’re not allowed to mix,” said the industry source. “Looking at renewables, particularly offshore wind in conjunction with gas, to provide both a resilient and ‘dispatchable’ source of energy is very viable but we’re not allowed to do that right now. It’s too difficult. The financial and legislative frameworks are just too difficult for that level of collaboration. It has needed collaboration, because if they work together symbiotically, I think we could tap into the necessary R&D funding to bring offshore wind further down,” the source continued.

New wind turbines and solar panels worldwide will provide more energy over the next five years than U.S. shale-oil production has over the past five, according to Goldman Sachs Group Inc. A research report released Monday Nov. 30 claims that renewable energy technologies will add the equivalent of 6.2 million barrels of oil a day to the global energy mix, exceeding the 5.7 million barrels a day pumped from U.S. shale oil wells since 2010.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

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