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October 4, 2019

Renewable power to increase five-fold in Colombia until 2030

Colombia's onshore wind segment is expected to register the highest growth among renewables during the forecast period.

By GlobalData Energy

Renewable capacity (excluding hydropower) in Colombia is set to increase five-fold for 21% of the total installed capacity (or 5.9 GW) in 2030, according to a recent report by GlobalData.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
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According to the report, installed renewable capacity in Colombia increased from 0.1 Gigawatt (GW) in 2000 to 0.3 GW in 2018, at a compound annual growth rate (CAGR) of 8.3% accounting for 2.6% of the installed capacity in 2018.

During 2019-2030, renewable capacity is further expected to grow at 24.4% CAGR to reach 5.9 GW. Onshore wind segment is expected to register the highest growth among renewables during the forecast period. The segment is expected to grow at 50% (CAGR) to reach 3.4 GW in 2030 from 40 MW in 2019.

Solar PV capacity is slated to grow at 23% CAGR over the forecast period to reach 1.7 GW in 2030 from 172.6 MW in 2019. Biopower power segment is expected to grow at 7% CAGR to reach 719 MW over the forecast period. To date, Colombia does not have any installed geothermal capacity but is expected to have 50 MW installed in 2024, which is expected to reach 115 MW in 2030 growing at 15% CAGR.

Colombia’s Generation and Transmission Expansion Plan 2015-2029 is expected to accommodate a high volume of renewable energy in the near future. The expected grid expansion and modernisation of 4.2 GW to 6.7 GW aimed to support to 1 GW coal and 1.5 GW hydro will involve huge investment in grid infrastructure industry.

As of 2018, hydropower dominated the Colombian power mix, with a share of 65.8 % of total installed capacity, followed by gas-based power with 19.8%. Coal, oil and biopower accounted for 9.5%, 3% and 1.6% respectively. Solar PV and wind capacity accounted for 0.2% and 0.1% respectively. Hydropower is expected to continue to have the lion’s share in installed capacity in 2030.

Colombia’s overdependence in hydropower is a big challenge, as power consumption is increasing and the surplus power it exports declines drastically in years of drought, which occur frequently. As a result, thermal power, especially gas-based power will cater to base-load power requirement in the near future, although its share is expected to go down to 14% in 2030 from 20% in 2018.

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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