Further evidence that lower oil prices aren’t going to restrict the growth of solar energy

Further evidence that lower oil prices aren’t going to restrict the growth of solar energy generation comes from the United Arab Emirates and is reported in todays FT

Read the full article at the Financial Times.

This bit really struck us as proof that PV is rapidly evolving as a more commercially attractive means of electricity generation;

The company, part of a consortium with TSK, the Spanish engineering company, in January sealed a landmark deal with the Dubai Electricity and Water Authority (DEWA) to finance, build and operate a 100MW PV plant in the emirate.

It set a global benchmark for solar power generation, with a tariff of 5.85 US cents/kWh under a 25-year power purchase agreement. To get the same output with conventional power plants, “the oil price would need to [stay] below $50 per barrel for the next 20 years”, says Mr Padmanathan.

Does any sane commentator really believe that the oil price will stay below $50/barrel for the next 20 years?