BE - Solar is the 'new king' of the power market - IEA

The global response to COVID-19 can "reshape the future of energy" for years to come, according to the International Energy Agency's annual World Energy Outlook report.Renewables will take "starring roles" and solar will take "center stage" due to supportive government policies and declining costs."I see solar becoming the new king of the world's electricity markets," said Fatih Birol, IEA's executive director. "Based on today's policy settings, it is on track to set new records for deployment every year after 2022."Due to the ongoing impacts of COVID-19, the IEA sees global energy demand falling by 5% in 2020, with oil and coal consumption falling 8% and 7%, respectively.Oil will remain "vulnerable to the major economic uncertainties resulting from the pandemic," and while it will begin to recover in 2023, demand will plateau and flatten out during the 2030s.The agency also expects that coal demand will not return to pre-coronavirus levels, and

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Solar is the 'new king' of the power market - IEA