"Renewable are no longer ‘alternative.’ Rather, fossil fuels are increasingly ‘legacy.’"

Renewables will seriously disrupt traditional energy companies

#Future

Tue, Feb 14th, 2017 11:00 by capnasty NEWS

On Medium, David M. Bank has an essay on the growth of clean energy, noting that even legacy energy companies are aware of the transition. With prices for producing clean energy getting lower — and expected to get lower still — he believes the growth of wind and solar will look "a lot like the Internet revolution of the last 20 years."

The real signal to watch is the oil companies’ “capex” or capital expenditure budgets for drilling and production, where they reveal what they really think about future prospects. Chevron’s 2017 capex estimate is $19.8 billion, down 15 percent from 2016 and a whopping 42 percent from 2015. Other major oil companies have also cut back sharply. It’s not just activist college campuses that are divesting from the fossil-fuel economy. It’s the fossil-fuel producers themselves.

When the history of the 21st century is written, we’ll see that by 2017 the inflection point in the global energy rebuild had already occurred. We’ll see the new energy economy was just the next stage of the the larger technology transformation obviously well underway.

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