By the end of this decade, renewables will account for roughly two-thirds of all new electricity generation capacity built globally, according to the latest Medium-Term Renewables Market Report from the International Energy Agency (IEA). The IEA said that it was more "perception than reality" that low oil prices, currently below $50 a barrel, will slow the deployment of renewables. The IEA notes that "oil may compete more directly with biofuels for transport and renewable heat, [but] its impact in the power sector is limited only to oil-fired peaking plants and gas generation in areas with oil-indexation, such as in Europe and in Asian LNG markets."
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