Windpower Monthly by Craig Richard 6 August 2019
The same capital investment today for wind and solar would produce up to seven times as much useful energy for electric vehicles (EVs) as it would for petrol-powered vehicles, according to a new analysis.Even with the cost of building new infrastructure to cope with new wind and solar, "the economics of renewables still crush those of oil", BNP Paribas’ asset management arm concluded.
However, the oil market has a "massive incumbency advantage", according to the head of sustainability research at BNP Paribas Asset Management, Mark Lewis.
Oil’s "massive scale" and ability to provide "very large and effectively instantaneous flows of energy" currently make it economically preferable to variable renewables, the bank added in its report 'Wells, Wires and Wheels'.
However, Lewis added given the necessary scale, new wind- and solar-powered EVs could replace oil-powered cars, and other light-duty and mid-heavy vehicles — which account for about 40% of global oil demand.
Cost comparison
For the same capital outlay, new wind and solar PV projects in tandem with battery-powered EVs will produce 6.2-7 times as much energy that can be used for transport, than petrol, according to BNP Paribas’ research (see below).
More:
https://www.windpowermonthly.com/article/1593133/economics-renewable-powered-evs-crush-oil
