Renewable Energy Industry Booms as Oil Prices Rocket

As the price of oil hits an all-time high, Tywyn-based True Energy, market leader in renewable energy products and services, says that renewable energy's time has come.

"The price of oil has hit almost $115 dollars a barrel, a price which would have been unthinkable a few years ago," explains Phil McVan, managing director of the award-winning True Energy.

"This is all to the advantage of sustainable energy, making it competitive with oil in financial terms - something it certainly wasn't when oil cost just $30 a barrel."

Analysts say that the dollarÕs weakness is supporting high oil prices.

"Until the dollar stabilises, there is no reason why oil prices should not continue to rise," confirms Mr McVan.

Renewable energy effectively uses natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished, as an alternative to fossil fuels.

Renewable energy technologies were traditionally considered to be prohibitively expensive in comparison to the carbon emitting alternatives, explaining why, to date, only 18 per cent of global energy consumption can be attributed to renewables.

That could be set to change.

" Solar power is already developing into a massive global industry, that's growing beyond anyoneÕs wildest expectations," says Mr McVan. "In 2002, the forecast to 2010 was a global value of $16bn. In 2006, the actual value was $27bn, and the revised forecast for 2010 in now $140bn."

"Furthermore, the UK is committed to cutting carbon dioxide emissions by 60 per cent by 2050," he adds.

"Add to that the fact that, over the next two decades, the UK will need substantial new investment in electricity generation capacity to replace closing coal, oil and nuclear power stations and to meet an expected 30 per cent growth in electricity demand, and the future for renewables is looking bright."

True Energy, which prides itself on providing a one stop shop for renewable energy requirements, counts the United Nations, World Health Organisation, B&Q and South West Water among its clients, and has developed flourishing export markets in Africa, the Indian subcontinent, Latin America, the Middle East and Europe.

True Energy's renewable technologies include wind turbines, solar photovoltaic (electricity), solar thermal (hot water), biomass, and ground source heat pumps (hot water).

The company provides consultancy and advice alongside its wide range of innovative products

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