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Making a swift transition in the energy sector

The rapid uptake of renewables, energy storage and electric vehicles is changing demand patterns for consumers, infrastructure needs and risk, says DNV GL Energy CEO Ditlev Engel

What surprises many in the energy industry is the speed at which change is taking place. In terms of rapid transition, no sector has been as surprising as renewables, where the pace of reduction in costs has seen wind and solar dominate new capacity additions in the power generation landscape over the last year. "Probably the biggest change that has occurred is that we have now moved into auctions, which has reduced the cost of energy," says Ditlev Engel, CEO of DNV GL's energy division. "Most people have been surprised by the speed of reduction in the cost of electricity from renewables—there seems to have been a number of times in 2017 where we have broken the world record for the cost of

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