this post was submitted on 29 Oct 2023
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Its not directly in the article but the primary reason Solar is its a lot cheaper than electricity production from fuel, something like 1/4 - 1/10 the price depending on where in the world you are. An energy company is basically foolish to invest in oil based electricity production when Solar is so competitive and cheap and easy to maintain. Wind is a little cheaper where there is good airflow but the maintenance cost is higher especially for offshore. Both however are so much cheaper than Nuclear and especially than oil/drilling fuels that its hard to see much real investment in those older technologies.
There has been a lot of recent complaints around the UK's granting of further drilling rights in the North sea for Oil. I think the companies taking those up haven't yet come to terms with the fact there is a good chance those ventures drive their companies to bankruptcy because they wont be competitive as EVs and Solar/Wind take over due to cost savings.
And these numbers don’t even take into account the question of what will happen to fossil fuel companies if society / states start to make them accountable for even a tiny fraction of the environmental damage their business model has caused.