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Chile forms the top market for renewable energy

Chilean geography makes nation the top market for renewable energy, Chicago Tribune
By Matt Craze, Bloomberg News,Bloomberg SANTIAGO, Chile — With the sunniest desert on Earth, a windswept coast and limited fossil fuel supplies, northern Chile has become the world’s top market for renewable energy.

The government of President Michelle Bachelet has approved 76 solar and wind projects since taking power March 11. Renewable energy developers are pursuing contracts to deliver electricity to mines run by by companies including Anglo American and BHP Billiton, which consume a third of the country’s power.

 Renewable energy is now cheaper than electricity sold on Chile’s spot market, and with global demand for copper expected to increase, so will the need for power at mines in the remote Atacama desert. The wind and solar projects that have been approved will require as much as $7 billion to complete.

“Chile is the market with the highest level of activity in the world,” Ben Warren, head of Ernst & Young’s renewables team, said in a telephone interview from London………

“Despite being a small market we attracted all of the players because we have significant growth rates,” Finat said. “We have clear economic rules and political stability. And there is a gigantic amount of untapped renewable energy resources.” http://www.chicagotribune.com/sns-wp-blm-news-bc-chile07-20141007-story.html

October 8, 2014 - Posted by | renewable, SOUTH AMERICA

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