Renewable energy has surged to capture a record share of global electricity generation, seizing more market share during the coronavirus downturn. The steep drop in electricity demand, down by more than a fifth in some parts of the world, has hit energy producers everywhere. But because renewable energy has zero variable costs – the sun and wind are free once solar and wind farms are constructed – coal and natural gas are often pushed out of the market first. That has renewables holding up a bit better than oil, gas and coal. In fact, renewables in some places are seizing the opportunity, potentially accelerating the energy transition. For example, renewables accounted for 44 percent of power generation in the European Union in the second quarter, up sharply from 37.2 percent in the same period a year earlier, according to Reuters . “We are seeing figures we weren’t expecting to […]