Energy Sources Of The Future

First the bad news: With oil prices rising and energy demand from emerging economies ballooning, no single energy source will emerge to replace fossil fuels.

The good news is that that’s OK. Even if nothing ever rules the world like oil did last century, different regions will adapt by tapping the technologies and energy sources that suit them best.
So just how will our grandchildren meet their energy needs? We’ll continue to use oil and natural gas for decades, if not centuries, but as a shrinking portion of our energy pie. We’ll also use commonly proposed alternatives like corn-based ethanol and nuclear generators.

But there are also big changes ahead, both in terms of what we use and how much we use technologies that already exist. Take wind generation. The industry is growing at about 30% a year, says Edward Guinness, co-manager of the Guinness Atkinson Alternative Energy Fund. That’s faster than other renewable energy sources like solar and hydro-power. The price of wind-generated energy is currently competitive with fossil fuels, Guinness says.

Solar power is also poised to grow quickly. Today about 0.1% of the world’s energy comes from solar power, most of it using photovoltaic cells. Guinness thinks that could grow to 10% over 20 to 35 years as manufacturing processes are improved. The expansion of solar thermal technology will also grow the sector (see: The Sunshine Economy). Government subsidies, favorable regulatory programs and the popularity of solar with consumers are also likely to boost usage.

Newer ideas could also turn into future energy sources. Have you ever thought we might harness the power of bending floorboards, or turn algae into fuel? It could happen.

Forbes