Energy

Citi says renewable energy, solar power is cap on oil prices

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Solar photovoltaic (PV) panels on the roof of Hackney council estate Bannister House in London, United Kingdom.

Andrew Aitchison | In Pictures | Getty Images

The cost of producing electricity from solar energy has in the last two years been lower than that of fossil fuels — and that “permanent change” will limit how high oil prices can climb, according to Citi.

That shift is coming at a time when global oil supply is running ahead of demand, which is already weighing down on energy prices, David Bailin, chief investment officer at Citi Private Bank, said on Thursday.

As evidence of the limited upside in oil prices, Bailin pointed to last year’s drones attack on the world’s largest oil…



Source cnbc.com

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