The world’s electricity markets are experiencing the profound impacts of climate change. Heatwaves, cold snaps, droughts, and floods have become more frequent and intense, resulting in unstable and unreliable electricity supply. Grid operators are increasingly using renewable or nuclear technologies for electricity generation due to their viability for hydrogen production via electrolysis. Despite remarkable growth in the generation of renewable energy, electricity production from coal and gas has hit record levels, with coal accounting for 70% of all production in the energy & power sector.
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