A push for alternativesCurrently, Japan gets 27% of its power from coal, 26% from gas, 24%from nuclear, 13% from oil, and 8% from hydro. The remaining 2% isoccupied by renewables such as geothermal power stations, solar andwind.
While renewable energy companies are loathe to admit it, asJapan still counts the human cost of the quake, the nuclear crisis atFukushima may be the best thing that ever happened to the sector.
Lastweek, the share prices of renewable energy companies soared as much as10%. Nuclear companies, meanwhile, tanked as China -- which has theworld's largest commitment to nuclear power with 13 plants in operationand more than 27 in the pipeline -- announced it would suspend approvalfor new nuclear power projects.
Germany, too, has suspended itsnuclear program and ordered seven older plants closed during themoratorium. At the same time, Berlin has boosted the size of thegovernment's renewable energy fund from €300 million ($425 million) to€1 billion.
Renewable energy companies admit their fortunes areclosely tied to the vagaries of the oil market. Every sustained pricespike sees renewed interest and funding in alternative energy. Thisinterest ebbs when oil prices fall to more affordable levels.