Market round-up: Investments in electricity edge ahead of fossil fuels
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For the first time, investments in the electricity sector exceeded the combined spending on oil, gas and coal supply in 2016, the International Energy Agency (IEA) said in a report. Due to fewer coal power plant additions, the global electricity investment was nearly flat at $718 billion. But continued drop in upstream oil and gas investments means that the electricity sector edged ahead of the fossil fuel supply sector to become the largest recipient of energy investment. Spending on electricity networks, storage and efficiency increased. The trends, however, have to be looked at from the perspective of shrinking global energy investments. At around $1.7 trillion in 2016, the total global energy investment was 12% lower than in 2015 in real terms, says IEA. India is the third largest country by energy investments, after China and the US, with energy investments rising by 7% in 2016.