Abstract
Deployment of renewable energy sources has been increasing rapidly in recent years. Various types of government policies, the declining cost of many renewable energy technologies, changes in the prices of fossil fuels, an increase in energy demand, among other factors, have encouraged the continuing increase in the use of renewable energy sources for the generation of electricity in several countries from all regions. Despite global financial challenges, renewable energy capacity continued to grow rapidly compared to the cumulative installed capacity from the previous year. In 2013, a total of 25.4 GW of new renewable power capacity was installed. Over 72 % of all new installed capacity in the EU were renewable. It is important to highlight that renewable energy sources are expected to be economically competitive with conventional energy sources for electricity generation in the medium to long-term.
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