The cost of renewable power generation will come down “at pace” through to 2025, as technologies continue to improve and supply chains become more competitive, according to the International Renewable Energy Agency (IRENA). In a report, the group said the average cost of solar photovoltaics is set to fall by as much as 59 per cent, offshore wind by 35 per cent and onshore wind by 26 per cent by 2025. The group said that, with the right regulatory and policy frameworks in place, solar and wind technologies will unlock “significant additional cost reductions” by 2025 and beyond.
Utility Week 15th June 2016 read more »
Scottish Energy News 16th June 2016 read more »
If the major barrier to a widespread switch from fossil fuels to renewable energy has largely been high upfront costs, then that barrier now appears to be crumbling. Earlier this month, 11 major energy firms signed a declaration that offshore wind energy could be cost-competitive with coal and gas power by 2025. The statement – announced alongside an EU deal for greater co-operation to promote clean energy by North Seas countries – came ahead of a detailed Bloomberg New Energy Finance analysis this week forecasting a sharp decline in the cost of renewables over the next 10 years, with peak fossil fuel power now predicted for 2025. In this context, it may not be wholly surprising to hear today’s new analysis by the International Renewable Energy Agency (IRENA) draws some of the same conclusions on renewables cost reductions as BNEF and other experts, although the organisation also goes further by predicting solar and wind electricity cost reductions will continue well beyond 2025.
Business Green 15th June 2016 read more »