The cost of wind and solar power will continue to fall massively over the next 25 years, bringing about a fundamental transformation of the global electricity sector, according to new reports from Bloomberg New Energy Finance (BNEF) and the International Renewable Energy Agency (IRENA). Electric cars will boom, cheap batteries will be everywhere and there will no Golden Age of Gas, despite continued low gas prices, BNEF predicts. “Low prices for coal and gas are likely to persist, but will fail to prevent a fundamental transformation of the world electricity system over coming decades towards renewable sources such as wind and solar, and towards balancing options such as batteries.” This is one of the key conclusions of the latest edition of the New Energy Outlook 2016 from BNEF, which was published on 13 June. The new report assumes significantly lower prices for coal, gas and oil than the previous edition, but shows an even steeper decline for wind and solar costs. As a result of this competitive advantage, renewable energy will overtake fossil fuels in the electricity sector by 2040:
Energy Post 15th June 2016 read more »