Solar and onshore wind power are now the cheapest new sources of electricity in at least two-thirds of the world’s population, further threatening the two fossil-fuel stalwarts — coal and natural gas. The levelized cost of electricity for onshore wind projects has fallen 9% to $44 a megawatt-hour since the second half of last year. Solar declined 4% to $50 a megawatt-hour, according to a report Tuesday by BloombergNEF. Battery storage is also getting more competitive. The levelized cost of electricity for batteries has fallen to $150 a megawatt-hour, about half of what it was two years ago. That’s made it the cheapest new peaking-power technology in places that import gas, including Europe, China and Japan.
Bloomberg 28th April 2020 read more »
Renewable electricity costs have continued their rapid downward trajectory, with onshore wind or solar PV projects now the cheapest form of new build power generation in regions covering at least two-thirds of the globe.
Business Green 28th April 2020 read more »
Utility-scale solar PV and onshore wind are now the cheapest forms of new-build energy generation across two-thirds of the global population, according to new analysis from BloombergNEF (BNEF) that shows that costs for renewables and battery storage have plummeted in recent years. Latest BNEF analysis shows that the global benchmark levelised cost of electricity (LCOE) – the all-expense cost of produce one MWh of electricity from a new-build project – has fallen by 9% for onshore wind and 4% for solar PV since the second half of 2019. It now costs $44 and $50 per MWh for these technologies across countries accountable for two-thirds of the global population, 71% of GDP and 85% of global energy generation. BNEF’s lead author of the analysis Tifenn Brandily said: “There have been dramatic improvements in the cost-competitiveness of solar and wind. Part of it is due to photovoltaic and wind technology getting better at extracting renewable resources. But our analysis also suggests that since 2016, auctions are forcing developers to realise cost savings by scaling up project size and portfolios.
Edie 28th April 2020 read more »
Further cost reductions in both large scale solar PV and onshore wind projects mean that these two technologies are now the cheapest form of new build energy generation in areas that count for two thirds of the world’s population, and 85 per cent of the globe’s electricity generation. The latest benchmark report from research company BloombergNEF show that in just the last six months the levellised cost of electricity (LCOE) for onshore wind has fallen a further nine per cent, its most significant drop in five year.
Renew Economy 28th April 2020 read more »
Germany’s International Technology Roadmap for Photovoltaic (ITRPV), which aims to track solar power price falls and rising conversion efficiencies, has undergone its 11th update. The report, produced by engineering association the Verbandes Deutsches Maschinenbau Anlage (VDMA), states more than 650 GW of solar module generation capacity was delivered last year. The learning rate of photovoltaics – the speed at which price declines accelerate with wider deployment of the technology – reached 23.5% in 2019, according to the VDMA. The authors of the latest ITRPV document predict the learning rate for PV will continue at a similar speed in the years ahead, leading to further price declines, thanks to measures such as the use of better, larger solar wafers; optimization of front and rear cells; better module lay-outs; bifacial cell deployment; new cell types; and improved module technology.
PV Magazine 28th April 2020 read more »