Plunging costs of renewables mark a turning point in a global transition to low-carbon energy, with new solar or wind farms increasingly cheaper to build than running existing coal plants, according to a report published on Tuesday. The International Renewable Energy Agency (IRENA) said the attractive prices of renewables relative to fossil fuel power generation could help governments embrace green economic recoveries from the shock of the coronavirus pandemic. More than half of the renewable capacity added in 2019 achieved lower power costs than the cheapest new coal plants, the report found. Auction results also suggest that the average cost of building new solar photovoltaic (PV) and onshore wind power now costs less than keeping many existing coal plants running, reinforcing the case for phasing out coal, the report said.
Reuters 2nd June 2020 read more »
AS the North Sea oil and gas industry faces the prospect of a grim downturn amid the plunge in commodity prices triggered by the coronavirus experts have warned the consequences for the emerging renewables industry could also be devastating. The analysis puts the onus on governments to help ensure that investment in renewables is maximised while ensuring taxpayers are not left to pick up an unfair share of the bill.
Herald 2nd June 2020 read more »