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Nearly two-thirds of all wind and solar projects built globally last year could generate cheaper electricity than even the least expensive coal alternatives, according to a report from the International Renewable Energy Agency (IRENA).

 

Because of downward costs associated with wind farms and solar panels, the report states that 62 per cent of renewable energy projects could be more cost-effective than coal equivalents of up to 800 gigawatts, approximately enough to meet the U.K.’s electricity demand 10 times over.

 

“Today renewables are the cheapest source of power,” said Francesco La Camera the director-general of IRENA in a press release, “Renewables present countries tied to coal with an economically attractive phase-out agenda that ensures they meet growing energy demand, while saving costs, adding jobs, boosting growth and meeting climate ambition.”

 

IRENA’s cost analysis program has been collecting performance data of renewable energy technologies since 2012and simultaneously reporting on the costs of those technologies. Two key data sources were used to create the report, including the IRENA Renewable Cost Database and the IRENA Auctions and Power Purchase Agreement databases. The report analyzed approximately 20,000 renewable energy projects around the world and also data from 13,000 auctions and renewable power purchase agreements.

 

 

Source : https://nationalpost.com/news