{"id":22557,"date":"2020-07-03T13:22:44","date_gmt":"2020-07-03T10:22:44","guid":{"rendered":"https:\/\/euea-energyagency.org\/?p=22557"},"modified":"2020-07-03T14:48:31","modified_gmt":"2020-07-03T11:48:31","slug":"irena-renewables-increasingly-beat-even-cheapest-coal-competitors-on-cost","status":"publish","type":"post","link":"https:\/\/euea-energyagency.org\/en\/news\/market-news\/irena-renewables-increasingly-beat-even-cheapest-coal-competitors-on-cost\/","title":{"rendered":"IRENA: Renewables Increasingly Beat Even Cheapest Coal Competitors on Cost"},"content":{"rendered":"

Renewable power is increasingly cheaper than any new electricity capacity based on fossil
\nfuels, said in a new report by the International Renewable Energy Agency (IRENA)
\npublished in June.\u00a0\u201cRenewable Power Generation Costs in 2019\u201d shows that more than half
\nof the renewable capacity added in 2019 achieved lower power costs than the cheapest new
\ncoal plants.<\/p>\n

The report highlights that new renewable power generation projects now increasingly
\nundercut existing coal-fired plants. On average, new solar photovoltaic (PV) and onshore
\nwind power cost less than keeping many existing coal plants in operation, and auction results
\nshow this trend accelerating \u2013 reinforcing the case to phase-out coal entirely. Next year, up to
\n1 200 gigawatts (GW) of existing coal capacity could cost more to operate than the cost of
\nnew utility-scale solar PV, the report shows.<\/p>\n

Replacing the costliest 500 GW of coal with solar PV and onshore wind next year would cut
\npower system costs by up to USD 23 billion every year and reduce annual emissions by
\naround 1.8 gigatons (Gt) of carbon dioxide (CO2), equivalent to 5% of total global CO2
\nemissions in 2019. It would also yield an investment stimulus of USD 940 billion, which is
\nequal to around 1% of global GDP.<\/p>\n

Renewable electricity costs have fallen sharply over the past decade, driven by improving
\ntechnologies, economies of scale, increasingly competitive supply chains and growing
\ndeveloper experience. Since 2010, utility-scale solar PV power has shown the sharpest cost
\ndecline at 82%, followed by concentrating solar power (CSP) at 47%, onshore wind at 39%
\nand offshore wind at 29%.<\/p>\n

Costs for solar and wind power technologies also continued to fall year-on-year. Electricity
\ncosts from utility-scale solar PV fell 13% in 2019, reaching a global average of 6.8 cents
\n(USD 0.068) per kilowatt-hour (kWh). Onshore and offshore wind both declined about 9%,
\nreaching USD 0.053\/kWh and USD 0.115\/kWh, respectively.\u00a0\"\"<\/p>\n

Recent auctions and power purchase agreements (PPAs) show the downward trend
\ncontinuing for new projects are commissioned in 2020 and beyond. Solar PV prices based on
\ncompetitive procurement could average USD 0.039\/kWh for projects commissioned in 2021,
\ndown 42% compared to 2019 and more than one-fifth less than the cheapest fossil-fuel
\ncompetitor namely coal-fired plants. Record-low auction prices for solar PV in Abu Dhabi
\nand Dubai (UAE), Chile, Ethiopia, Mexico, Peru and Saudi Arabia confirm that values as low
\nas USD 0.03\/kWh are already possible.<\/p>\n

For the first time, IRENA\u2019s annual report also looks at investment value in relation to falling
\ngeneration costs. The same amount of money invested in renewable power today produces
\nmore new capacity than it would have a decade ago. In 2019, twice as much renewable power generation capacity was commissioned than in 2010 but required only 18% more investment.<\/p>\n

Link to the original text: https:\/\/cutt.ly\/yogKQtk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Renewable power is increasingly cheaper than any new electricity capacity based on fossil fuels, said in a new report by […]<\/p>\n","protected":false},"author":135,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[125],"tags":[],"class_list":["post-22557","post","type-post","status-publish","format-standard","hentry","category-market-news"],"acf":[],"yoast_head":"\nIRENA: Renewables Increasingly Beat Even Cheapest Coal Competitors on Cost - 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