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Cost of renewables is plunging faster than expected

21 September 17 - RE+D Magazine

COMPANIES

Savills

Consultant - GREECE

Solum Property Solutions

Consultant - GREECE

ETAD.A.E.

Public entity - GREECE

IBI Group

Consultant - GREECE

PEOPLE

Antulio Richetta

Director IBI Group
The cost of renewables is plunging faster than forecasters anticipated just a few years ago as technologies like gigantic wind turbines arrive on the market.

 

That’s the conclusion of Bloomberg New Energy Finance estimated that clean energy will reap 86% of the $10.2 trillion likely to be invested in power generation by 2040.

In a presentation to the research group’s conference in London,its was presented that technology that’s slashing the costs of wind and solar farms makes it inevitable that clean energy will become more economical than fossil fuels for utilities in many places.

The promise of bigger machines early in the next decade prompted developers of offshore wind farms in Germany to promise electricity without subsidy on their next projects.

The same process of producing more electricity for a lower cost is making photovoltaics cheaper. The New Energy Finance predicted two “tipping points” where the cost of renewables will make power generation fueled by natural gas and coal increasingly unattractive.

 

  • The first is when new wind and solar become cheaper than anything else.
  • The second tipping point, a little further off, is when it’s more costly to operate existing coal and gas plants than to take power from wind and solar. 

 

Because energy costs vary widely from country to country, it’s difficult to make firm conclusions about when renewables might be able to overtake fossil fuels on the grid.

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