29 Mar '18, 9am

Increasingly cheaper renewables challenging fossil fuels

Increasingly cheaper renewables challenging fossil fuels

Reductions in costs for wind, solar and battery technologies are threatening gas and coal’s economic viability and position in the world’s electricity generation mix, according to Bloomberg New Energy Finance (BNEF) . Lithium-ion battery costs have fallen 79% since 2010, BNEF found, while the levelised cost of electricity (LCOE) for onshore wind and solar PV have fallen 38% and 77% respectively over the same nine-year period. Cost reductions for coal, gas, nuclear and large hydro, meanwhile, are described as "modest at best", and in some countries have actually increased, according to BNEF’s analysis. Energy roles When wind and solar are combined with battery storage, the two technologies challenge new coal and gas in terms of ‘dispatchable power’ – the ability to respond to grid requests to ramp electricity generation up or down, BNEF concluded. Pairing wind and solar wit...

Full article: https://www.windpowermonthly.com/article/1460773/increasi...

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