Now “Cheaper To Save The Climate Than To Destroy It”
Renewable Energy Prices Hit Record Lows: How Can Utilities Benefit From Unstoppable Solar And Wind?
Silvio Marcacci, January 21. 2020 (Forbes)
“…[Solar and wind energy are forecast to dominate America’s new generation in 2020, making up 76% of new generation] while coal and natural gas will dominate 2020 retirements with 85% of plant closures…[For the utilities engaged in the power sector transformation, this could be a big] economic opportunity…U.S. renewable energy prices continued falling fast in 2019, with wind and solar hitting new lows…Over the last decade, wind energy prices have fallen 70% and solar photovoltaics have fallen 89% on average…
Utility-scale renewable energy prices are now significantly below those for coal and gas generation, and they're less than half the cost of nuclear…In other words, it is now cheaper to save the climate than to destroy it…[and New Energy] prices are expected to continue declining, with prices falling even farther over the next three decades…[The] utilities that stick with a business-as-usual approach do so at their own peril, increasing the risk of expensive stranded assets and higher consumer electricity prices…Instead, utilities could replace fossil fuel plants with new renewables…[New regulatory approaches and wholesale market reform can help utilities…” click here for more