The New Energy Economy Is Now

Wind and solar plants will soon be cheaper than coal in all big markets around world, analysis finds; Report raises fresh doubt about viability of Australia’s thermal coal export industry

Adam Morton 11 March 2020 (UK Guardian)

Building new wind and solar plants will soon be cheaper in every major market across the globe than running existing coal-fired power stations…[While some countries are moving faster than others, the analysis by the Carbon Tracker Initiative] found renewable power was a cheaper option than building new coal plants in all large markets…and was expected to cost less than electricity from existing coal plants by 2030 at the latest…Solar photovoltaics and wind energy were already cheaper than electricity from about 60% of coal stations, including about 70% of China’s coal fleet and half of Australia’s plants…[In Japan], wind power was found to cost less than new coal plants and was expected to be cheaper than existing coal by 2028. Solar power in Japan was forecast to be a better option than new coal by 2023 and existing coal by 2026…

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In China, wind was already cheaper than any coal power, and solar electricity was forecast to on average cost less than existing coal later this year. Renewable energy in South Korea was expected to be cheaper than existing coal within two years…[The report acknowledged] some governments were effectively incentivising or underwriting new coal power through regulatory programs that either directly subsidised coal operators or passed the higher cost on to consumers…It called on governments to block new coal projects and phase out existing coal plants, in part by changing regulations to allow renewable energy to compete on a level playing field…[C]oal-fired electricity fell about 3% in 2019, the biggest drop on record after more than four decades of near-uninterrupted growth in which coal power has been a primary driver of the climate crisis. China’s use of coal plants continued to climb while generation in the US and Europe fell by 16% and nearly a quarter…” click here for more

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