The Global New Energy Deal Keeps Getting Better

The cost of generating renewable energy has fallen - a lot

Douglas Broom, 7 May 2019 (World Economic Forum)

“It’s the moment the global sustainable energy market has been waiting for…[Lithium-ion battery] technology, the essential element in ensuring continuity of supply from weather-dependent sources such as wind and solar, has suddenly become cost competitive…[T]he 'levelized cost of electricity' (LCOE) - the total cost of building and operating an electricity-generating plant - has fallen by 35% since the first half of 2018

click to enlarge

…At the same time, the LCOE for offshore wind has dropped by 24%. Onshore wind and solar's benchmark costs fell 10% and 18%...Since 2010, the benchmark price for solar has dropped 84%, offshore wind by more than half and onshore wind by 49%. The price of lithium-ion battery storage has dropped by more than three quarters since 2012…Batteries provide the opportunity to cover peaks in demand and to bridge periods when the wind is calm and the sun does not shine. Until now, gas and coal-fired power stations have filled the gaps…” click here for more

click to enlarge

Tweet