Renewable power projects are increasingly priced competitively compared with fossil-fueled energy projects, according to a report from the International Renewable Energy Agency.
According to E&E ClimateWire, the Abu Dhabi, United Arab Emirates-based IRENA found that electricity from wind or solar energy technology is “proving cheaper than continuing to operate coal-fired power facilities.” The conclusions come from assessing 2019 global energy market conditions.
The new study "confirms how decisively the tables have turned," wrote IRENA researchers.
"More than half of the renewable capacity added in 2019 achieved lower electricity costs than new coal," they added. "New solar and wind projects are undercutting the cheapest of existing coal-fired plants."
Read the full story at E&E ClimateWire.