{"id":6689,"date":"2018-01-15T07:38:30","date_gmt":"2018-01-15T07:38:30","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=6689"},"modified":"2018-01-15T07:54:40","modified_gmt":"2018-01-15T07:54:40","slug":"onshore-wind-power-now-affordable-source-solar-halve-2020","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/onshore-wind-power-now-affordable-source-solar-halve-2020\/","title":{"rendered":"Onshore Wind Power Now as Affordable as Any Other Source, Solar to Halve by 2020"},"content":{"rendered":"

New IRENA report finds all renewable technologies to be competitive by 2020<\/em><\/p>\n

New age of renewable energy driven by technology improvements, competitive procurement, and a growing cadre of highly experienced, global project developers \u00a0\u00a0\u00a0<\/em><\/p>\n

The cost of generating power from onshore wind has fallen by around a quarter since 2010, with solar photovoltaic (PV) electricity costs falling by 73 per cent in that time, according to new cost analysis from the International Renewable Energy Agency (IRENA). The report also highlights that solar PV costs are expected to halve by 2020. The best onshore wind and solar PV projects could be delivering electricity for an equivalent of USD 3 cents per kilowatt hour (kWh), or less within the next two years.<\/p>\n

Global weighted average costs over the last 12 months for onshore wind and solar PV now stand at USD\u00a06 cents and USD 10 cents per kWh respectively, with recent auction results suggesting future projects will significantly undercut these averages. The report highlights that onshore wind is now routinely commissioned for USD 4 cents per kWh. The current cost spectrum for fossil fuel power generation ranges from USD\u00a05-17 cents per kWh.<\/p>\n

\u201cThis new dynamic signals a significant shift in the energy paradigm,\u201d said Adnan Z. Amin, IRENA Director-General. \u201cThese cost declines across technologies are unprecendented and representative of the degree to which renewable energy is disrupting the global energy system.”<\/p>\n

Released on the first day of IRENA\u2019s Eighth Assembly in Abu Dhabi, \u2018Renewable Power Generation Costs in 2017\u2019<\/em>\u00a0highlights that other forms of renewable power generation, such as bioenergy, geothermal and hydropower projects in the last 12 months have competed head-to-head on costs, with power from fossil fuels. The findings note that by 2019, the best onshore wind and solar PV projects will be delivering electricity for a USD 3 cents per kWh, significantly below the current cost of power from fossil fuels.<\/p>\n

Competitive procurement practices together with the emergence of a large base of experienced medium-to-large project developers competing for global market opportunities, are cited as new drivers of recent cost reductions, in addition to continued technology advancements.<\/p>\n

\u201cTurning to renewables for new power generation is not simply an environmentally conscious decision, it is now \u2013 overwhelmingly \u2013 a smart economic one,\u201d continued Mr. Amin. \u201cGovernments around the world are recognizing this potential and forging ahead with low-carbon economic agendas underpinned by renewables-based energy systems. We expect the transition to gather further momentum, supporting jobs, growth, improved health, national resilience and climate mitigation around the world in 2018 and beyond.\u201d<\/p>\n

The report also highlights that auction results are signaling that offshore wind and concentrating solar power projects commissioned in the period between 2020-22 will cost in the range of USD 6-10 cents per kWh, supporting accelerated deployment globally. IRENA projects that all renewable energy technologies will compete with fossils on price by 2020.<\/p>\n

The report highlights that:<\/p>\n