Abu Dhabi, United Arab Emirates, 2 June 2020 — Renewable power is increasingly cheaper than any new electricity capacity based on fossil fuels, a new report by the International Renewable Energy Agency (IRENA) published today finds.
Renewable Power Generation Costs in 2019 shows that more than half of the renewable capacity added in 2019 achieved lower power costs than the cheapest new coal plants.
The report highlights that new renewable power generation projects now increasingly undercut existing coal-fired plants. On average, new solar photovoltaic (PV) and onshore wind power cost less than keeping many existing coal plants in operation, and auction results show this trend accelerating – reinforcing the case to phase-out coal entirely.
Next year, up to 1 200 gigawatts (GW) of existing coal capacity could cost more to operate than the cost of new utility-scale solar PV, the report shows.
Read more online at:
https://www.irena.org/newsroom/pressreleases/2020/Jun/Renewables-Increasingly-Beat-Even-Cheapest-Coal-Competitors-on-Cost.Read the full report Renewable Power Generation Costs in 2019
See the interactive infographic on How Falling Costs Make Renewables a Cost-effective Investment
This press release is also available in Arabic (عربي), French (français), German (Deutsch), Japanese (日本語), Russian (русский), Spanish (español).
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