Utility solar dethrones coal as the cheapest power source in Asia

[Think. Again.]

Michelle Lewis, Feb 29 2024 - 11:15 am PT
Full Article: https://electrek.co/2024/02/29/utility-solar-dethrones-coal-as-the-cheapest-power-source-in-asia/

Renewable energy costs in Asia last year were 13% cheaper than coal and are expected to be 32% cheaper by 2030, according to a new study.

Source: Wood Mackenzie Asia Pacific Power & Renewable Services

According to Wood Mackenzie’s latest analysis of the levelized cost of electricity (LCOE) for the Asia Pacific (APAC) region, the LCOE from renewables reached a historic low in 2023. This is significant because it marks a shift toward making renewables increasingly competitive with coal, a mainstay in APAC’s energy mix. The driving force behind this trend is the substantial reduction in capital costs for renewable energy projects.

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Solar is cheapest and falling

The significant drop in solar power costs, by 23% in 2023, signals the end of supply chain disruptions and inflationary pressures. As a result, utility solar is now the cheapest power source in 11 out of 15 APAC countries. New-build solar project costs are expected to fall by another 20% by 2030 due to lower module prices and an oversupply from China.

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Wind power isn’t far behind

While solar is surging ahead in terms of cost-effectiveness, onshore wind isn’t far behind despite costs being 38% more than solar in 2023. With a forecasted 30% cost reduction by 2030 as cheaper Chinese turbines gain market share, Australia and Southeast Asia stand to benefit from low-cost wind power equipment imports.

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In contrast with falling renewables costs, coal and gas generation expenses have increased by 12% since 2020 and are projected to rise through 2050, primarily due to carbon pricing mechanisms.

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Full Article: https://electrek.co/2024/02/29/utility-solar-dethrones-coal-as-the-cheapest-power-source-in-asia/

[marble falls]

1. Wind generated electricity is so cheap to make at night here in Texas, we give it away. Too bad we ...

... aren't part of the grid.

[Think. Again.]

2. I realize the fossil fuel industry is even more powerful in Texas...

....so I suspect they are blocking any sort of energy storage facilities that would allow for the use of that energy in off-periods.

[marble falls]

3. If they aren't blocking it, they're certainly slow walking it. It's a bad mix of greed, states rights, ...

... Texas "nationalism", MAGA level thinking.

[Think. Again.]

4. Yes, all that, and the fossil fuel industry owns Texas.

[marble falls]

5. Take a look at the latest 'names' of the oil companies - they no longe Brand X Petroleum ...

... they are now Brand X Energy. The wind energy industry in Texas was started by and still largely owned T. Boone Pickens and now his successors.

Look up T. Boone Pickens, the proto-type Texas oilman and wildcatter.

They don't care what energy they sell so long as they control the tap.

[Think. Again.]

6. Well, I think we can assume that...

...they want to sell off all the oil they put money into before they start selling the energy that would stop those oil profits.