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Production cost of renewable energy now ”lower” than fossil fuels

26 April 2018
Electricity
Energynomics

For the first time in history, the production cost of renewables is lower than that of fossil fuels, an industry asset manager has claimed.

In a recent note to its clients, Hamburg, Germany-based Kaiserwetter Energy Asset Management, wrote that its “internal analysis” – based on data from Bloomberg, The Frankfurt School, Renewable Cost Database of the International Agency for Renewable Energy (IRENA) and UN Environment – puts fossil fuels generated energy costs in the range of $49 and $174 per MWh (Megawatt hours) in G20 energy markets in 2017.

Over a comparable period, renewable energy production came in between $35 and $54 per MWh. Breaking the data down further, Kaiserwetter said the international average cost for hydroelectric projects were more than $50 per MWh, wind power was $51 per MWh, and photovoltaic solar energy was $54 per MWh on average. Furthermore, it also claimed that renewable energy presents the best alternative to the high cost of nuclear power as well, as governments attempt the decarbonization challenge.

Autor: Energynomics

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