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NEW @BloombergNEF says wind or solar offer cheapest new power for TWO-THIRDS of the world, inc CN, IN, US, EU, LAM, SA etc
Some solar's so cheap it "will challenge existing fossil plants".
AND battery costs have halved *since 2018* so now cheaper than gas peakers in EU, CN & JPpic.twitter.com/IXHYI3Dkw3
This chart of renewable + storage levelised costs is stunning, inc wind down 9% since H2 2018 and battery storage down 75% since 2015. Also – offshore wind at $78/MWh on global country-weighted basis?! Goodness me that's low.pic.twitter.com/oqo2QriZHz
Here's a link to the info: https://about.bnef.com/blog/scale-up-of-solar-and-wind-puts-existing-coal-gas-at-risk/?sf121491850=1 … (I was working from a press release earlier)
Because you run out of space for renewables. And storage + smart grid upgrades are a major problem to scale up. Unfortunately coal and gas can be way cheaper when it gets to deep penetration. RE very cheap at shallow penetration only.
"AND battery costs have halved *since 2018* so now cheaper than gas peakers in EU, CN & JP" BOOM! That's a key point that most people miss.
Batteries are around those prices per kWh not per MWh. There's about $15k of batteries in a Tesla.
There are some anomalies in that map that I would love to have explained - not the least pricey Japanese coal power and why onshore wind is cheapest in Kenya, rather than solar.
Solar in Germany is below 40$/MWh even in <10MWp tenders, large scale PPA projects promise 30 $/kWh. Within MENA lowest Auction ist at 13,5$ and this is not a one shot. Seems BNEF should improve their data. https://www.pv-magazine.com/2020/04/28/abu-dhabis-2-gw-tender-draws-world-record-solar-bid-of-0-0135-kwh/ …
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