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Solar and wind keep getting cheaper, and crush coal, gas and nuclear on costs: Lazard

Latest LCOE report from Lazard confirms that wind and solar by far the cheapest of all energy sources, and cost of storage is falling too. The post Solar and wind keep getting cheaper, and crush coal, gas and nuclear on costs: Lazard appeared first on RenewEconomy.

Solar and wind keep getting cheaper, and crush coal, gas and nuclear on costs: Lazard — RenewEconomy   Giles Parkinson & Sophie Vorrath 1 November 2021  [GOOD GRAPHS]

As world leaders meet in Glasgow for critical climate talks, they have been given a stark reminder of the lowest cost alternatives to achieve the full decarbonised grid that science says is required of major economies by the middle of next decade, at the latest.

Investment bank Lazard has released the 15th edition of its highly regarded Levelised Cost of Energy Analysis and it reinforces what is pretty much already known: Wind and solar are by far the cheapest forms of electricity generation, storage costs are falling, and now hydrogen is part of the equation.

The best illustration of the cost difference between the various technologies is this following table, which shows the various energy supply sources and their sensitivity to the cost of capital.

All technologies are affected in some way, but wind and solar, which are easily the cheapest form of generation, actually increase their advantage as the cost of capital increases. In all cases, they are five times cheaper than nuclear. Even storage and network costs don’t come close to making up the difference…………………………….. https://reneweconomy.com.au/solar-and-wind-keep-getting-cheaper-and-crush-coal-gas-and-nuclear-on-costs-lazard/—

November 2, 2021 Posted by Christina Macpherson | 2 WORLD, renewable | Leave a comment

Positive developments: rise in electric cars, ever cheaper renewables, moves towards energy efficiency

November 2, 2021 Posted by Christina Macpherson | 2 WORLD, renewable | Leave a comment

ICLEI launches its 100% Renewables Cities and Regions Energy Compact

On 24 September 2021, ICLEI’s 100% Renewables Cities and Regions Energy Compact was officially launched at the United Nations High-Level Dialogue on Energy, which calls for local governments to make ambitious voluntary
commitments to catapult themselves towards 100% renewable energy usage at the latest by 2050.

ICLEI’s Energy Compact complements its existing work in the renewable energy space, including the 100% Renewables Cities and Regions Roadmap project, and the 100% Renewables Cities and Regions Network.

On their way to 100% renewable status, cities and regions that join ICLEI’s Energy Compact are encouraged to achieve several milestone targets by 2030 at the latest, such as achieving 100% renewable energy use
in local government operations, and achieving SDG7, among others.

 ICLEI 5th Oct 2021

https://iclei.org/en/media/iclei-launches-its-100-renewables-cities-and-regions-energy-compact

October 25, 2021 Posted by Christina Macpherson | 2 WORLD, renewable | Leave a comment

Research shows that a rapid truly green energy transformation will achieve a near-net-zero emissions energy system

Rapidly decarbonising the global energy system is critical for addressing climate change, but concerns about costs have been a barrier to implementation. Most energy-economy models have historically underestimated deployment rates for renewable energy technologies and overestimated their costs.

The problems with these models have stimulated calls for better approaches and recent efforts have made progress in this direction. Here we take a new approach based on probabilistic cost forecasting methods that made reliable predictions when they were empirically tested on more than 50 technologies.

We use these methods to estimate future energy system costs and find that, compared to continuing with a fossil-fuel-based system, a rapid green energy transition will likely result in overall net savings of many trillions of dollars – even without accounting for climate damages or co-benefits of climate policy.

We show that if solar photovoltaics, wind, batteries and hydrogen electrolyzers continue to follow their current
exponentially increasing deployment trends for another decade, we achieve a near-net-zero emissions energy system within twenty-five years. In contrast, a slower transition (which involves deployment growth trends that are lower than current rates) is more expensive and a nuclear driven transition is far more expensive. If non-energy sources of carbon emissions such as agriculture are brought under control, our analysis indicates that a rapid green energy transition would likely generate considerable economic savings while also meeting the 1.5 degrees Paris Agreement target.

 Oxford University 14th Sept 2021

October 21, 2021 Posted by Christina Macpherson | 2 WORLD, renewable | Leave a comment