Fossil Fuels Losing Cost Advantage Over Solar, Wind, IEA Says
- Renewable technologies no longer cost outliers, report says
- No single technology is cheapest under all circumstances
Acciona wind turbines operate at a wind energy farm in Ethridge, Montana, U.S.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
The cost of producing electricity from renewable sources such as solar and wind has dropped significantly over the past five years, narrowing the gap with power generated from fossil fuels and nuclear reactors, according to the International Energy Agency.
“The costs of renewable technologies -- in particular solar photovoltaic -- have declined significantly over the past five years,” the Paris-based IEA said in a report called Projected Costs of Generating Electricity. “These technologies are no longer cost outliers.”