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'Coal is on the way out': study finds fossil fuel now pricier than solar or wind
(The Guardian, 25 Mar 2019) Around 75% of coal production is more expensive than renewables, with industry out-competed on cost by 2025.
Around three-quarters of US coal production is now more expensive than solar and wind energy in providing electricity to American households, according to a new study.
“Even without major policy shift we will continue to see coal retire pretty rapidly,” said Mike O’Boyle, the co-author of the report for Energy Innovation, a renewables analysis firm. “Our analysis shows that we can move a lot faster to replace coal with wind and solar. The fact that so much coal could be retired right now shows we are off the pace.”
The study’s authors used public financial filings and data from the Energy Information Agency (EIA) to work out the cost of energy from coal plants compared with wind and solar options within a 35-mile radius. They found that 211 gigawatts of current US coal capacity, 74% of the coal fleet, is providing electricity that’s more expensive than wind or solar.
By 2025 the picture becomes even clearer, with nearly the entire US coal system out-competed on cost by wind and solar, even when factoring in the construction of new wind turbines and solar panels.
“We’ve seen we are at the ‘coal crossover’ point in many parts of the country but this is actually more widespread than previously thought,” O’Boyle said. “There is a huge potential for wind and solar to replace coal, while saving people money.”
The Guardian, 25 Mar 2019: 'Coal is on the way out': study finds fossil fuel now pricier than solar or wind
