Renewables Surviving Commodity Price Storm
More than ever, renewables are the cheapest option for new power generation — despite big kinks in the global supply chain and the surge in commodity prices. Those are top takeaways from Energy Intelligence's latest twice-yearly report on the cost of generating electricity, known as the levelized cost of energy (LCOE).
The cost advantage enjoyed by solar photovoltaic (PV) and onshore wind is happening in spite of — and arguably thanks to — the recent increase in commodity prices. Indeed, high fuel and carbon prices have dragged fossil fuels far behind most renewables. Meanwhile, high metals prices are creating a slowdown for renewables' cost trajectory but not a roadblock.
In the latest Energy Cost Report we analyze the cost of conventional and renewable forms of electricity generation in five regions: the US, Western Europe, Japan, the Mideast and developing Asia. The data, which also include break-even prices for oil, gas and coal in the Mideast and developing Asia, is based on Energy Intelligence’s proprietary LCOE model.
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