News

15 Jan 2013
Renewables can out-compete fossil fuels, cost study confirms

Dramatic falls in cost are making renewable energy increasingly competitive with fossil fuels in countries across the world. The International Renewable Energy Agency (IRENA) is giving expert briefings on the costs various types of renewables, which are projected to keep falling rapidly, at its booth at the World Future Energy Summit (WFES) on 15-17 January, part of Abu Dhabi Sustainability Week.

IRENA analyst Michael Taylor presents Renewable Power Generation Costs 2012: An Overview

Solar energy, for example, has already become cheaper than diesel generation in many situations, with clear benefits for communities far away from the electricity grid. Even so, renewable energy deployment continues to be hindered by the outdated perception that renewables, although sustainable, are not economically competitive against conventional solutions based on fossil fuels.

On the first day of the conference, IRENA specialists presented their newly published report, Renewable Power Generation Costs in 2012: An Overview. The report – analysing 8,000 medium- to large-scale renewable power generation projects – is the most comprehensive analysis of the costs and performance of renewable power generation available.

IRENA’s ground-breaking cost findings are to be presented again on Tuesday, 16 January at 4pm, and on Wednesday, 17 January, at 11.45am, at the IRENA booth at WFES.

The report is available on-line:
http://www.irena.org/menu/index.aspx?mnu=Subcat&PriMenuID=36&CatID=141&SubcatID=277

A fact sheet on costs of renewables is also available:
http://www.irena.org/DocumentDownloads/factsheet/costing%20factsheet.pdf