Renewable cost plummets
The spread of renewable energy production and cost-effective means of localized power storage has seen some elements of renewable energy production fall below the cost of traditional, carbon-based energy production, a new report has found.
Published by international financial advisory and asset management firm Lazard, the Levelized Cost of Energy Analysis report has found that some alternative energy costs have decreased to the point that they are now at or below the marginal cost of conventional generation.
“Although diversified energy resources are still required for a modern grid, we have reached an inflection point where, in some cases, it is more cost effective to build and operate new alternative energy projects than to maintain existing conventional generation plants” said George Bilicic, Vice Chairman and Global Head of Lazard’s Power, Energy & Infrastructure Group.
“As alternative energy costs continue to decline, storage remains the key to solving the problem of intermittency and we are beginning to see a clearer path forward for economic viability in storage technologies.”
The full report can be found here