July 31, 2019 Read More →

WoodMac: Solar costs in India beat out coal-fired power

Windpower Monthly:

Asia-Pacific’s cheapest renewables can be found in India, according to Wood Mackenzie, with the levelized cost of electricity (LCOE) of solar PV falling to $38/MWh this year — 14% cheaper than that of coal-fired power.

Wood Mackenzie research director Alex Whitworth explained “high-quality solar resources, market scale and competition” had helped push solar costs down to half the level seen in many other countries in the region.

By comparison, onshore wind in India currently costs $49/MWh, Wood Mackenzie added.

The second cheapest renewables in the region are in Australia, Wood Mackenzie added, with the LCOE of solar expected to fall to $48/MWh in 2020 — undercutting all fossil-fuel competitors.

Wind power is forecast to remain more expensive, however – $71/MWh, above $51/MWh for coal.

Whitworth added that maintaining grid stability and reducing curtailment of intermittent generation is a “recurring challenge” in Australia, but further deployment of energy storage could help to balance power supply and demand.

More: Renewables to compete with coal in Asia-Pacific by 2027

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