Renewable Energy produce cheaper electricity in most countries

Renewable Energy sources produce cheaper electricity in most countries on the planet today. This results from an analysis by BloombergNEF, which predicts that in five years it will be more expensive to manage an existing coal or gas plant than to build new wind or photovoltaic parks.

These findings add to a series of renewable surveys, showing their growth in most electricity markets. Last week the International Energy Agency announced that solar power is starting to claim the serps from coal as a cheaper type of electricity.

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However, there are also limits to the potential for the spread of clean energy, as BNEF points out, considering that they cannot conquer more than 70% to 80% of the electricity market, depending on local conditions. Even in Europe, which has some of the most stringent policies to discourage the use of fossil fuels, wind and solar power is considered unlikely to exceed 80% of supply.

• United Arab Emirates : Leaders in Renewable Energy
• Renewable energy sources at record levels in UK
• Wind energy : More than 3 million kWh in 2024

The shift to renewable energy is expected to transform a number of sectors, with the biggest impact likely to be on shipping.

(Bloomberg)