Wind now 44% cheaper than gas-fired power in US
In the US, power plants running on natural gas have held a dominant role in the nation’s electrical infrastructure, but that picture is quickly becoming history as the prices of power generated by wind and solar farms appear to be in free fall.
Wind is thus 44% cheaper than gas-fired electricity, while output from large-scale photovoltaics costs 33% less than gas power, writes Guggenheim Securities in an analysis, reports Bloomberg News.
“Solar and wind now present a deflationary opportunity for electric supply costs,” analysts find, ”[supporting] the case for economic deployment of renewables across the US.”
Surging gas prices resulting from Russia’s invasion of Ukraine figure as one main factor behind this trend, while recently extended Production Tax Credits and other legislation supportive of renewables have given green power the leg up on the fossil fuel, Guggenheim relays.
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