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| Thu, 12th Mar 2020 12:54:00 |
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Wind and solar plants will soon be cheaper than coal in all big markets around world, analysis finds |
Building new wind and solar plants will soon be cheaper in every major market across the globe than running existing coal-fired power stations, according to a new report that raises fresh doubt about the medium-term viability of Australia's $26bn thermal coal export industry.
While some countries are moving faster than others, the analysis by the Carbon Tracker Initiative, a climate finance thinktank, found renewable power was a cheaper option than building new coal plants in all large markets including Australia, and was expected to cost less than electricity from existing coal plants by 2030 at the latest.
Solar photovoltaics and wind energy were already cheaper than electricity from about 60% of coal stations, including about 70% of China's coal fleet and half of Australia's plants, it said.
In Japan, where Australia sells nearly half its exported thermal coal, wind power was found to cost less than new coal plants and was expected to be cheaper than existing coal by 2028. Solar power in Japan was forecast to be a better option than new coal by 2023 and existing coal by 2026.
The story was similar in China and South Korea, which each take about 15% of Australia's exported thermal coal. In China, wind was already cheaper than any coal power, and solar electricity was forecast to on average cost less than existing coal later this year. Renewable energy in South Korea was expected to be cheaper than existing coal within two years.
The report acknowledged this trend did not necessarily mean coal power would be pushed from the market within a decade. It said some governments were effectively incentivising or underwriting new coal power through regulatory programs that either directly subsidised coal operators or passed the higher cost on to consumers.
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