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| Sun, 12th Jul 2020 14:00:00 |
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Wind Is Emerging As A Leader In The Renewable Race |
Good news is in short supply during any crisis, and this one has been no exception. The energy industry is being pummeled to the ground by low oil and gas prices, crippled demand for hydrocarbons, and unfriendly banks. But there is one part of this space generating good news: renewables. And, more specifically, wind power. Often in the shadow of cheap solar, which can be slapped up on a rooftop to generate electricity, wind power is now coming to the fore. Costs, as for solar, have fallen substantially over the years, and businesses who want to polish their social and environmental responsibility reputation are inking long-term electricity supply contracts with wind power producers. Wind is on its way to becoming the new darling of corporate America.
A big part of this increasing popularity of wind among businesses is the fact that wind turbines produce energy cheaply, writes Sarah Golden, senior energy analyst at GreenBiz Group in a recent analysis on the topic.
She notes that the cost of producing energy from wind has fallen by as much as 70 percent since 2009. And last year, according to the International Renewable Energy Agency, wind, along with solar, beat the cheapest coal on cost. Renewable power is getting increasingly cheaper than any new power generation capacity running on fossil fuels, IRENA said in a new report recently. As a result, it said, “more than half of the renewable capacity added in 2019 achieved lower power costs than the cheapest new coal plants.”
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