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Renewables competitive with cheapest fossil fuels – Irena

Costs could fall even further, based on analysis of data from some utility-scale solar PV projects

New solar and wind projects are increasingly undercutting even the cheapest and least sustainable of existing coal-fired power plants, according to a new study by the International Renewable Energy Agency (Irena). Irena analysis suggests at least 800GW of existing coal-fired capacity has operating costs higher than new utility-scale solar photovoltaic (PV) and onshore wind, including integration costs. Replacing this capacity would cut annual system costs by $32bn/yr and reduce annual CO₂ emissions by around 3gt. In 2020, the global weighted-average levelised cost of electricity (LCOE) from new capacity additions of onshore wind declined year-on-year by 13pc, to $0.039/kWh. Those for offsh



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