Wind Energy in Australia is Now Cheaper Than Gas and Coal

Posted on February 10th, 2013 by
   

Wind Energy in Australia is Now Cheaper Than Gas and Coal

Data compiled by Bloomberg shows that Wind Energy is now cheaper than fossil fuels in electricity production in Australia. Relying on fossil fuels to generate electricity has become more expensive because of the government’s price on carbon emissions, higher financing costs and rising natural gas prices. The cost of wind generation has fallen by 10 percent since 2011, electricity can now be accessed from a new wind farm in Australia at a cost of only A$80 per megawatt hour, compared with A$143 a megawatt hour from a new coal-fired power plant or A$116 from a new station powered by natural gas when the cost of carbon emissions is included.

Japanese Banks Anticipates Solar Boom

According to data compiled by Bloomberg, Japan’s biggest banks expect the market to be worth as much as $19 billion over the next three years, an eight-fold increase for investments in the industry. The subsidy program that the Japanese government started in July is anticipated to turn it into the world’s third-largest market for solar power in 2013 behind China and either the U.S. or Italy. The incentive gives about triple the amounts Germany extends for its solar industries and already has lured high profile solar backers such as Goldman Sachs.

US Solar Power Will Outshine Wind This Year, Says Duke

According to the head of Duke Energy Corp.’s renewable-energy development unit, the U.S. will add more solar energy in 2013 than wind energy for the first time as wind projects slump and cheap panels attracts demand for photovoltaic systems. The U.S. may install up to 4 gigawatts of wind turbines this year, and solar projects is expected to exceed that, said Gregory Wolf, president of Duke Energy Renewables. Cheap panels, lower construction costs and better policy support are said to be the catalysts for the upsurge in solar demand for 2013.

Hydro Tasmania Plans To Supply Power to Remote Areas

Hydro Tasmania is looking to develop renewable energy projects outside the nation’s island state as the company looks at expanding a partnership with a unit of China’s Shenhua Group Corp. The Australian energy company is evaluating new wind farms and projects to supply power to remote areas that are not connected to the main electricity grid. The company is also perusing a proposal to build a 600-megawatt wind project on Tasmania’s King Island estimated to cost about $2.07 billion.

 

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