November 18 -- Large wind and solar farms can compete in the power market even with low natural gas prices and will drive the adoption of technology to store renewable energy, according to an analysis by financial advisers Lazard Ltd.
The cost to build a utility-scale solar photovoltaic plant has fallen by about 80 percent since 2009 while wind projects have dropped by 60 percent, the financial advisory and asset management company said in a report. Lower costs make large renewable power projects competitive with conventional generators without subsidies.
The need for systems to store renewable energy so it can be used when the sun doesn’t shine and the wind doesn’t blow will drive down the cost of batteries over the next five years, the report said. Batteries aren’t cheap enough to allow renewable power to replace coal- and gas-fired plants. >>View Article