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Renewable energy sources cost-competitive: IRENA report

Xinhua, January 17, 2015 Adjust font size:

The cost of generating power from renewable energy sources such as wind and solar energy has reached parity or dropped below the cost of fossil fuels, a new report released by the International Renewable Energy Agency (IRENA) showed on Saturday.

Titled "Renewable Power Generation Costs in 2014," the IRENA's report said that the solar energy, wind energy or bio-thermal became cost-competitive compared to oil and gas applied to "many technologies and in many parts of the world."

The report was launched on the occasion of the two-day annual IRENA assembly which started in Abu Dhabi on Saturday in its 5th edition.

The report showed that biomass, hydropower, geothermal and onshore wind are all competitive with or cheaper than coal, oil and gas-fired power stations, even without financial support and despite falling oil prices.

Dr. Adnan Z. Amin, director general of the 139-member state IRENA, said the new figures indicated a game-changer in producing energy from renewable sources.

"The plummeting price of renewables is creating a historic opportunity to build a clean, sustainable energy system and avert catastrophic climate change in an affordable way," said Amin.

Renewable energy is now cost-advantageous, especially when accounting for the cost of pollution and ill health, he added.

IRENA, a United Nations affiliated organization, supports the UN's "sustainable energy for all" objective which UN Secretary General Ban Ki-moon launched in 2012 and aims to provide access to alternative energies to every citizen in the world by 2030.

The report said individual wind projects are consistently delivering electricity for 0.05 U.S. dollars per kilowatt-hour (kWh) without financial support, compared to a range of 0.045 dollars to 0.14 dollars per kWh for fossil-fuel power plants.

The report also revealed that the average cost of wind energy ranges from 0.06 dollars per kWh in China and Asia to 0.09 per kWh in Africa.

"It has never been cheaper to avoid dangerous climate change, create jobs, reduce fuel import bills and protect our energy system with renewables," Amin said.

The two-day event brings together 1,069 delegates and 160 media representatives. A total of 151 countries plus the European Union states participate. Enditem