IRENA report: renewable power generation costs highly competitive

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The International Renewable Energy Agency's (IRENA) “Renewable Power Generation Costs in 2019” report published 2 June 2020, shows that over half of the renewable capacity added in 2019 achieved lower power costs than the cheapest new coal power plants. These competitive power generation costs make investments in renewables highly attractive as countries target economic recovery from COVID-19.

The report highlights that since 2010, utility-scale solar PV power has shown the sharpest cost decline at 82%, followed by Concentrating Solar Power (CSP) at 47%, onshore wind at 39%, and offshore wind at 29%. Electricity costs from utility-scale solar PV fell b...