Australia’s plunging wind, solar, storage costs stun fossil fuel industry: Renew Economy

"This week the federal Coalition government decided to dump 90 per cent of the coal projects that had been submitted to its big underwriting program, and chose instead a shortlist dominated by renewables backed by battery storage and pumped hydro, and some gas and just one coal upgrade.


The choice may have been driven more by politics than economics, given the project developers were asked for only a broad outline of their proposal and there is an election just a few weeks away.


But when the final detailed tenders come in later this year – assuming the program survives the upcoming election campaign – the economic case for favouring renewables and storage projects should be crystal clear, if the latest numbers from global analysts BloombergNEF are anything to go by.

The stunning fall in the costs of wind, solar and storage – estimated on a global scale – has already put the fossil fuel industry on notice, as we reported earlier this week."

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See also: The Age of Stupid

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