Renewables are winning the economics battle against new coal and gas, stunning study shows

Published onJune 26, 2019

A new study reveals just how stunningly rapid the clean energy transition is. Bloomberg New Energy Finance (BNEF) reported on Tuesday that renewables are now the cheapest form of new electricity generation across two thirds of the world — cheaper than both new coal and new natural gas power. Yet just five years ago, renewables were the cheapest source of new power in only 1% of the world, explains BNEF in its New Energy Outlook 2019. Equally remarkable, BNEF projects that by 2030, wind and solar will “undercut existing coal and gas almost everywhere.” In other words, within a decade it will be cheaper to build and operate new renewable power plants than it will be to just keep operating existing fossil fuel plants — even in the United States.