Renewable Power Generation Costs in 2023 is out today!
One of International Renewable Energy Agency (IRENA) flagship reports.
I can tell you that this year’s report is outstanding because:
?? 2023 is the year with the most added capacity commissioned—over 473 GW! A breaking record! So, this report offers key cost and performance trends of this record capacity.
??A new chapter is included! ?? #BatteryStorage. We share groundbreaking information about this crucial enabler for the energy transition. (Shortcut: Chapter 6)
Check out all the details and more here: https://lnkd.in/e5inJd52
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Insights for Solar PV ??, Onshore and Offshore Wind ???, Concentrated Solar Power ??, Hydropower ??, Geothermal ??, and Bioenergy ?? are not to be missed.
Here are five sneak peeks:
1) In 2023, the global weighted average cost of electricity from newly commissioned utility-scale solar photovoltaics (PV), onshore wind, offshore wind, concentrated solar power (CSP), and hydropower fell. This cost decline was highly influenced by...
2) China represented the largest market for solar PV, onshore and offshore wind, and hydropower. China accounted for 63% of renewable power capacity net additions in 2023.
3) It’s not just about costs—other variables matter. Solar PV has the lowest total installed cost, but onshore wind has the lowest LCOE. Check the report for more details.
4) The energy transition is energy security and brings benefits to the economy. Since 2000, the renewable power deployed globally saved an estimated USD 409 billion in fuel costs for the power sector by 2023.
5) The renewable energy conversation has shifted. Once dominated by concerns about costs and integration challenges, it now positions renewables as a core part of electricity systems. The transition away from fossil fuels is undeniable, and the economic benefits of renewable power generation and its social, developmental and environmental benefits are now compelling.
Also, I’m sharing this with a lot of excitement as this marks my first IRENA publication :)
Thank you to the amazing costing team Deborah Ayres and Michael Taylor, to Norela Constantinescu for her guidance, and the great editors we work with Francis Field and Stephanie Clarke
#renewable #power #PV #onshorewind #offshorewind #hydropower #geothermal #CSP #bioenergy #LCOE #IRENA
????Launched during #GRS2024 at #ClimateWeekNYC, International Renewable Energy Agency (IRENA)'s Renewable Power Generation Costs in 2023 report is out.
??Of the record 473 GW added in 2023, 382 GW (81%) of newly commissioned, utility-scale #renewable projects had lower costs than their fossil fuel-fired alternatives.
Overall, the renewable power deployed globally since 2000 has saved up to $409 billion in fuel costs in the power sector.
IRENA report elucidates the savings and benefits received from global #renewable deployment. Learn more: https://lnkd.in/gFGMu6EH
It was very inspiring to be your presentation and share the stage with you- look forward to a continued collaboration!