Installed fossil fuel plants that have been paid product power cheaper than new renewable energy in Australia. However the huge news is that building renewable energy plants is now cheaper than building new fossil fuel plants in Australia. This is huge. This is a game-changer.
Unsubsidised renewable energy is now cheaper than electricity from new-build coal- and gas-fired power stations in Australia, according to new analysis from research firm Bloomberg New Energy Finance.
“The perception that fossil fuels are cheap and renewables are expensive is now out of date”, said Michael Liebreich, chief executive of Bloomberg New Energy Finance. “The fact that wind power is now cheaper than coal and gas in a country with some of the world’s best fossil fuel resources shows that clean energy is a game changer which promises to turn the economics of power systems on its head.”