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Renewable Power Generation Costs In 2020 Report

Renewable Power Generation Costs In 2020 Report.:

The International Renewable Energy Agency (IRENA) released the ‘Renewable Power Generation Costs in 2020’ report.

  • 810 gigawatts (GW) capacity of the world’s existing coal-fired plants i.e. 38% of the total global energy capacity now have higher operating costs than new utility-scale photovoltaics and onshore wind energy.
  • The cost range for generation of fossil fuel-fired power in G20 countries is estimated to be between USD 0.055 per kilowatt-hour (kWh) and USD 0.148/kWh.
  • Replacing this expensive coal power with renewables will save operators USD 32 billion a year and reduce annual carbon dioxide emissions by around three billion tonnes.
  • Renewable capacities added in 2019 would have saved emerging and developing nations USD 6 billion per annum compared to the same capabilities from conventional sources.
  • The year 2020 was a record year for renewables deployment despite the Covid-19- pandemic, with 261 GW installed. The addition was almost 50% higher than that made in 2019 and represented 82% of the global new power capacity.
  • Around 162 GW or 62% of total renewable power capacity added last year had lower costs than the cheapest new fossil fuel option.
  • Supplies from Sources Added in 2020: Geothermal > Photovoltaics (PV)> Wind power> Hydropower > Bioenergy> Concentrating solar power.
  • Between 2000 and 2020, renewables capacity grew more than three times, increasing by 754 GW to 2,799 GW.
  • The growth was occasioned by advancements in technologies, consistent fall in component costs, cost-competitive supply distribution channels, learning by using and commercial-scale availability.

International Renewable Energy Agency:

  • It is an intergovernmental organisation, it was officially founded in Bonn, Germany, in January 2009.
  • Currently it has 164 members, India is the 77th Founding Member of IRENA.
  • It has its headquarters in Abu Dhabi, United Arab Emirates.

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