Bloomberg New Energy Finance (BNEF) Founder Michael Liebreich:
“No one is going to make coal great again in the US. It can’t beat cheap gas, it can’t beat cheap renewables, it can’t beat cheap energy efficiency.”
The graph shows large-scale PV and Wind $/MWh against coal: 2017 is the crossover point where it is now cheaper to build new solar and wind over new coal in the US and China.
Liebreich also highlights that we face two tipping points, we've just crossed the first one.
a) where new-build renewables are cost-competitive with new-build coal
b) where new-build renewables are cost-competitive with existing coal
While we're still a little far off from b) in Australia and the US, what's interesting is how fast we're approaching b) in huge new economies such as China, India and SE Asia.
The developed world should recognise the value in looking East and encourage collaboration to redesign our future energy systems to deliver outcomes of cheap, reliable and clean electricity for all.
Stay tuned.
Love Caita.