The cost of electricity generated from renewable sources, known as the levelised cost of electricity (LCOE), is declining significantly in the Asia Pacific (APAC) region and reached an all-time low in 2023, according to Wood Mackenzie’s latest analysis of LCOE for the Asia Pacific region.
This decline makes renewable energy increasingly competitive with conventional low-cost coal power, driven by a significant reduction in capital costs for renewable power. Renewable energy costs in 2023 were 13% cheaper than conventional coal and are expected to be 32% cheaper by 2030.
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