“Utility PV solar has emerged in 2023 as the cheapest power source in the region, while onshore wind is expected to become cheaper than coal after 2025,” Alex Whitworth, VP – head of Asia Pacific power research at Wood Mackenzie, said in a media statement. “Renewables firmed with battery storage are becoming competitive with gas power today but will struggle to compete with coal before 2030.”
Whitworth pointed out that China is leading the way in lowering the cost of renewables, with utility photovoltaics, onshore wind, and offshore wind being 40-70% cheaper compared to other…