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It’s cheaper to replace most coal plants with renewables than keep them open, per report

March 26, 2019

It’s cheaper to replace most coal plants with renewables than keep them open, per report

New research finds that replacing 74 percent of coal plants with renewables would immediately reduce costs.

It would be more expensive to keep the majority of U.S. coal plants open than to replace them with new wind and solar power alternatives, according to new findings published Monday.

Authored by the environmental firm Energy Innovation in partnership with the grid analysis company Vibrant Clean Energy, the research finds that replacing 74 percent of coal plants nationally with wind and solar power would immediately reduce power costs, with wind power in particular at times cutting the cost almost in half. By 2025, the analysis indicates, around 86 percent of coal plants could similarly be at risk of cheaper replacement by renewables.

“We’ve been closely following the cost of wind and solar in the U.S. and globally, and the costs have come down so far that we’re now seeing unprecedented low [costs] for wind and solar,” said Mike O’Boyle, Energy Innovation’s electricity policy director, on a call with reporters.

That trend has opened up an opportunity for a dramatic shift, the groups argue, one that could see coal largely replaced in many areas by energy sources that are better for both human health and the environment.   

President Donald Trump has worked hard to save U.S. coal, going so far as to advocate for a financial bailout to rescue the dying industry. But data largely suggests that coal’s economic value will continue to plummet, a downturn that comes as wind and solar power are becoming increasingly cheaper and more viable options.

“America has officially entered the ‘coal cost crossover’ – where existing coal is increasingly more expensive than cleaner alternatives,” the report argues.

 …click on the above link to read the rest of the article…

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