February 2013: Wind energy is now cheaper than fossil fuels in producing electricity in Australia, according to a new report from Bloomberg New Energy Finance.
A new wind farm can generate electricity at A$80 per megawatt hour (MWh), compared with A$143 for a new coal-fired power plant and A$116 for a new natural gas plant. The cost estimates include the A$23 price on carbon emissions resulting from Australia’s new carbon tax.
“The fact that wind power is now cheaper than coal and gas in a country with some of the world’s best fossil fuel resources shows that clean energy is a game changer which promises to turn the economics of power systems on its head.”
Michael Liebreich, CEO, Bloomberg New Energy Finance (Source: Bloomberg)