Two-thirds of new renewable power cheaper than coal last year: IRENA

IRENA said high European gas prices will make new gas-fired generation in Europe increasingly uneconomic over its lifetime

Almost two-thirds or 163 gigawatts (GW) of new renewable power capacity added last year had lower costs than the cheapest coal-fired power plants in G20 countries, a report by the International Renewable Energy Agency (IRENA) showed.

Last year, the cost of electricity from onshore wind fell by 15%, offshore wind fell by 13% and solar photovoltaic (PV) fell by 13% compared to 2020, the report said.

"Renewables are by far the cheapest form of power today," said Francesco La Camera, director general of IRENA. "Renewable power frees economies from volatile fossil fuel prices and imports, curbs energy costs and enhances