Yet Another Misleading Report on “Low-Cost” Wind and Solar
In a just-released report, the International Renewable Energy Agency (IRENA) claims that renewable energy is the most cost-competitive source of new electricity generation worldwide. The report further claims that “91% of new renewable power projects commissioned last year were more cost-effective than any new fossil fuel alternative” based on levelized costs, which can be thought of as the energy equivalent of a fixed mortgage. If those claims sound too good to be true, it’s because they are. IRENA’s boasts ignore a fundamental reality: the intermittent electricity generated from wind and solar is fundamentally different than electricity generated by traditional generating resources that are not subject to the whims of the weather. In the U.S., the Energy Information Administration (EIA) makes the Read More ›