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Energy: Electricity Production from Renewables Hits an All-Time High
Renewable energy used in electricity production hit an all-time high in April this year. The percentage of renewables has risen from 8.6% in April 2001 to reach 28% in April 2022. Most of the renewable energies were produced from hydropower, wind, and solar technologies.
Peter Kelly-Detwile, energy analyst, said that “it’s a ‘Wow’ moment. It’s a milestone. But in a few years, we’ll look back and say, ‘This was a nice stepping stone to the next ‘Wow!’ moment.”
Costs for renewable energy have dropped or are now significantly cheaper or competitive with fossil fuels, like natural gas. A megawatt-hour generated from a wind turbine is $26 to 50$, while natural gas can cost between $45 and $74.
Francesco La Camera, director-general of IRENA, said that “the last decade has seen [concentrating solar power], offshore wind and utility-scale solar PV all join onshore wind in the cost range for new capacity fired by fossil fuels, when calculated without the benefit of financial support. Indeed, the trend is not only one of renewables competing with fossil fuels, but significantly undercutting them.”
By 2050, in the US, it is expected that 42 percent of global electricity generation will be from renewables. EIA expects the share of solar to grow the fastest and the share of hydroelectric to grow the slowest.
