February 12, 2023
Source: The Guardian
Coal in the US is now being economically outmatched by renewables to such an extent that it’s more expensive for 99% of the country’s coal-fired power plants to keep running than it is to build an entirely new solar or wind energy operation nearby, a new analysis has found.
The plummeting cost of renewable energy, which has been supercharged by last year’s Inflation Reduction Act, means that it is cheaper to build an array of solar panels or a cluster of new wind turbines and connect them to the grid than it is to keep operating all of the 210 coal plants in the contiguous US, bar one, according to the study.
“Coal is unequivocally more expensive than wind and solar resources, it’s just no longer cost competitive with renewables,” said Michelle Solomon, a policy analyst at Energy Innovation, which undertook the analysis. “This report certainly challenges the narrative that coal is here to stay.”