Coal’s prices will soon be so noncompetitive that coal-fired power will drop 51 percent by 2040, according to the latest electricity sector forecast.
Coal is dying. Even in China and India and total global greenhouse gas emissions from electrical generation will peak in 2026, according to a bullish report released Thursday by respected independent energy consultants.
“This year’s report suggests that the greening of the world’s electricity system is unstoppable,” said Seb Henbest, lead author of the New Energy Outlook forecast.
The report is published annually by Bloomberg New Energy Finance (BNEF), an independent energy research firm, and is based on eight months of analysis and extensive market modeling.
Around the world, solar has become a formidable opponent to coal, BNEF said. That’s because the price of solar, which already costs roughly one-fourth of what it did in 2009.
Coal power generation in China has been growing but will reach a peak in 2026, the report says. Already, many planned coal plants are being cancelled.
Wind costs are also dropping fast. Offshore wind costs are falling faster than onshore and are expected to skid 71 percent by 2040.
Land-based wind energy, which has already dropped by 30 percent in the last eight years, will continue to fall by 47 percent by 2040, the report says.
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