The report highlights that renewables are increasingly becoming the most competitive option for new grid supply and swift grid extension. Where electricity systems are dominated by oil‑fired plant, cheaper—sometimes significantly cheaper—renewable generation choices are available. For off‑grid power supply, renewables are already the default economic solution.
IRENA will extend its costing analysis in 2013 to include transport and stationary applications. It will also launch the IRENA Renewable Costing Alliance to raise awareness of the importance of cost data. The alliance will bring together government agencies, financial institutions, equipment manufacturers, project developers, utilities and research institutions to provide data and feedback in support of IRENA’s cost analyses of renewable energy technologies.
By reducing the uncertainty that currently surrounds renewable energy costs and performance, IRENA’s cost analysis is aimed at assisting governments and regulators in their efforts to adopt more ambitious policies to promote renewables in an evolving investment environment. I hope that this report makes a valuable contribution in support of the global transition to a sustainable energy future.