Despite a spike in coal-fired energy in 2018, coal as a source of energy is rapidly losing grounds to ever cheaper and more efficient renewable energy production, a new report released in the United States has found.
America has officially entered the ‘coal cost crossover’, where existing coal production is more expensive than the majority of renewable energy production.
The report, released by energy research and analysis group, Energy Innovation, found that local wind and solar energy production could replace nearly three quarters of the existing coal fleet across the United States, rising to nearly 86 per cent by 2025.
The report urges local decision-makers to consider future plans for a smooth and orderly shut-down of all plants.
“Even without major policy shift we will continue to see coal retire pretty rapidly,” said Mike O’Boyle, co-author of the report.
“Our analysis shows that we can move a lot faster to replace coal with wind and solar. The fact that so much coal could be retired right now shows we are off the pace.”
“We’ve seen we are at the ‘coal crossover’ point in many parts of the country but this is actually more widespread than previously thought.”
The report, The Coal Cost Crossover, is available here.