According to Lazard, the US investment bank, Wind Energy and Solar Energy have become the cheapest sources of electricity, and natural gas power plants are the best choice to support them.
Lazard said in a recent report that the average energy cost of large solar installations fell to $36 per megawatt hour, while wind power costs were as low as $29 per megawatt hour. This is cheaper than the most efficient natural gas plants, coal-fired power plants or nuclear reactors.
According to George Bilicic, head of global power and energy at Lazard, “even if renewable energy becomes cheaper, natural gas plants are still a competitive way to balance the intermittent output of wind and solar energy. On the other hand, the coal and nuclear industries Trying to keep going.”
“We will continue to see this battle going on,” said George Bilicic. “While grid-scale energy storage may one day become an ideal support for wind and solar power plants, the cost of the technology remains high and not practical.”