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Renewable Energy Set To Be Cheaper Than Fossil Fuels By 2020, Says Report (independent.co.uk)
An anonymous reader quotes a report from The Independent: Continuous technological improvements have led to a rapid fall in the cost of renewable energy in recent years, meaning some forms can already comfortably compete with fossil fuels. The report suggests this trend will continue, and that by 2020 "all the renewable power generation technologies that are now in commercial use are expected to fall within the fossil fuel-fired cost range." Of those technologies, most will either be at the lower end of the cost range or actually undercutting fossil fuels. "This new dynamic signals a significant shift in the energy paradigm," said Adnan Amin, director-general of the International Renewable Energy Agency (IREA), which published the report. "Turning to renewables for new power generation is not simply an environmentally conscious decision, it is now -- overwhelmingly -- a smart economic one." The report looked specifically at the relative cost of new energy projects being commissioned. As renewable energy becomes cheaper, consumers will benefit from investment in green infrastructure. The current cost for fossil fuel power generation ranges from around 4p to 12p per kilowatt hour across G20 countries. By 2020, IREA predicted renewables will cost between 2p and 7p, with the best onshore wind and solar photovoltaic projects expected to deliver electricity by 2p or less next year.
You just left out most of the costs of fossil fuels!
What, objectively, is the full cost of fossil fuels?
The Daddy casts sleep on the Baby. The Baby resists!
That kind of news has liberals wetting their pants, but I'm sure OPEC will open the faucet on their oil wells to keep prices in check. Arabs ain't dumb, you know.
when the US and the rest of the world loses collective interest in the middle east? Saudi Arabia is just now trying to figure out how to modernize their country when the price of oil collapses. They're desperately trying to get women into the economy because their current social system isn't compatible with the kinds of two income families countries want/need to maintain the growth/profit margins they're used to.
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Even with a bit higher capital costs between sources when you have to compete against an essentially zero fuel cost you are bound to fail.
If I were making big bets today, I would be looking for a few narrow canyons I cold buy to put in some pumped hydro. That type of base storage is where the next gold rush will be found. Cool thing about pulped hydro is that you can reuse the water over and over.
I also remember hearing about some group looking into reusing old mine railways as they tend to be steeper than commercial rail. They were going to put loaded cars with an electric engine/generator to act as gravity storage. Who says those old coal mines can't produce (or at least store) clean energy
It seems you may have come to one of the answer as to why Saudi Arabia, UAE, and other oil rich nations are investing in nuclear power. They are investing in solar power too, it seems. Why would they invest in nuclear power if solar power holds so much promise on providing cheap energy?
Here's something the US Marines figured out. Solar panels are difficult to protect in a time of war. They can't be put in a concrete bunker and still provide power. They spent a lot of money on developing flexible and durable solar panels that can be part of their protective structures in the field. They also know that as durable as they are they are still vulnerable to things like rain, snow, and sand.
The US Navy has long been researching means to synthesize fuel from seawater using nuclear reactors to drive the process. They've been very successful and it seems that the only thing stopping them from moving faster is interference from the Department of Energy. We can't have the Department of Defense outshining the Department of Energy on developing energy solutions, can we? We'll probably get this process in the Navy fleets, fueling up Marine tankers that drive out to field hospitals and such, once the DOE can put enough fingerprints on it to call it a "joint effort".
What might this process do for oil rich nations like Saudi Arabia? This process of synthetic fuel doesn't much care where the carbon and hydrogen comes from. It can take crude oil and process it into refined fuels. Fuels without lead, sulfur, and other nasty stuff that gets people sick.
Oh, byproducts of this synthetic fuel process is drinkable water, oxygen, heat, and perhaps some excess hydrogen. Heat, hydrogen, and nitrogen means ammonia fertilizer. Saudi Arabia knows that they will run out of oil some day. A few young princes see nuclear power as a way to keep exporting valuable commodities and not revert to tribes warring over hills of sand and sources of clear water. Water and fertilizer means food to eat and export. They'll probably be exporting oil for a long time yet, but it will most likely come from olives in the future.
I am armed because I am free. I am free because I am armed.
You say that but I remember a couple very long and hot summers where Dad sat by the TV watching the weather channel on satellite, waiting for the wind to blow and the rains to start. Crops won't grow without the rain, and the winds bring the rain.
So we sat in the farmhouse, and watched the weather channel. Weeks at a time. My brothers and I would play with our Lego blocks almost afraid to talk to Dad since he was oddly quiet everyday.
Oh, I'm sure someone will point out that if it was the summer and there's no clouds then for sure then solar panels would make a lot of electricity.
I can recall some relatively warm and calm winters. I tried to make a flight but the fog hanging over the Midwest was not moving. Planes had to be diverted for the fog. Many flights were cancelled. Even taking buses was not advised with such heavy fog. This was around Christmas time and a lot of people wanted to travel. The air was so still that air quality advisories were everywhere. It was warm for winter but people still needed heat. People were burning wood for heat, coal power plants were working hard. Some farmers ventured in the fields to dispose of melting manure. Everything stank.
No sun. No wind. Days at a time. Covering entire states.
Oh, then the wind blows. Along with the wind comes, hail, snow, sand, rain, and whatever else it can pick up from the ground. Then there are tornadoes, ice storms, lightning. All kinds of fun in the Midwest.
Give me nuclear power. Nuclear power doesn't care what the weather is like. It's cheap, safe, reliable, and we would not be reliant on Arabian oil or Chinese solar collectors.
I am armed because I am free. I am free because I am armed.
Are you going to then add in all the side benefits of fossil fuels humans have enjoyed over the years as well? And are there no soft costs from alternative energy sources to consider or is only oil subject to the more rigorous analysis?