Renewables to make $1 trillion in new coal-fired plants uncompetitive

Renewables are already cheaper than new coal-fired power stations in all major markets, exposing almost a trillion dollars of new investments and denting Australia's coal exports.

New coal fired-plants are already more expensive than
renewable energy in all major markets - and by 2030
even existing coal plants will be uncompetitive, a new report finds.

Analysis published on Thursday by Carbon Tracker also found that by 2030 at the latest, new wind and solar farms will be cheaper to build than existing coal plants.

The survey, which tapped International Energy Agency data among its sources, also found more than half of coal-fired power stations were more costly to run than building new renewable energy.

Globally, developers are planning or constructing almost 500 giga-watts of coal capacity at a cost of $US638 billion ($984 billion), investments that could soon be wasted.

Read the story from The Age by Peter Hannam - “Renewables to make $1 trillion in new coal-fired plants uncompetitive.”

Trump vows to ‘unleash’ American energy but unveils only modest new steps

President Trump vowed to “unleash American energy” on Thursday, pledging to bolster the ailing nuclear industry, open up new offshore areas for drilling, and help seal deals for oil pipelines and coal exports.

President Trump speaks on Thursday at
the Energy Department in Washington. 

Riding a wave of shale drilling that doubled the country’s total oil and gas production during the Obama administration, Trump said: “We’re here today to usher in a new American energy policy, one that unlocks millions and millions of jobs and trillions of dollars in wealth.”

But energy experts were not impressed with the measures Trump unveiled Thursday, saying they would have little effect.

Read story by Steven Mufson and Chris Mooney in The Washington Post - “Trump vows to ‘unleash’ American energy but unveils only modest new steps.”