Cost of Renewable Power Generation Increasing Competitive

Renewable power generation is one the most crucial ways of achieving the goal of sustainable development for all countries. Significant capacity additions are being witnessed annually.

In 2012, 772.3 Gigawatts (GW) of renewable capacity was installed in 2011 across the world. Of this capacity, wind and solar PV (Photovoltaic) are the major renewable sources of energy and account for 49.3% of the cumulative renewable power installation in the world.

According to an upcoming report, “Cost of Power Generation“, wind is the largest renewable source and accounts for 36.8% of global renewable capacity.

Between 2005 and 2012, cumulative installed capacity of wind power rose from 59.8 GW to 283.9 GW. The future prospects for the wind energy industry appear to be good, largely due to strong government support.

By 2020, the wind power cumulative installed capacity is expected to reach 455.8 GW.

Meanwhile, global solar PV installed capacity will continue to grow at a CAGR of 15% during the 2013