Wind energy may now be the least expensive form of power in Europe, according to Portugal’s EDP, a prominent energy utility.
The utility has released information that suggests onshore wind energy is not more affordable than coal and oil, making it one of the most economically attractive forms of power in Europe. Wind energy has already managed to find strong support from many European countries, some of whom are investing heavily in offshore wind projects, but wind had always been considered more expensive than traditional forms of energy until very recently.
In Europe and the US, wind power is less expensive than fossil-fuels
EDP estimates that the average cost of electricity generated by onshore wind farms in approximately 20% less expensive than the electricity generate from coal and oil. The estimation is based on a 25% wind energy capacity, which many countries in Europe currently do not have. While the estimations are primarily for Europe, EDP has also estimated that wind energy in the U.S. is also significantly less expensive than that which is generated by fossil-fuels.
Countries are becoming more accepting of renewable energy due to its economic prospects
Wind power is becoming more popular on a seemingly daily basis. Consumers in many parts of the world have become quite outspoken with their support of wind power and renewable energy in general, hoping to see their home countries embrace cleaner forms of energy more readily. Governments have been taking notice of the economic prospects of renewable energy and have been investing heavily in the development of wind, solar, and other clean energy projects.