Despite energy crisis: renewable power in Asia Pacific gains competitiveness

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Energy crisis highlights challenges of rising costs and decarbonisation of power sector

Asia Pacific’s levelised cost of electricity (LCOE) for renewable power broke historical trends and rose in 2021 but still gained ground against fossil fuel power says Wood Mackenzie, a Verisk business (Nasdaq:VRSK). Last year, Asia’s power crisis sent fossil fuels and renewable sources into a frenzy as prices spiked amidst strong demand and supply chain tightness. Spot market fuel prices averaged over the year pushed up costs of coal and gas power by 19% and 46% respectively, making renewables (utility PV and onshore wind) appear more competitive. However, increased equipment and logistics costs meant that solar and wind power were also hit by cost... ... More: Official Press Release Wood Mackenzie

Keywords:

Wood Mackenzie, Asia Pacfic, energy costs, price, risk, energy transition, energy crisis, power sector, renewable energy, Asia, trend, LCOE, onshore, offshore