In this week’s Solar News Roundup, the IEA’s World Energy Outlook report paints a positive picture for solar around the world, and New York commits to 70 percent renewables by 2030.
IEA’s World Energy Outlook report calls solar the cheapest form of electricity in history
According to the International Energy Agency (IEA), solar power is the cheapest form of electricity in history. Their World Energy Outlook report remarked, “Solar becomes the new king of electricity,” noting that the sharp cost reductions seen in the solar industry over the past decade have made solar PV “…consistently cheaper than new coal- or gas-fired power plants in most countries, and solar projects now offer some of the lowest cost electricity ever seen.”
At the same time, the IEA warned that the “weak link” in the transformation of the world’s power markets is grid investment. According to the IEA’s middle-of-the-road future scenario, an 80 percent increase in grid investments over the next decade is necessary.
New York mandates 70 percent renewable energy by 2030
Just this week, the New York Public Service Commission (PSC) formally adopted a new mandate requiring 70 percent of the state’s electricity to come from renewable sources by 2030. The mandate is part of the state’s ambitious Clean Energy Standard (CES).
Of the move, Anne Reynolds, executive director of the Alliance for Clean Energy New York (ACE NY) said, “Today New York adopted the 70 percent renewable energy requirement, a major milestone in our state’s clean energy transition. The renewable energy industry applauds this progress. For developers of wind, solar, hydro and renewable fuel cell projects, the most critical element is a clear and certain market demand and today’s order includes a directive for NYSERDA to enter into contracts for 4,500 MWh/year for Upstate renewables each year and 700-1000 megawatts of offshore wind per year. This creates a strong market in New York and should attract the private investment we will need to get projects under development. For this reason, it is great news for the clean energy industry and for New York.”