Wind and solar can now provide power at or below the cost of traditional sources in a growing number of countries.
That’s according to a new report from the International Energy Agency (IEA), which says this makes renewables more appealing for countries seeking to meet growing electricity demand and decarbonise their energy system at the same time.
However, since variable renewable energy (VRE) technologies have certain unique properties, integrating them into power systems means understanding how they relate to other parts of the grid.
The report suggests integrating VRE technologies requires little extra effort, especially at the initial deployment stage.
The variability of its intermittent production is insignificant compared to fluctuations in demand, which power systems and conventional generators have been designed to deal with.
The study concludes wind and solar have reached the point where they can be built without destabilising power systems or causing ballooning cost and operational complexities.
BP predicts renewables will be the fastest growing energy source in the next two decades.