The advantage of renewables over crude oil and natural gas will be “unprecedented” in 2022 as costs may be higher but far below gains seen in prices of fossil fuels, the International Renewable Energy Agency said in a July 13 report. Renewables received a boost last year as the levelized cost of electricity from solar PV fell 13% from 2020, onshore wind fell 15% and offshore wind fell 13%, IRENA said in the report. Almost two-thirds of newly installed renewable power last year was lower cost than the world’s cheapest coal-fired options in the G20, “confirming the critical role of cost-competitive renewables in addressing today’s energy crises,” IRENA Director General Francesco La Camera said in the report. “With the unprecedented surge in European fossil gas prices, new fossil gas generation in Europe will increasingly become uneconomic over its lifetime, bringing the high risk of stranded assets,” he added. That […]