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Research: A New Manhattan Project

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- 1924 days ago -
A new study by the research firm Bloomberg New Energy Finance has found that unsubsidized renewable energy is now cheaper than fossil fuels like coal and gas. In fact, it's a lot cheaper.

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JL A (281)
Thursday February 14, 2013, 10:34 am
A New Manhattan Project

By Thom Hartmann
Truth Out, February 9, 2013
Straight to the Source

For related articles and more information, please visit OCA's Organic Transitions page.

Something interesting is happening in Australia.

A new study by the research firm Bloomberg New Energy Finance has found that unsubsidized renewable energy is now cheaper than fossil fuels like coal and gas.

In fact, it's a lot cheaper.

Data shows that wind farms in Australia can produce energy at AU$80/MWh. Meanwhile, coal plants are producing energy at AU$143/MWh and gas at AU$116/MWh.

Unlike the United States, where energy companies can pollute and have the costs (from illness to environmental degradation) picked up by the taxpayers, Australia has a carbon tax, which partially explains why renewables have a price advantage. But the data shows that even without the cost of carbon tax factored in; wind energy is still 14-cents cheaper than coal and 18-cents cheaper than gas.

And this is in a nation that relies more heavily on coal than any other industrialized nation in the world. But that coal reliance will soon change, as companies in Australia are quickly adopting new, cheaper renewable energies. As the study found, banks and lending institutions in Australia are now less and less likely to finance new coal plants, because they've simply become a bad investment.

And, while Australian wind is cheapest now, by 2020 - and maybe sooner - solar power will also be cheaper than coal and gas in Australia. The energy game is rapidly changing in that country.

Michael Liebrich, the chief executive of Bloomberg New Energy Finance, noted, "The perception that fossil fuels are cheap and renewables are expensive is now out of date."

Well, here's a news flash: That perception has been out of date for a while now - even right here in the United States.

According to the Energy Information Administration, looking ahead to 2016, natural gas is the cheapest energy in the United States at roughly $66/MWh. Coal comes in second at $94/MWh. But right behind coal is renewable wind at $97/MWh, which in large part accounts for why U.S. wind energy production has tripled since 2000.

>>> Read the Full Article

Terry V (30)
Thursday February 14, 2013, 6:01 pm

Pollution is a Global Killer

John B (185)
Thursday February 14, 2013, 6:10 pm
Thanks J.L. for the excellent post. Great news and Kudos to Australia. I find it very frustrating the we just can't get our government on the ball. We need a very aggressive push for renewable energy, now not later. Read and noted.

Karen H (6)
Thursday February 14, 2013, 7:28 pm
No reason USA couldn't begin these pratices, except for the money the gas & oil companies would make. So we all know that can't happen. We have politicians who care more for greed than the good of all.

JL A (281)
Thursday February 14, 2013, 9:30 pm
Thanks for the links to the short topical videos Terry! You are welcome John and I agree and share your frustration. Karen, I think you explain the history well we shall see if the future will change somewhat here soon.
You cannot currently send a star to Terry because you have done so within the last week.
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Hartson Doak (39)
Friday February 15, 2013, 9:55 am
That was quick. Even with the obstructionist attempts by the power industry, this is the time where the right idea was met with the willing acceptance of the people.
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