Despite inflation, renewables reduce fuel costs of electricity sector

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Global power sector saved fuel costs of USD 520 billion last year thanks to renewables, says new IRENA report

The fossil fuel price crisis has accelerated the competitiveness of renewable power. Around 86 per cent (187 gigawatts) of all the newly commissioned renewable capacity in 2022 had lower costs than fossil fuel-fired electricity. Renewable Power Generation Costs in 2022, published by the International Renewable Energy Agency (IRENA) today shows that the renewable power added in 2022 reduced the fuel bill of the electricity sector worldwide. New capacity added since 2000 reduced the electricity sector fuel bill in 2022 by at least USD 520... ... More: Official Press Release IRENA

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IRENA, renewable energy, global, fossil fuels, report, competitiveness, costs, inflation, power sector, fuel, capacity