Perhaps not in your part of the world, but according to the latest report from Bloomberg New Energy Finance, in many parts of the world onshore wind power is now completely cost-competitive with coal. In good news for those of us who want a clean and renewable energy future, that means that soon wind energy may be more cost-attractive than coal energy as coal reserves continue to dwindle and the rarity of the commodity increases prices.

What’s contributed to this? Well, firstly, over the past several years, the demand for wind turbines has increased. As a result, manufacturers have been able to lower their prices on wind turbines and turbine parts and continue to make money because of the increased quantity being sold. As a result, the overall price of wind power has fallen, and all indications are that it will continue to remain and gain competitive standing with fossil fuel power, according to a report summary by Grist.

How much have prices for wind energy dropped? According to the Bloomberg study, last year the cost per megawatt for turbines was $1.33 million. That may sound like a lot of money, but it’s actually seventeen percent less than it was in 2007, just three years prior.

In certain regions of Brazil, Mexico, Sweden and even the United States, wind power now costs $68/MWh. Coal power in those same regions is $67/MWh, so the differential is shrinking quickly. Unfortunately, in those same regions, natural gas still remains the most economical choice at just $56/MWh, so look forward to more fracking debate in the near future.

The study was based on analysis and review of wind turbine contracts provided by twenty-eight turbine buyers in twenty-eight markets across the world, representing nearly 7,000 megawatts’ worth of turbines. That’s a lot of wind power.

Source: http://www.tinygreenbubble.com/green-energy/item/1589-bloomberg-reports-wind-energy-now-cost-competitive-with-coal