Utility-scale PV cheapest power source in Asia Pacific, says WoodMac

Wood Mackenzie says the levelized cost of electricity (LCOE) in the Asia-Pacific region hit an all-time low in 2023, as utility-scale PV beat coal to become the cheapest power source. It predicts a further drop in costs for new-build solar projects, driven by falling module prices and oversupply from China. LCOE in the Asia-Pacific region significantly declined to an all-time low in 2023. According to new analysis by Wood Mackenzie, renewable energy costs were 13% cheaper than conventional coal last year and are expected to be 32% cheaper by 2030. "Utility PV solar has emerged in 2023 as the cheapest ...

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