Renewable power generation technologies are now cost competitive with fossil fuels: Lloyd’s Register

Renewable power generation technologies are now cost competitive with fossil fuels: Lloyd’s Register

Renewable power generation technologies are now cost competitive with fossil fuels and innovation is gathering pace across the sector, a report by Lloyd’s Register said in a statement.

The drive towards sustainability has never been more urgent – and technology will continue to play a crucial role said Lloyd’s in a research report.

The research sought insights and opinions of leaders across the sector, as well as the views of almost 600 professionals and experts around the world – from utilities and distributors through to operators and equipment manufacturers.

Key findings include low carbon generation technologies are cost competitive. 70% of renewables respondents said that renewables are now reaching cost parity with fossil fuels.

Solar cell technology is likely to have a major impact soon. Renewables respondents are most optimistic about the potential of advances in solar cell technology – and the likelihood of adoption, the report said. Read more

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