Solar to reach ‘unassailable position’ as cheapest electricity source, says DNV

Solar’s levelized cost of electricity will reach $30/MWh in 2050, as global capacity surges, said DNV.

DNV, a global risk management firm, has offered its annual outlook on the global energy transition. It placed solar in the spotlight as the frontrunner in renewable energy supply.

“In 2050, solar PV will be in unassailable position as the cheapest source of new electricity globally,” said DNV. 

As the world transitions toward carbon emissions-free electricity generation, DNV expects the share in the generation mix for coal to decrease 4% and gas to fall by 8% by mid-century. As the global fossil fuel industry becomes a metaphorical fossil itself, DNV expects the world energy mix to be 70% reliant on variable renewable sources like solar and wind power. Fossil fuels will represent just over 10% of the energy mix by that time.

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Source: PV Magazine

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