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New wind power cheaper than coal or gas in Australia

February 11, 2013
"The perception that fossil fuels are cheap and renewables are expensive is now out of date"
- Michael Liebreich, chief executive of Bloomberg New Energy Finance

Electricity supplied from a new wind farm is cheaper than that from a new gas or coal-fired power plant in Australia, reports a new analysis published by Bloomberg New Energy Finance.

According to the study, wind-generated electricity costs AU$80 ($83) per megawatt hour compared with compared to AU$143/MWh ($148) from a new coal plant or AU$116/MWh ($120) from a new baseload gas plant.

The rates including the cost of emissions under Australia's carbon pricing system, however "even without a carbon price... wind energy is 14% cheaper than new coal and 18% cheaper than new gas," reports Bloomberg New Energy Finance.

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