Solar Is Now 33% Cheaper Than Gas Power in US, Guggenheim Says
WASHINGTON -
Natural gas’s dominance as power-plant fuel in the US is fading fast as the cost of electricity generated by wind farms and solar projects tumbles, according to Guggenheim Securities.
Utility-scale solar is now about a third cheaper than gas-fired power, while onshore wind is about 44% less expensive, Guggenheim analysts led by Shahriar Pourreza said Monday in a note to clients.
“Solar and wind now present a deflationary opportunity for electric supply costs,” the analysts said, which “supports the case for economic deployment of renewables across the US.”
Gas prices have surged amid a global supply crunch after Russia’s invasion of Ukraine, while tax-credit extensions and sweeping US climate legislation have brought down the cost of wind and solar. Renewables-heavy utilities like NextEra Energy Inc. and Allete Inc. stand to benefit, and companies that can boost spending on wind and solar will also see faster growth, Guggenheim said.
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German steel powerhouse turns to 'green' hydrogen produced using huge wind turbines
BERLIN - A major green hydrogen facility in Germany has started operations, with those behind the project hoping it will help to decarbonize the energy-intensive steel industry in the years ahead.
The "WindH2" project involves German steel giant Salzgitter, E.ON subsidiary Avacon and Linde, a firm specializing in engineering and industrial gases.
Hydrogen can be produced in a number of ways. One method includes using electrolysis, with an electric current splitting water into oxygen and hydrogen.
If the electricity used in the process comes from a renewable source such as wind or solar then it's termed "green" or "renewable" hydrogen.
The development in Germany…
