USA -- More than half of the production of coal in the US has become more expensive than that of solar or wind energy. When it comes to providing US households with their much needed electric energy, coal-powered power plants are now more expensive to maintain compared to its close competitors -- wind and solar power sources.
"Even with the shift on policies concerning energy production and consumption, the coal industry may likely to lose its grip sooner than in expected," said Mike O'Boyle. He is the co-author of the report published on Energy Innovation. It is a renewable analysis firm. "Our studies show that it is possible for us to move faster and have coal-powered power plants closed and be replaced with solar or wind power plants. The fact that coal can now be replaced with more alternative sources of energy only reveals that people can live without it."
The study used secondary data collected from public filings of finances as well as data from the Energy Information Agency (EIA). Their goal was to find out how much it would cost to work out a coal fire powered plant compared to the solutions provided by solar and wind power plants within the 35-mile determined radius.
The results show that the US coal capacity has reached 211 gigawatts and it is all harvested from 74% of the coal fleet. However, the results show that the cost of such consumption is much higher than what everyone in the industry expects. In fact, it has resulted in the fact that wind and solar energy resources may be relatively cheaper than those of coal. So why should people continue using coal when it is more expensive and bring in more devastation to the planet?
By 2025, scientists predict that the US system will be free from all types of coal-fired power plants. The cost of keeping the energy needed by the country can become much cheaper when the government opts to use wind and solar energy. Even when the cost of building wind turbines and solar panels are included in the overall costs. Still, it remains to be cheaper.
'We have seen that the country is not about to make a crossover," O'Boyle said. "There is a huge potential for such industries to prosper. They could really replace coal and do that without costing too much."
Coal-fired power plants have suffered a lot due to the increase in their maintenance costs. The extra requirements they need to submit include the installation of pollution devices to keep them down. Meanwhile, the cost of solar and wind energy only requires the installation of their panels and turbines. They are both abundant and they both come cheap.
"Coal is definitely on its way out," Curtis Morgan said. He is the chief of Vistra Energy, a major player in the coal industry in Texas. "More plants are being retired each year. Renewable energy is taking on the wheel and it is going places to help save mother earth.
