Renewables Continue to Break Records Despite COVID-19 Impacts
Even as the global economy has been locked down by the COVID-19 pandemic, May 2020 saw the renewable energy and storage sectors continue to achieve new record-breaking milestones. Stranded asset risks for the coal-fired power sector continue to grow as a result, sending global capital fleeing for the exits. A global record-low solar tariff of just US$13.50 per megawatt hour (MWh) was awarded in Abu Dhabi. This was 13% below the previous record low set in January 2020 in Qatarat US$15.60/MWh. The New Mexico Public Regulation Commission (NMPRC) approveda 100MW of solar generation and 50MW of dispatchable battery storage for about US$30/MWh. California awarded seven projects totalling 770MW of battery storage. The European Union announced a record green recovery stimulus in May 2020, including €91bna year for home energy efficiency and green heating, €25bn of renewable energy, €20bn for clean cars over two years, plus €60bn for zero-emissions trains. Corporate and financial sector momentum for decarbonisation is building globally.