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Costs for new build wind and solar have jumped, but nothing like those of fossil fuels

Global increases in the cost of materials, freight, fuels and labor have set prices for new-build wind and solar back to where they were in 2019, according to a new report from Bloomberg NEF – but the setback for renewables is temporary, while for fossil fuels the cost gap continues to widen.
The Bloomberg NEF report, published on Thursday, says estimates for the global levelised cost of electricity (LCOE) for utility-scale PV and onshore wind rose to $US45 and $US46 per megawatt-hour (MWh), respectively, in the first half of 2022.

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