Wind and solar are the cheapest forms of generating new electricity in most parts of the world today.
This is according to an analysis by BloombergNEF, which predicts that in five years it will be more expensive to operate an existing coal or gas plant than to build new wind or photovoltaic parks.
These findings add to a number of renewable energy surveys that show their growth in most electricity markets. Last week, the International Energy Agency announced that solar energy was beginning to claim coal scepters as the cheapest form of electricity.
However, there are limits to the potential for the spread of clean energy, as BNEF points out, estimating that they can not conquer more than 70% to 80% of the electricity market, depending on local conditions. Even in Europe, which implements some of the strictest policies to discourage the use of fossil fuels, wind and solar energy are considered unlikely to exceed 80% of supply.
The shift to renewable energy is expected to transform a number of industries, with the greatest impact likely to be on shipping.
