US energy group Xcel Energy has reported a 35% cut in its CO2 emissions over the 2005-2017 period and plans to reach a 60% reduction by 2030. The company aims to make its energy mix 60% carbon-free in 2022 and has approved plans to retire more than 40% of its coal-fired power capacity, that will be replaced by a combination of wind and solar power, using natural gas only as backup. The share of gas in its power mix will be cut from 23% in 2017 to 12% in 2022 and that of coal from 37% to 27%, to the advantage of wind (from 21% to 40%).
A similar trend is followed by the US energy groups Dominion Energy and Vistra Energy Corporation, which have decided not to invest in any new CCGT power plants and will shift to renewable energies such as solar and wind energy. The main driver behind this decision is the decreasing cost of solar and wind and the bearish view of fossil-fired electricity.
Searching for proven generation costs?
Then CAPEX & LCOE is the database you need. The module provides exclusive insights on both Capital Expenditure and Levelised Cost of Electricity.
Make informed decisions in terms of which technologies to invest in and where. In just a few clicks, access unique, premium data on both thermal and renewable power generation costs by technology and by country. Put our detailed, reliable information to use and benchmark your project.