Thread by @DrSimEvans

Everyone knows renewables have made staggering cost reductions in recent yrs

Now, the UK government has finally admitted it, slashing its cost estimates for wind & solar by 30-50%

All the details of its new "levelised cost" figures in my new piece:

1/

carbonbrief.org/wind-and-solar…

It's not the 1st time UK govt has dramatically revised its estimates of wind & solar costs, having cut <30% off in 2016

This time it also made big reductions to its estimates for CCS…just in time for CCS to feature in the upcoming white paper 🤔

2/

carbonbrief.org/wind-and-solar…

Also 'interesting' to note that BEIS had updated its cost estimates in 2018 & 2019, but never published the results despite many many questions in parliament…

3/

Anyway, we are where we are – and what a place to be!

UK govt says onshore wind & solar will generate electricity in 2025 for **half** the cost of gas power.

Wow.

4/

carbonbrief.org/wind-and-solar…

After that, wind & solar will just keep on getting cheaper, the UK govt says.

And offshore wind will become cheaper than onshore by mid-2030s thanks to mega turbines and better wind.

(Gas gets more costly due to assumed rising CO2 price)

5/

carbonbrief.org/wind-and-solar…

This BEIS update also *finally* lifts lid on its work to estimate whole system costs of different technologies

Chart suggest all-in costs similar for gas CCS vs wind/solar…but when I say "lift the lid" obv few details are available (see piece)

/END

carbonbrief.org/wind-and-solar…