Renewable energy cost in India lowest in Asia Pacific region: Report
India has emerged as the market leader with the lowest renewable energy cost in Asia Pacific, according to a report by research and consultancy firm Wood Mackenzie. According to the report, India’s levelised cost of electricity (LCOE) using solar photovoltaic has fallen to USD 38 per megawatt hour (MWh) this year, 14 per cent cheaper than coal-fired power.
LCOE represents the average revenue per unit of electricity generated that would be required to recover the costs of building and operating a generating plant during an assumed financial life and duty cycle. Wood Mackenzie research director Alex Whitworth said India is the second-largest power market in Asia Pacific with installed power capacity of 421 gigawatts (GW) and solar capacity in the country is expected to reach 38 GW this year.
