Wind Energy is Even Cheaper
By Dan Murphy
Shahriar Pourreza from Guggenheim investments, (https://www.guggenheiminvestments.com/) shook up the energy markets when he wrote in a recent note to clients that Solar energy is now 33% cheaper than Natural Gas and that wind power is even more affordable.
Russia’s invasion of Ukraine has drove up the price of both Natural Gas and Oil. OPEC recently voted to cut production in an effort to increase the price of oil. And recent climate legislation in Congress has resulted in even more support for renewable energy, and Pourreza, known by many as an energy market expert, sees blue skies ahead for renewables.
“Solar and wind now present a deflationary opportunity for electric supply costs,” the analysts said, which “supports the case for economic deployment of renewables across the US.”
Utility companies that have heavy renewable energy supplies, including NextEra Energy Inc. and Allete Inc., will benefit, said Guggenheim. Other utility companies will be looking to increase spending on wind and solar as soon as possible.
Pourreza estimated that solar energy costs right now-Oct. 2022-are 33% less than Nat Gas or Oil, and Wind energy is 44% cheaper.
Earlier this year, many Westchester communities were given the choice of opting-in to the Westchester Power Program, a clean energy, community choice aggregation program that offer bulk fixed-rate renewable electricity to its member municipalities. Homeowners could opt-out back to Con Ed or NYSEG at any time. By leveraging the collective buying power of over 115,000+ customers to lock in fixed rates, the green energy rates have been lower and residents in the program locked in a rate months ago.
Elon Musk claims that Tesla has sold 343, 000 electric vehicles this year. That’s a lot of electricity needed-where can I get some solar or wind power?
