Daily Energy Report
Cost of clean energy, Haynesville rig count continuous decline, Russia and OPEC+, Saudi investment in Iraq, Norway’s wealth fund and climate targets, Uganda’s plan for oil refinery, and more
CHART OF THE DAY: Cost of Clean Energy is Rising
Summary:
According to the International Energy Agency (IEA), the cost of clean energy has been rising, as shown in Figure (1) above. The figure is an index for the costs of clean energy equipment, therefore, it shows only part of the picture. The costs of key inputs between 2021 and 2022 all increased and these included critical minerals, semiconductors, and other products, according to the IEA’s World Energy Investment 2023 (WEI 2023) report which we discussed in yesterday’s Daily Energy Report (DER).
In its report, the IEA said that solar PV modules "were around 20% more expensive in early 2022 than one year earlier, although these price pressures have eased since." The costs of wind turbines, meanwhile, and particularly for European manufacturers, were still high early this year, "at 35% above the low levels of early 2020," according to the IEA.