Electricity from wind and solar more economical than nuclear IES Listen to article
The Institute for Energy Security (IES) has revealed that generating electricity from wind and solar is cost-effective than nuclear.
The institute’s analysis of data from the U.S. Energy Information Administration (EIA) and financial advisory and asset management firm Lazard, indicates that there are potential savings by generating electricity from renewables compared to nuclear power.
According to the Institute, the said potential saving is as close to 288 percent for wind and utility-scale solar photovoltaic (PV).
The analysis based on Lazard’s Levelized Cost of Energy (LCOE) indicates that “between 2010 and 2019 reveal that new unsubsidized wind and solar power were cheaper than some already running resources like coal, nuclear, and some gas. The cost decline is rendering solar PV and wind increasingly attractive resource relative to conventional generation technologies with similar
Already, the price of fuel at some major pumps across the country is currently selling at GH¢5.00 per litre while others are still in the GH¢4.85 threshold at some other stations. Ahead of the next week’s increment, the Institute for Energy Security (IES) had projected fuel prices on the local market to increase marginally in the first pricing window of January 2021. According to the IES, for the period under review, fuel prices have appreciated locally. “
Price of petroleum products within the second Pricing-window of December 2020 saw majority of Oil Marketing Companies (OMCs) increasing prices of Gasoline and Gasoil at the pump. The current national average price of fuel per litre at the pump is pegged at GH¢4.79,” the IES earlier explained.
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The Institute for Energy Security (IES) has described as ‘wasteful and ill-advised’ government’s decision to change its energy baseload.
According to the Institute, government trying to introduce nuclear into the country’s energy mix is of concern considering that countries like Italy, Spain, and Germany among others are moving away from it due to its complication.
“The institute sees the push for nuclear power as backward, given that times have changed to favour solar and wind energies, instead of nuclear power, based on economics, safety and security risks, and investment hurdles,” IES emphasized.
In a statement, it noted that government’s argument that the nuclear plant provides regular and cheap to push the nation’s industrialization efforts is ‘flawed’ and does not reflect support current changes in the global power space.
Local Fuel Prices To Increase Further
Review Of January Second Pricing-Window
By IES Ghana Listen to article
Price of fuel on the local market remained unstable within the window under review. Price of petroleum products within the second Pricing-window of January 2021 saw majority of Oil Marketing Companies (OMCs) increasing their figures marginally. The current national average price of fuel per litre at the pump is pegged at Gh¢4.97.
For this Pricing-window, Zen Petroleum, Benab Oil, Petrosol and Frimps Oil sold the least-priced fuel on the local market according to IES Market-Scan.
World Oil Market
For the window under assessment, Brent crude price averaged about $55.75 per barrel mark representing a 5.1o% increase from the previous window s average price of $53.06 per barrel mark.
Listen to article
The Institute for Energy Security (IES) has described as ‘wasteful and ill-advised’ government’s decision to change its energy baseload.
According to the Institute, government trying to introduce nuclear into the country’s energy mix is of concern considering that countries like Italy, Spain, and Germany among others are moving away from it due to its complication.
“The institute sees the push for nuclear power as backward, given that times have changed to favour solar and wind energies, instead of nuclear power, based on economics, safety and security risks, and investment hurdles,” IES emphasized.
In a statement, it noted that government’s argument that the nuclear plant provides regular and cheap to push the nation’s industrialization efforts is ‘flawed’ and does not reflect support current changes in the global power space.