WInd Power Catching Up to Fossil Fuels
Posted at 1:38 p.m. on Dec. 18, 2013
As equipment costs fall, wind power is gaining traction against traditional fossil fuels as a source of power.
Bloomberg reports that since 2009, “turbine prices have fallen 26 percent worldwide, bringing wind power within 5.5 percent of the cost of electricity from coal.”
The decision by Warren Buffett’s utility company, MidAmerican Energy Holdings Co., to purchase $1 billion worth of wind turbines demonstrates how renewable energy is becoming more competitive.
MidAmerican’s CEO explained that the “growing demand for wind power will offset waning use of fossil fuels [and] provide a hedge for our customers going forward in an era of reduced coal generation.”