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Solar Power Cost to Equal Fossil Fuel Expense, BP Says

The cost of generating power by capturing the sun’s energy will fall about 10 percent a year in the next decade until it equals the expense of producing electricity by burning fossil fuels, a BP Plc official said.

As conventional fuel prices rise and solar power falls, generation costs may reach parity in as little as five years for some fossil energy sources, Vahid Fotuhi, Middle East director of BP Solar, said at a conference in Abu Dhabi yesterday. Solar power costs about 20 cents a kilowatt-hour now, he said.