Energy & Science
Surging Renewable Power Prices in Europe Are Still a Bargain
- Prices for green power rose 8.7% in Q1, LevelTen Energy says
- Still, soaring gas and coal costs make renewables far cheaper
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Renewable energy prices are rising in Europe as companies turn to green energy to cut emissions and hedge against rising fossil-fuel prices, but are still a fraction of wholesale power market rates.
Prices for long-term deals to purchase wind and solar power in Europe rose 8.7% in the first quarter to 57 euros ($62) per megawatt hour, according to a report from LevelTen Energy Inc., a Seattle startup that helps companies buy power from renewables projects. Prices for the power purchase agreements, or PPAs, are up about 28% from a year earlier.