Renewable energy more competitive than coal says ACWA Power

Paddy Padmanathan, President and CEO of ACWA Power talks about the price of coal vs renewable energy.

He says, “What we have seen, particularly in the last 3 to 4 years, is a very rapid shift. This is backed by more reliable data from agencies like the International Energy Agency. Renewables are being used preferentially over fossil fuel based energy. There are 2 very good reasons for this. First, and most obvious, is that renewable energy costs have decreased. Efficiency has increased and cost of construction has decreased and technology choices have become better. The second important reason is that renewable energy gives us the opportunity to fix energy costs for the medium to long term.”