2.99 U.S. cents per kilowatt-hour is 15% lower than old record
Cheaper than new coal-fired electricity in the Gulf emirate
Solar power set another record-low price as renewable energy developers working in the United Arab Emirates shrugged off financial turmoil in the industry to promise projects costs that undercut even coal-fired generators.
Developers bid as little as 2.99 cents a kilowatt-hour to develop 800 megawatts of solar-power projects for the Dubai Electricity & Water Authority, the utility for the Persian Gulf emirate, announced on Sunday. That’s 15 percent lower than the previous record set in Mexico last month, according to Bloomberg New Energy Finance.
Read the complete story here: http://www.bloomberg.com/news/articles/2016-05-03/solar-developers-undercut-coal-with-another-record-set-in-dubai