The most fundamental changes of high levels of wind and solar relate to the timing of when electricity is cheap or expensive and the degree of regularity in those patterns. (Windpower Engineering)

The world now has more than one terawatt of wind and solar power capacity, according to new statistics released by Bloomberg New Energy Finance.

As of 30 June, the world’s wind and solar capacity reached 1,013GW – 54 percent of which is wind power and 46 percent solar.

With the rate at which renewables are growing, it should only be five years until capacity reaches two terawatts, the analysis adds.

Falling costs are also expected to mean that this second terawatt of power will cost 46 percent less than the first, BNEF said, a drop from $2.3tr to about $1.23tr in capital costs.

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