US Report Highlights Renewables As Cheaper Than Gas

A report released by Lazard in the US this week highlights that renewable sources of energy, namely wind and solar, are the cheapest and quickest way to generate power for the nation. In comparison, the cost to build new gas-fired power plants is the highest it has been for 10 years. Furthermore, the report highlighted that renewables remained the cheapest and most efficient option, even without the need for government subsidies.

Lazard, a global financial services firm, released its annual Levelized Cost of Energy+ report amidst record increases in power requirements across the US. These increases have been driven by new data centres and the electrification of various sectors, such as transport.

However, under the current administration, there are growing backlogs on renewable energy projects. Despite the cost per megawatt hour being significantly higher to build gas-powered plants instead of solar or wind plants, the government continues to favour fossil fuel options to meet the increased demand.

Lazard’s report highlights the importance of prioritising renewable energy projects across the United States. Not only will focusing on fossil fuels contribute to increased global warming, but it will also cost the nation more in the long run to build expensive gas plants.

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Source:
https://www.reuters.com/sustainability/climate-energy/renewable-energy-remains-cheapest-power-builds-new-gas-plants-get-pricier-2025-06-16/