Most new wind and solar projects will be cheaper than coal, report finds

Almost two-thirds of renewable energy schemes built globally last year expected to undercut coal costs

Almost two-thirds of wind and solar projects built globally last year will be able to generate cheaper electricity than even the world's cheapest new coal plants, according to a report from the International Renewable Energy Agency (Irena).

The agency found that the falling cost of new windfarms and solar panels meant 62% of new renewable energy projects could undercut the cost of up to 800 gigawatts (GW) worth of coal plants, or almost enough to supply the UK's electricity needs 10 times over.