Renewable energy provides the cheapest option for Bangladesh to meet its growing electricity demand while reducing emissions.Investing in proven renewables like solar and wind is the wiser path for Bangladesh’s energy future.
Bangladesh’s heavy reliance on fossil-fuel thermal electricity flora has reduced the country ‘ s power security, whilst draining its foreign currency reserves and increasing nearby pollutants. Similarly, in addition growth of fossil-gas thermal energy flora could jeopardize the use of electricity safety and affordability. Renewables, and particularly solar, are set to be the cheapest option for Bangladesh to satisfy growing strength demand, in step with a new document posted by using studies firm BloombergNEF (BNEF).
The cost of power generation from a new solar energy plant is already aggressive with the ones of latest coal and fuel energy flowers in Bangladesh. The levelized fee of electricity (LCOE) – the financial degree utilized by developers and investors – for a brand new utility-scale sun venture in Bangladesh tiers from $97- 135/MWh today, according to BNEF evaluation, compared to $88-116/MWh for a mixed cycle gasoline turbine, or CCGT, and $one hundred ten-one hundred fifty/MWh for a coal energy plant. By using 2025, sun turns into the cheapest choice, thanks to persevered generation fee reduction. Through 2030, sun paired with batteries will even gain a cheaper LCOE than new thermal electricity flora.
Energy from onshore wind paired with batteries might also emerge as inexpensive than new thermal flora by using mid 2030s.
“Deploying renewables presents economic and environmental blessings for Bangladesh,” stated Caroline Chua, co-creator of the record. “Renewables can improve the country’s strength protection by means of lowering dependence on LNG and coal imports at the same time as also developing new activity opportunities. Our sensitivity analysis suggests that despite the fact that fossil gasoline fees decline, renewables will still be extra financial than thermal strength plants.”
No matter renewables’ fee competitiveness, Bangladesh is considering building greater thermal energy flora, on the assumption that such strength plant life can run on cleanser fuels along with hydrogen or ammonia put up by 2030. But, BNEF’s evaluation shows that retrofitting thermal strength plant life for hydrogen or ammonia will now not be more financial than constructing renewables. By the early 2030s, new utility-scale solar energy vegetation can be less expensive than even the fee of running present thermal strength vegetation. The same will occur for on-shore wind by the early 2040s.
“Building extra thermal strength flora on the idea that they can be retrofitted for easy hydrogen or ammonia inside the destiny, will saddle Bangladesh with massive financial threat,” said Isshu Kikuma, co-creator of the record. “Bangladesh is better off accelerating deployment of renewables and restricting additions of thermal power plant life.”
Shahriar A Chowdhury, Director for the Centre for energy studies at the United global university in Bangladesh said, “within the latest past, the growth and hobby of renewable strength like solar and wind have improved in Bangladesh, and have steadily become greater fee-powerful alternatives for electricity generation. In assessment, technology like hydrogen, ammonia, and carbon seize, which are highlighted in the draft included strength and power grasp Plan (IEPMP), have no similar music file till now. Therefore, validated technology like sun and wind need to be focused in any electricity or electricity area master plan of the United States, with clearly described full-size stocks in the electricity mix. It appears from the draft IEPMP that the country’s Renewable electricity capability has been disregarded or underestimated. The IEPMP should highlight the desires of the existing and predictable future, and outline the method to satisfy the power needs of Bangladesh, at the same time as now not making commitments to industries and technologies which evolve unexpectedly and unpredictably.”
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