Wind edging close to coal

The cost of onshore wind power has dropped to record lows, and in some regions is competitive with electricity generated by coal-fired plants, according to a survey by Bloomberg New Energy Finance. In some regions of Brazil, Mexico, Sweden, and the United States, the cost of electricity generated by wind farms is on par with coal-fired power, the report said.

Bloomberg said it based its analysis on a review of wind turbine contracts provided by 28 turbine buyers in 28 markets across the world. Those contacts represent nearly 7,000 megawatts' worth of turbines.

For the past few years, wind turbine costs went up due to rising demand around the world and the increasing price of steel. Wind manufacturers were reducing their costs, and now we have cheap wind energy thanks to overcapacity in the supply chain.