Wind Energy is one of the great sources of electricity in this current era and is highly rational with zero utility executives. Currently, Wind Power is in highly competitive position and offering coming with a great reasonable price than other energy resources.
Latest innovative technology by the engineers have made it possible to build onshore wind-farms half the price of new other gas power stations in the UK; such as the nuclear plant of Hinkley Point C, says a leading engineer.
The modern technology has made thing possible beyond that now developers are able to build power turbine at a guaranteed remarkably low price that may possibly make it subsidy-free for energy bills of the households.
A research report says that the advances in technology would be able to deliver wind power energy at almost around £50-55 per MWh for the coming 15 years. But with these facts comes various challenges that the Government may have to face.
Research also says that the increasing advancement in the sphere of the technology will keep minimizing the building costs of the Wind Energy. In various regions of America, wind energy is already a substantial resource. Since wind energy is now a renewable resource with no fuel cost the price keeps falling. With this low marginal cost of generating wind power, the average clearing prices in many areas in an hour are below $30 per megawatt/ hour. According to LBNL (Lawrence Berkeley National Labs report, long-term projects now hover around a price of almost $20.
Logical viewers say that if one wants to control the input cost in building energy and make it reachable to the customers across the country of UK at a great competitive price, why wouldn’t one do that if they want to make a good business? But at the same time, it is also coming with many challenges.
It will vary as per regions where the environment may not complement well the technique and that may make the cost price to fluctuate following other issues simultaneously. Thus, Wind-farms need to make a fixed price for their contracts for securing the finance within the country. It may bring various critical challenges to the grid for today and tomorrow as said by the major grid operators of ERCOT, NYISO, MISO, and ISO-NE.
Therefore, one has to understand the economy well and make clear development that will be beneficial in both ways without creating any issue. The companies with highly efficiency power may sustain further but there should be an equal solution to everything.