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Photo: Sean Gallup/Getty Images

The cost of building and operating renewable electricity plants has dropped below the expense of keeping coal-fired plants running under some circumstances, according to a new analysis.

Why it matters: The financial advisory firm Lazard's report is another data point showing that wind and solar are increasingly competitive with traditional power sources without tax subsidies, which widen the edge but expire in coming years.

  • As the Financial Times' Ed Crooks points out, "The calculations suggest that closures of coal-fired plants are likely to continue, eroding US demand for coal and jeopardising [President] Trump’s ambition to 'put our coal miners back to work.'"

Where it stands: The latest data on falling renewables costs released yesterday solidifies what started becoming apparent in last year's data from the firm.

  • In their latest report, they find the average so-called levelized cost of energy of utility-scale solar voltaic projects fell another 13% and the costs for onshore wind dropped another 7%.
  • The low end of the unsubsidized costs for onshore wind are now $29 per megawatt hour, while "the levelized cost of utility-scale solar is nearly identical to the illustrative marginal cost of coal, at $36/MWh," a summary notes.

Details: The levelized cost is basically an all-in comparison of the costs of building, running, supplying and maintaining different types of facilities over time.

But, but, but: Lazard cautions that the analysis does not include certain costs, such as transmission and grid integration for new projects. Nonetheless, Lazard's George Bilicic, who leads the firm's power, energy and infrastructure group, said in a statement:

"Although diversified energy resources are still required for a modern grid, we have reached an inflection point where, in some cases, it is more cost effective to build and operate new alternative energy projects than to maintain existing conventional generation plants.”

Go deeper

GOP Rep. Gonzalez retires in face of Trump-backed primary

Ohio Rep. Anthony Gonzalez (R) Photographer: Stefani Reynolds/Bloomberg via Getty Images

Ohio Rep. Anthony Gonzalez (R) announced his retirement on Thursday, declining to run against a Trump-backed primary challenger in 2022.

Why it matters: Gonzalez has suffered politically since siding with House Democrats to impeach the 45th president after the Capitol riot.

Swing voters oppose Texas abortion law

Protesters at a rally at the Texas State Capitol. Photo: Jordan Vonderhaar/Getty Images

All 10 swing voters in Axios’ latest focus groups — including those who described themselves as "pro-life" — said they oppose Texas' new anti-abortion law.

Why it matters: If their responses reflect larger patterns in U.S. society, this could hurt Republicans with women and independents in next year's midterm elections. The swing voters cited overreach, invasion of privacy and concerns about frivolous lawsuits jamming up the courts.

2 hours ago - Politics & Policy

Scoop: Biden bombs with Manchin

Then-Vice President Joe Biden conducts a ceremonial swearing-in for Sen. Joe Manchin in 2010. Photo: Tom Williams/Roll Call

President Biden failed to persuade Sen. Joe Manchin (D-W.Va.) to agree to spending $3.5 trillion on the Democrats' budget reconciliation package during their Oval Office meeting on Wednesday, people familiar with the matter tell Axios.

Why it matters: Defying a president from his own party — face-to-face — is the strongest indication yet Manchin is serious about cutting specific programs and limiting the price tag of any potential bill to $1.5 trillion. His insistence could blow up the deal for progressives and others.