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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Illustration: Sarah Grillo/Axios

The downward march of solar and onshore wind power costs mean they're now the cheapest source of new power development for at least two-thirds of the global population, the research firm BloombergNEF said in a new analysis.

Why it matters: The annual survey of all-in costs for power projects underscores why analysts see the coronavirus pandemic slowing growth but not altering the fundamental trajectory of the technologies.

What they found: The levelized cost of electricity for utility-scale solar and onshore wind projects has fallen another 4% and 9% since just the second-half of 2019.

  • Wind has seen the steepest decline since 2015, they note. "This is mainly due to a scale-up in turbine size, now averaging 4.1 megawatts, and priced at about $0.7 million per megawatt for recently financed projects," they said.

What they did: The analysis measures the all-in costs of creating power, which means "development, construction and equipment, financing, feedstock, operation and maintenance."

But, but, but: The growing cost-competitiveness and often outright advantage that is driving growth in the sectors doesn't mean there aren't big problems due to coronavirus.

  • Multiple analysts have cut their forecasts for 2020 additions of new generating capacity.
  • The pandemic is disrupting supply chains and some project financing, and developers fear missing out on deadlines to use incentives.
  • The Financial Times reports today that in the wind sector, supply chain woes are "putting as much as 30 gigawatts of new capacity at risk in the US, China and Europe this year alone."

The intrigue: BloombergNEF notes that competing fuels are also seeing cost declines.

  • "Coal and gas prices have weakened on world markets. If sustained, this could help shield fossil fuel generation for a while from the cost onslaught from renewables," chief economist Seb Henbest said.

What we're watching: Whether calls from the UN, International Energy Agency, EU officials and others for boosting clean energy via economic rescue packages come to fruition.

Go deeper

Dion Rabouin, author of Markets
Aug 4, 2020 - Economy & Business

Construction spending falls for 4th straight month

Construction in New York. Photo: John Lamparski/SOPA Images/LightRocket via Getty Images

Outlays for construction projects fell 0.7% in June, the fourth straight month spending outlays have fallen, according to the Commerce Department.

By the numbers: Residential construction fell 1.5%, while spending on public construction projects dropped 0.7%.

Updated 1 hour ago - World

Skripal poisoning suspects linked to Czech blast, as country expels 18 Russians

Combined images released by British police in 2018 of Alexander Petrov (L) and Ruslan Boshirov, who are suspected of carrying out an attack in the in the southern English city of Salisbury using Novichok, a military-grade nerve agent, and also the2014 Czech depot explosion. Photo: Metropolitan Police via Getty Images

Czech police on Saturday connected two Russian men suspected of carrying out a poisoning attack in Salisbury, England, with a deadly ammunition depot explosion southeast of the capital, Prague, per Reuters.

Driving the news: Czech officials announced Saturday they're expelling 18 Russian diplomats they accuse of being involved in the blast in Vrbětice, AP notes. Czech police said later they're searching for two men carrying several passports — including two named Alexander Petrov and Ruslan Boshirov.

Indianapolis mass shooting suspect legally bought 2 guns, police say

Marion County Forensic Services vehicles are parked at the site of a mass shooting at a FedEx facility in Indianapolis, Indiana, on Friday. Photo: Jeff Dean/AFP via Getty Images

The suspected gunman in this week's mass shooting at a FedEx facility in Indianapolis legally purchased two assault rifles believed to have been used in the attack, police said late Saturday.

Of note: The Indianapolis Metropolitan Police Department's statement that Brandon Scott Hole, 19, bought the rifles last July and September comes a day after the FBI told news outlets that a "shotgun was seized" from the suspect in March 2020 after his mother raised concerns about his mental health.

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