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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 3 hours ago - Sports

Swimmer Chase Kalisz first American to win Olympics gold medal

Chase Kalisz of Team United States celebrates after winning the Men's 400m Individual Medley Final on day two of the Tokyo 2020 Olympic Games at Tokyo Aquatics Centre in Tokyo, Japan. Photo: Al Bello/Getty Images

Swimmer Chase Kalisz became on Sunday the first Team USA Olympian to win gold at the Tokyo Games.

The big picture: The Rio 2016 silver medalist's winning time in the men's 400 meters Individual Medley Final was 4 minutes 9.42 seconds. His teammate Jay Litherland took silver .86 seconds later.

California's largest wildfire razes homes as 88 huge blazes burn in U.S.

Firefighters on the scene as dozens of homes burn during the Dixie Fire in the Indian Falls neighborhood of unincorporated Plumas County, California, on July 24. Photo: Josh Edelson/AFP via Getty Images

Flames from California's biggest wildfire were engulfing homes in the state's north overnight — one of 88 large blazes raging in the U.S.

Driving the news: The Dixie Fire, which erupted July 14 near the origin of the deadly 2018 Camp Fire in Butte County, was tearing through the community of Indian Falls in the neighboring Plumas County, per AP.

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