Open bidding bringing down cost of generating renewable energy

YB Yeo Bee Yin giving her opening speech at the 5-in-1 Power and Energy Series. - The Star

PETALING JAYA: The cost of generating electricity is poised to drop with newer renewable energy (RE) projects because of improvements in technology and the adoption of open bidding for power projects, says Energy, Technology, Science, Climate Change and Environment Minister Yeo Bee Yin.

“We see that for the first time in history, solar power is lower in price than gas power per kilowatt hour (kWh). For the large-scale solar three (LSS3) bidding, which has just been completed, the first four projects which the Energy Commission (EC) had ranked saw bids at prices that were lower than the present gas-generation cost, which is 23.22 sen, ” Yeo said.