Global Renewable Power Prices Soar On Heavy Demand, Chaotic Supply Chain

• Prices for wind and solar power in major global markets have climbed nearly 30% in a year as developers have struggled with chaotic supply chains and surging costs for everything from shipping parts to labour, according to a report published on Wednesday. 
• Contract prices for renewables jumped 28.5% in North America and 27.5% in Europe in the last year, according to a quarterly index by LevelTen Energy that tracks the deals, known in the industry as power purchase agreements (PPAs). LevelTen noted that in the first quarter alone, prices rose 9.7% in North America and 8.6% in Europe. 
• Economic, logistical and labour market disruptions during the coronavirus pandemic have worsened since the Russian invasion of Ukraine, reversing a decade of cost declines for the renewable energy sector. 
• There is a risk higher costs could slow demand growth at a time when the United Nations has called for clean energy to expand more rapidly to avoid the worst effects of a warming climate.

(Source: Reuters)