A solar project in the United Arab Emirates set a record-low global price that undercuts the country’s coal-fired generators by a wide margin. Developers of the 800-megawatt Mohammed bin Rashid Al-Maktoum solar park submitted a low bid of 2.99 cents per kilowatt-hour to build and operate the project, 15 percent lower than the previous benchmark set in Mexico last month. According to Bloomberg New Energy Finance, the record-low for solar power pricing has plunged almost 50 percent in the past year since Saudi Arabia’s Acwa Power International set a record of 5.85 cents per kilowatt-hour in January 2015. The 2.99 cents bid is a third lower than the 4.5 cents per kilowatt-hour cost of electricity that will be generated by a coal plant commissioned by Dubai in October.
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