The cost of wind power has plunged in India’s first auction for new contracts to deploy the technology. According to the organizers of the government auction, bids to supply wind power came in at the equivalent of 5 cents (3.46 rupees) per kilowatt-hour, besting previous tariffs of 4 rupees to 5 rupees per kWh. The auction was for contracts to develop 1 gigawatt of wind capacity in India. It drew 14 developers who cumulatively submitted bids for about 2.7 gigawatts, the agency said in a statement. The auction is expected to help Prime Minister Narendra Modi’s government meet pledges to install 175 gigawatts of renewable capacity by 2022.
– via Bloomberg