Is Wind Power Becoming More Competitive?

The power generation of the world has increased incredibly during the past few years. According to the latest Global Wind Report Annual Market Update 2014 from the Global Wind Energy Council (GWEC), it is reported that the global wind power market increased by about 10% in 2013 alone. Within the United States, more than 200 gigawatts of wind power has been produced within 2013. All these statistical figures clearly specify that wind power is becoming more competitive.

Wind can be considered as a great alternative available for fossil fuels. This fact has led many leading nations in the world to use wind for their energy requirements. They are spending billions of dollars per year on making new wind turbines and consider them as a great investment done towards the future. The prices of turbines have also fallen dramatically in order to support this. As a result of that and the availability of wind, the amount of money required to make energy out of wind is 5.5 percent, when compared to the cost from coal.

Wind is one of the cheapest and effective power sources that you can find in the present world. It even has the potential to compete on its own, without the existence of subsides. In addition, it is an environmental friendly energy source. Using fossil fuels to cater the energy requirements cannot be considered as a long-term method since it gives life to a wide array of byproducts which are harmful to the environment. Moreover, the fossil fuels are limited and we will have to look for an alternative option in the long run. But wind is available in plenty of amounts and we can use it according to the way we want. However, you should also note that there are certain limitations in using wind due to the effect of dirty air. When considered in general, it is more competitive and effective than the other energy sources out there.

According to the experts, it costs about one million dollars for the wind turbines to make one megawatt of energy. This is extremely cheap when compared with the cost of using fossil fuels such as coal. That’s the main reason why many experts say that wind is more competitive than all the other energy sources out there. With the current world trends, the price of gas will be unaffordable by the year 2020 and there should be an alternative option to consider. At the moment, wind is the only hope to this issue. The United States, it is expected to install about 40 gigawatts of new wind turbines during this year. The cost of wind power has also been reduced by about 90% during the past two decades. All these initiatives will assist the people to save the world we live and cater the increasing energy requirements of the world in a convenient manner. 

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Based in California, Stanford Magnets has been involved in the R&D and sales of licensed Rare-earth permanent magnets, Neodymium magnets and SmCo magnets, ceramic magnets, flexible magnets and magnetic assemblies since the mid of 1980s. We supply all these types of magnets in a wide range of shapes, sizes and grades.