Efficiency of solar, wind energy to become equal to oil, gas in 2027-2035, says Novak

MOSCOW, June 30. /TASS/. Renewable energy resources are uncompetitive compared to traditional, such as gas and oil, so far, however the efficiency of solar and wind energy will become equal to them in the future, Deputy Prime Minister Alexander Novak said at Russia’s International Financial Congress on Wednesday. "Unfortunately, renewable energy sources are not competitive compared to traditional so far, though the parity will be reached in the coming decade. For example, we expect it in 2027 on solar, and after 2030, in the first half [of decade] on wind," he said. Solar and wind accounted to 60% of all generating capacities commissioned in Russia last year, Novak added. Russia plans to focus on the development of new energy sources, such as wind, solar, hydrogen and nuclear, Deputy PM said. Read more