Solar and wind are now the cheapest new sources of generation in all major global economies, except for Japan, excluding subsidies, according to a second half 2018 analysis by Bloomberg New Energy Finance (BNEF).

The benchmark global levelisd cost of electricity (LCOE) for onshore wind is $52/MWh, down 6% from the first half, the consultancy said, and as cheap as $27/MWh in India and Texas, the largest market in the Americas.

The main drivers for cheaper wind energy are the declining cost of turbines and the stronger US dollar.