Power generated from renewable sources is now seen as reaching cost parity with that produced using coal and gas, according to a new survey.

A poll by Lloyd’s Register found that 70% of respondents believe renewables are reaching parity with fossil fuels.

Alasdair Buchanan, Energy Director of Lloyd’s Register, said: “We are very encouraged by the findings, which highlight not only a growing optimism across the industry but a vigorous and intelligent debate about the pathways to decarbonisation.

“Clearly, there are many uncertainties about exactly how the industry will evolve, but what is inarguable is that the conversation is no longer about ‘should we?’ but ‘how should we do it?’.”

Solar and nuclear

Respondents were particularly optimistic about the potential for developments in solar cell technology.

Nuclear was also seen as playing a major role, although the outlook for small modular reactors was less clear.

Super-capacitors were expected to make the biggest contribution to energy storage by cutting the time it would take to charge batteries.

> Download the report