Chile has just contracted for the cheapest unsubsidized power plant in the world, Bloomberg New Energy Finance (BNEF) reports. In last week’s energy auction, Chile accepted a bid from Spanish developer Solarpack Corp. Tecnologica for 120 megawatts of solar at the stunning price of $29.10 per MWh (2.91 cents per kilowatt-hour or kWh). This beats the 2.99 cents/kWh bid Dubai received recently for 800 Megawatts. For context, average residential price for electricity in the United States is 12 cents per kilowatt-hour.
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