Only partly. It is true that the use of competitive auctions has accelerated cost reductions for some renewable technologies, notably solar PV, onshore wind and offshore wind, establishing price benchmarks that are recognised worldwide. However, these prices cannot be consistently followed, as each country and technology has different resource potentials, financing conditions and auction designs.
That said, overall trends show that recent bid prices for onshore wind and solar PV technologies for projects to be commissioned by 2023 range from USD 20 per megawatt hour (MWh) to USD 50/MWh. This corresponds to a 45-50% reduction in contract price for both technologies from 2017 to 2022/23; for offshore wind, the decline is almost two-thirds.