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Wind power prices starting at $50/MWh will become the norm in new markets such as Mexico and Argentina, while Brazil is expected to continue to lead the Latin American sector despite the current economic and political crisis in the country, says Steve Sawyer, secretary general of the Global Wind Energy Council (GWEC).
“Brazil makes us nervous, but we have a positive outlook because of its need to replace hydro electric power that it has relied on for so long,” said Sawyer during a webcast commenting on the body's Market Forecast 2016-2020.
Latin America excluding Mexico, which had accumulated 12GW, or 3%, of the total world wind capacity at the end of 2015, should reach 43.7GW by 2020, equivalent to a 4GW to 8GW annual growth led by Brazil and helped by Argentina if it really opens up.
Brazil will lead the region as it has already contracted over 10GW through 2019 and should continue to hold auctions contracting an average of 2GW a year, becoming the most mature market in the region.
