{
  "as_of": "2026-10-23",
  "records": [
    {
      "id": "in-solar-storage-coal",
      "market": "India",
      "vector": "Bulk power",
      "challenger": "Solar with storage",
      "challenger_value": 2.86,
      "challenger_label": "\u20b92.86/kWh",
      "incumbent": "New coal plant",
      "incumbent_value": 5.838,
      "incumbent_label": "\u20b95.84/kWh",
      "unit": "\u20b9/kWh",
      "date": "2025-10-15",
      "note": "2,000 MW of solar with 1,000 MW and 4,000 MWh of batteries, auctioned by SECI in October 2025 at \u20b92.86 to \u20b92.87, against the 800 MW Anuppur coal plant awarded in Madhya Pradesh in August 2025. The solar tariff does not yet buy power at every hour.",
      "sources": [
        {
          "name": "SECI ISTS-XX auction result",
          "url": "https://www.seci.co.in/uploads/tenders/bidders/SECI_Solar_2000_MW_with_ESS_(ISTS-XX)_result_website_upload2.pdf",
          "tier": 1
        },
        {
          "name": "Adani Power letter of award from MPPMCL, NSE filing",
          "url": "https://nsearchives.nseindia.com/corporate/ADANIPOWER_30082025120330_APLLoAfromMP30082025.pdf",
          "tier": 1
        }
      ],
      "verdict": "Cheaper",
      "gap_pct": -51
    },
    {
      "id": "in-firm-re-coal",
      "market": "India",
      "vector": "Firm power, any hour",
      "challenger": "Round-the-clock renewables",
      "challenger_value": 5.25,
      "challenger_label": "\u20b95.25/kWh",
      "incumbent": "New coal plant",
      "incumbent_value": 5.838,
      "incumbent_label": "\u20b95.84/kWh",
      "unit": "\u20b9/kWh",
      "date": "2026-08-06",
      "note": "Firm and dispatchable renewables that must meet demand peaks, auctioned by SECI in August 2026 at \u20b95.25 to \u20b95.26, just under the price of new coal.",
      "sources": [
        {
          "name": "SECI FDRE-RTC-V auction result",
          "url": "https://www.seci.co.in/uploads/tenders/bidders/SECI_FDRE-RTC-V-_1000_MW_result_website_upload.pdf",
          "tier": 1
        },
        {
          "name": "Adani Power letter of award from MPPMCL, NSE filing",
          "url": "https://nsearchives.nseindia.com/corporate/ADANIPOWER_30082025120330_APLLoAfromMP30082025.pdf",
          "tier": 1
        }
      ],
      "verdict": "Cheaper",
      "gap_pct": -10
    },
    {
      "id": "in-two-wheeler",
      "market": "India",
      "vector": "Two-wheelers",
      "challenger": "Electric",
      "challenger_value": 1.48,
      "challenger_label": "\u20b91.48/km",
      "incumbent": "Petrol",
      "incumbent_value": 2.46,
      "incumbent_label": "\u20b92.46/km",
      "unit": "\u20b9/km",
      "date": "2025-06-01",
      "note": "Total cost of ownership per kilometre, national average: purchase, fuel, maintenance and finance together.",
      "sources": [
        {
          "name": "CEEW, cost of ownership for road transport, June 2025",
          "url": "https://www.ceew.in/publications/cost-of-ownership-for-road-transport-sector-for-different-vehicle-segments-fuels-and-powertrains",
          "tier": 2
        }
      ],
      "verdict": "Cheaper",
      "gap_pct": -40
    },
    {
      "id": "in-three-wheeler",
      "market": "India",
      "vector": "Three-wheelers",
      "challenger": "Electric",
      "challenger_value": 1.28,
      "challenger_label": "\u20b91.28/km",
      "incumbent": "Diesel",
      "incumbent_value": 2.69,
      "incumbent_label": "\u20b92.69/km",
      "unit": "\u20b9/km",
      "date": "2025-06-01",
      "note": "Total cost of ownership per kilometre. A CNG three-wheeler costs \u20b92.35.",
      "sources": [
        {
          "name": "CEEW, cost of ownership for road transport, June 2025",
          "url": "https://www.ceew.in/publications/cost-of-ownership-for-road-transport-sector-for-different-vehicle-segments-fuels-and-powertrains",
          "tier": 2
        }
      ],
      "verdict": "Cheaper",
      "gap_pct": -52
    },
    {
      "id": "in-car-purchase",
      "market": "India",
      "vector": "Cars, purchase price",
      "challenger": "Small battery car",
      "challenger_value": 115,
      "challenger_label": "up to +15%",
      "incumbent": "Petrol equivalent",
      "incumbent_value": 100,
      "incumbent_label": "= 100",
      "unit": "index",
      "date": "2025-05-14",
      "note": "Small electric cars cost up to 15% more to buy than their petrol equivalents, electric SUVs about 25% more. Lower running costs narrow the gap over the life of the car.",
      "sources": [
        {
          "name": "IEA Global EV Outlook 2025, electric car affordability",
          "url": "https://www.iea.org/reports/global-ev-outlook-2025/trends-in-electric-car-affordability",
          "tier": 1
        }
      ],
      "verdict": "Costlier",
      "gap_pct": 15
    },
    {
      "id": "in-green-hydrogen",
      "market": "India",
      "vector": "Hydrogen",
      "challenger": "Green hydrogen, IOCL Panipat award",
      "challenger_value": 4.66,
      "challenger_label": "\u20b9397/kg (~$4.66)",
      "incumbent": "Price most industry can pay",
      "incumbent_value": 2,
      "incumbent_label": "under $2/kg",
      "unit": "$/kg",
      "date": "2025-05-09",
      "note": "The IEA finds most industrial users cannot pay over $2/kg without support; for steel it would need to be lower still. India's lowest award is more than twice that ceiling.",
      "sources": [
        {
          "name": "National Green Hydrogen Mission, IOCL award",
          "url": "https://nghm.mnre.gov.in/admin/uploads/1125.pdf",
          "tier": 1
        },
        {
          "name": "IEA Global Hydrogen Review 2026, cost acceptability",
          "url": "https://www.iea.org/reports/global-hydrogen-review-2026/cost-acceptability",
          "tier": 1
        }
      ],
      "verdict": "Costlier",
      "gap_pct": 133
    },
    {
      "id": "w-onshore-wind-gas",
      "market": "World",
      "vector": "Bulk power",
      "challenger": "Onshore wind",
      "challenger_value": 33,
      "challenger_label": "$33/MWh",
      "incumbent": "New gas plant",
      "incumbent_value": 55,
      "incumbent_label": "$50\u201360/MWh",
      "unit": "$/MWh",
      "date": "2026-07-01",
      "note": "Global average for projects commissioned in 2025. Gas nears $100 in markets where fuel is costly. China's onshore wind is at $27.",
      "sources": [
        {
          "name": "IRENA Renewable Power Generation Costs in 2025",
          "url": "https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2026/Jul/IRENA_TEC_RPGC_2025_Executive_summary_2026.pdf",
          "tier": 1
        }
      ],
      "verdict": "Cheaper",
      "gap_pct": -40
    },
    {
      "id": "w-solar-gas",
      "market": "World",
      "vector": "Bulk power",
      "challenger": "Solar",
      "challenger_value": 44,
      "challenger_label": "$44/MWh",
      "incumbent": "New gas plant",
      "incumbent_value": 55,
      "incumbent_label": "$50\u201360/MWh",
      "unit": "$/MWh",
      "date": "2026-07-01",
      "note": "Global average for 2025, flat on 2024 as higher financing costs offset cheaper panels. India is at $35 and China at $36.",
      "sources": [
        {
          "name": "IRENA Renewable Power Generation Costs in 2025",
          "url": "https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2026/Jul/IRENA_TEC_RPGC_2025_Executive_summary_2026.pdf",
          "tier": 1
        }
      ],
      "verdict": "Cheaper",
      "gap_pct": -20
    },
    {
      "id": "w-offshore-wind-gas",
      "market": "World",
      "vector": "Bulk power",
      "challenger": "Offshore wind",
      "challenger_value": 78,
      "challenger_label": "$78/MWh",
      "incumbent": "New gas plant",
      "incumbent_value": 55,
      "incumbent_label": "$50\u201360/MWh",
      "unit": "$/MWh",
      "date": "2026-07-01",
      "note": "Global average for 2025. Offshore wind still costs more than new gas where gas is cheap, but less than gas in high-fuel-cost markets near $100.",
      "sources": [
        {
          "name": "IRENA Renewable Power Generation Costs in 2025",
          "url": "https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2026/Jul/IRENA_TEC_RPGC_2025_Executive_summary_2026.pdf",
          "tier": 1
        }
      ],
      "verdict": "Costlier",
      "gap_pct": 42
    },
    {
      "id": "w-firm-solar-china",
      "market": "World",
      "vector": "Firm power, China",
      "challenger": "Solar with storage, firm",
      "challenger_value": 100,
      "challenger_label": "under $100/MWh",
      "incumbent": "New coal plant",
      "incumbent_value": 77.5,
      "incumbent_label": "$70\u201385/MWh",
      "unit": "$/MWh",
      "date": "2026-05-01",
      "note": "Most firm solar projects in China come in below $100/MWh, against $70 to $85 for new coal and over $100 for new gas. Coal still wins there, by a narrowing margin.",
      "sources": [
        {
          "name": "IRENA, 24/7 renewables: the economics of firm solar and wind, 2026",
          "url": "https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2026/May/IRENA_TEC_24-7_renewables_2026.pdf",
          "tier": 1
        }
      ],
      "verdict": "Costlier",
      "gap_pct": 29
    },
    {
      "id": "w-firm-solar-us",
      "market": "World",
      "vector": "Firm power, United States",
      "challenger": "Solar with storage, firm",
      "challenger_value": 113,
      "challenger_label": "$113/MWh",
      "incumbent": "New gas combined cycle",
      "incumbent_value": 102,
      "incumbent_label": "$102/MWh",
      "unit": "$/MWh",
      "date": "2026-05-01",
      "note": "Firm solar costs about 11% more than new gas in the United States on average. India's firm tenders clear at about $60 to $65.",
      "sources": [
        {
          "name": "IRENA, 24/7 renewables: the economics of firm solar and wind, 2026",
          "url": "https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2026/May/IRENA_TEC_24-7_renewables_2026.pdf",
          "tier": 1
        }
      ],
      "verdict": "Costlier",
      "gap_pct": 11
    }
  ]
}