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It’s not even quite that - the article suggested they raised the commercial equivalent of the 12% through competitive auction. These allow the bidders a set price over 20 years.
So it’s cheaper than buying in fossil fuels, the suppliers get certainty, and they achieve close to complete decarbonisation using private investment.
How good is that?
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Additional sources:
International Trade Administration: https://www.trade.gov/country-commercial-guides/uruguay-renewable-energy-equipment
DW: https://www.dw.com/en/uruguay-leads-green-energy-charge-in-latin-america/a-59492982
NPR: https://www.tspr.org/2023-11-10/uruguay-is-a-renewable-energy-utopia-how-did-it-get-there
