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  "documentTitle": "Engine No. 1 | Activist Presentation Deck | 83 slides",
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  "presentationDate": "2021-05-01 00:00:00",
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  "notes": "The slide uses a quote from Bloomberg's New Energy Outlook 2020 to frame the data.",
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      "kind": "callout",
      "text": "Solar PV and Wind both become cheaper than Gas for the first time in 2016, and remain cheaper",
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      "text": "Levelized Cost of Energy Comparison",
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      "text": "Significant and sustained improvements in the cost of renewable energy production have been consistently underestimated by industry participants, and the cost of both Solar PV and wind energy have rapidly become on par with natural gas-powered generation",
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      "text": "Looking at where the industry is going, versus a snapshot of where it is today, underscores the long-term risk to oil and gas companies",
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      "text": "The [Energy] transition is driven by cheap renewable-energy technologies. Today, either wind or PV are the cheapest new sources of electricity in countries making up around 73% of world GDP. And as costs continue to fall, we expect new-build wind and PV to get cheaper than running existing fossil-fuel power plants. In China, unsubsidized renewables undercut coal in 2023-24, and in the U.S. they undercut natural gas in 2024-25.",
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      "text": "Quote Source: Bloomberg's New Energy Outlook 2020. Text source: IEA Renewables 2020. Chart source: Lazard LCOE Analysis version 14.0.",
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      "text": "Impact of Falling Costs for Renewables",
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