Jan. 27 (Bloomberg) -- Renewable energy companies are approaching the point where they can generate electricity at a price competitive with fossil-fuels without subsidies, the biggest wind and solar manufacturers said.

Suntech Power Holdings Co. Chief Executive Officer Zhengrong Shi said solar will reach parity with fossil fuels on electric grids by 2015. Vestas Wind systems A/S expects its turbines to compete without incentives “in the coming years,” said Peter Brun, head of governmental relations.

The Ministry of Economic Development today released its latest instalment of the New Zealand Energy Outlook. New Zealand’s Energy Outlook 2011 presents long-term forecasts of energy supply, demand, prices and energy sector greenhouse gas emissions.

The latest Outlook provides an updated ‘Reference Scenario’ that models future energy use if business as usual continues in terms of broad economic drivers, current energy policy, and technology and fuel choices.

There is also an updated ‘Sensitivity Analysis’ that explores the sensitivity of the ‘Reference Scenario’ to changes in economic growth, oil price, carbon price and exchange rates.