Not necessarily true at this point for new projects. IRENA indicates wind projects commissioned globally in 2022 had a weighted average LCOE of $33 USD/MWh. Hydropower projects over the last decade or so (2010–2021) were around $39 to $48. (2022 average was $61, but obviously recent market conditions were far from normal)

How reliable is hydropower now though? I’m living in a place which normally sees huge snow falls each year, this melting snow runs hydro, guess what ? We have about 15% of our usual base and next week it's going to be +10c average.