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This assumption is easily implemented in a real-dollar LCOE calculation, as follows (see the subsection Levelized Cost of Energy in Section 4): However, the use of this simple formula for the calculation of the nominal LCOE (when FCR is calculated with a nominal discount rate) would implicitly assume that O&M costs do not increase with inflation and are unchanging in current dollars. Capacity and Energy Value Up to this point, economic analyses of energy systems have been discussed as if the value of such systems couldbecapturedthroughasingleeconomicmeasure,suchasLCOEornetpresentvalue(NPV). For thesemeasures,theusualassumptionisthatoneunitofenergyisjustlikeanyother. However,energy hasmorevalueifitcanbemadeavailablewheneveritisneededbytheconsumer. Similarly,reductions in energy use are more valuable if they occur at the time of peak con~umption?T~hus, energy delivered atthetimeofpeakuseismorevaluablethanthatdeliveredatanyothertime. Theamountofenergythat can be delivered reliably by a system at the time of peak demand is a measure of the capacity value of the system, whereas the amount of energy delivered over the course of a year, independentof coincidence with peak demand, is a measure of the energy value of the system. When comparing two systems having varying energy output or consumption, it is important to recognize any such differences and to alter the comparison sufficiently to ensure that the two systems are effectively supplying the same service. For some systems, such as the heat pump example presented in the Backup and Hybrid Systems subsection in this section, it is sufficient to include a backup system. For the utility sector, one similar approach has been to pair an intermittent renewable technology like a windmill with a peaking unit such as a combustion turbine to make an economic comparison with a conventional generating system that has a much greater availability than the wind mill alone. In this case, if the windmillkombustion turbine system is the more economic alternative, the analysis is complete, and the windmill/turbineisthepreferredalternative, However,if,asisoftenthecase,theconventionalunitalone appears to be the more cost-effective alternative, one must be carefid in drawing conclusions from the comparison for two reasons: 1. Theavailabilityofwindishighlyrandombutinmanylocationsshowssometime-of-daypatterns(this isespeciallytrueforsomeoftheexistingCaliforniawindfarms). Thus,atruetestofthecapacityand energy value of intermittent renewable energy technologies (Le., wind and PV), as well as of many DSM technologies, must take into account the time of day of the power demands and the resource availability. 2. The pairing of the windmill with the combustion turbine is suboptimal. Given that a utility grid is operated not as individual units but as a system, the value and economic competitiveness of the windmill can really be accurately estimated only within the context of the utility system as a whole. 29The concept of energy and capacity values applies to energy consuming as well as energy supply technologies. LCOE = IxFCR +-O&M Q "'Q (5- 2) where O&M is the annual O&M cost, including energy cost, Q is annual output, FCR is the fixed charge rate, and I is the initial investment. 77PDF Image | A Manual for the Economic Evaluation of Energy Efficiency and Renewable Energy Technologies
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