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910 Any power production facility is subject to a range of fixed and variable costs. Comparing power development opportunities requires like units of measure, typically capitalized costs of fixed assets and the levelized costs of operation. Chapter 9 EnergySector Fundamentals: Economic Analysis, Projections, and Supply Curves 9.8.1 Fixed costs comparing the cost of power from competing technologies. The levelized cost of energy is found from the present value of the total cost of building and operating a generating plant over its expected economic life. Costs are levelized in real dollars, i.e., adjusted to remove the impact of inflation. There are two common approaches for calculating the LEC. The first, a simplified approach, calculates a total annualized cost using a fixed charge rate applied to invested capital, adds an annualized operating cost, and divides the sum by the annual electric generation. The second approach uses a full financial cashflow model to perform a similar calculation. The latter approach is usually preferred because it takes into account a wide range of cost parameters that any project must face. As pointed out by the EIA, the cost of power must be competitive with other power generation options after taking into account any special incentives available to the technology. This could include greenpricing production incentives, grants (such as those from the California Energy Commission to improve drilling techniques), subsidies or required purchases through renewable energy portfolio standards, or special tax incentives. The capitalized construction cost takes into account both drilling and construction activities as well as accumulated interest during construction. We assume that construction (other than in test facilities, which will involve research and/or grant funds) is financed by a mixture of debt and equity, and that the ratio of debt to equity remains constant during the construction period. Under these circumstances, the rate of return (ROR) for both debt and equity is constant. If the rate of return on debt is rb, the rate of return on equity is re, and the ratio of debt to total capital is f, then the capitalized cost of debt at the start of plant operation is: where M is the time period in months and Cm is the overnight capital cost. The capitalized cost of equity investment is: amount of electricity, Q(n), produced in that period, times the price of the electricity, p(n): Revenue, R(n), received by the owners of the generating plant in time period n will be equal to the (91) (92) (93)PDF Image | Energy Sector Fundamentals
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