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14 Cost of Energy Technologies World Energy Council 2013 reflecting the premium paid for the increased efficiency offered by new turbines. Newer models are targeted specifically at lower resource areas as they are able to extract more energy from lower speed winds than older models. This higher efficiency can result in a lower levelised cost. Certain markets, such as Brazil and parts of Latin America, continue to be dominated by older, less expensive models due availability of high quality wind resources. Low capital expenditure helps pull down the LCOEs of onshore wind in India and China, making well-sited projects there among the cheapest in the world. The lowest LCOEs for onshore wind can be found in India, particularly in higher wind resource areas such as Kar- nataka where load factors can exceed 33% and project CAPEX can drop below USD1.1m/ MW resulting in LCOEs below USD50/MWh. This is despite some of the world’s most costly debt financing: project borrowers can be forced to pay over 1,100 basis points (bps) over LIBOR as the result of a risky lending environment. In China the best project economics can be found in Inner Mongolia, where low domestic turbine prices combined with 35%+ load factors bring LCOEs to around USD48/MWh. Despite attractive economics there are significant logistical barriers to project installations in these remote regions, as well as the well-documented issue of finished projects being unable to successfully connect to transmission infrastructure. O&M costs for projects in China are not significantly different to those of Western Europe, which relate to the reduced reliability of turbines in the Chinese domestic market that therefore require increased maintenance. Pro- ject borrowers in China can expect to pay around 700 basis points over LIBOR for 12 year loans accounting for 75% of total CAPEX. On the high end globally is Japan – a recurring theme – where exceptionally high equipment costs, a lack of development experience, a competitive market and high OPEX resulting from some of the most expensive labour costs in the world (estimated as a percentage of CAPEX due to lack of data) combine to drive LCOEs up over USD300/MWh. The Japanese market has only just kicked off as of late 2012, driven by a generous feed-in-tariff which has already been reviewed and downgraded. Figure 5 Levelised cost of onshore wind electricity by region (USD/MWh) Source: Bloomberg New Energy Finance Japan Europe Australia United States Brazil China India 0 50 100 150 200 250 LCOE range Mid In the middle of the extremes lie North America and Europe. All-in CAPEX in the US tends to be slightly more expensive than in Western Europe and comes in at around USD1.8m/MW versus around USD1.6m/MW in markets like Germany and the UK. The developing wind mar- kets of eastern Europe ring in a bit higher, at between USD1.7–1.8m/MW depending on site and shipping. The key LCOE differentiator is load factor. In certain US regions, such as thePDF Image | Cost of Energy Technologies
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