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Competitiveness of geothermal energy versus other potential technologies Figure 9.3 shows how the levelized cost of the geothermal projects proposed compares to the costs of other technologies. The competitiveness of geothermal generation with other technologies depends on the cost of each project and the size of the other generation technologies used. Depending on the project, geothermal generation can have a lower cost than on-shore wind, energy efficiency measures, hydro, and residential solar water heaters. For example, the average levelized cost of residential solar water heaters in the region is US$0.09, which is lower than the minimum levelized cost of geothermal of US$0.10 when only the first phases of the geothermal projects are considered.122 However, when the second phases of geothermal projects are considered, the minimum levelized cost of geothermal at US$0.08 is the lowest of all the technologies presented in Figure 9.3. Geothermal generation is also always less expensive than solar CSP, small solar photovoltaic, and waste-to-energy. For example, the average levelized cost of waste-to-energy in the Organization of Eastern Caribbean States (OECS) countries is US$0.20, which is higher than the levelized cost of geothermal of all the countries in our study. However, the levelized cost of waste- to-energy ranges from a minimum of US$0.18 to a maximum of US$0.21. FIGURE 9.3 Hydro Waste to energy Wind Solar PV (w/storage) Energy efficiency Solar water heating Geothermal (for export) Geothermal II (domestic) Geothermal (domestic) 0.05 Levelized Cost for Generation Technology (US$/kWh) 0.09 0.14 0.18 0.17 0.09 0.09 0.08 0.09 0.08 0.09 0.10 0.15 0.21 0.10 0.15 0.20 Source: IDB and Castalia, “Sustainable Energy in the Eastern Caribbean: Achieving an Unrealized Potential” (2015). Note: “Geothermal (for export)” includes the 25 MW of Saint Kitts (the project will be located in Nevis for export to Saint Kitts), and the 100 MW of Dominica Phase 2 that would be directed to Guadeloupe and Martinique. “Geothermal II (domestic)” includes the 10 MW of Dominica Phase 2 that would be directed to Dominica, and “Geothermal domestic” includes these projects: Dominica Phase 1, Grenada, Saint Lucia, Saint Vincent and the Grenadines, and Nevis. Other than large hydro, the introduction of the technologies with a lower levelized cost should have a limited impact on geothermal generation. The total generation available for each island from these technologies is relatively low and their introduction will displace diesel generation. 122. IDB and Castalia, “Sustainable Energy in the Eastern Caribbean: Achieving an Unrealized Potential” (2015). 69PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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