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Concentrating solar power’s installed costs have fallen in recent years with ongoing technological improvements as well as increased supply-chain competitiveness. The global weighted-average capacity factor improved from 30% to 45% between 2010 and 2019, with new CSP plants being built with improved technology, at better sites and in countries with more sunshine. The global weighted-average LCOE of CSP plants was around USD 0.35/kWh between 2010 and 2012, but fell 47% between 2010 and 2019. Recent auction and PPA results suggest the cost of electricity from CSP will fall into the USD 0.07/kWh to USD 0.08/kWh range. With its ability to provide dispatchable renewable power, CSP could therefore play an increasingly important role in facilitating ever-higher shares of variable solar PV and wind in areas with the direct solar resources to support CSP plants. Hydropower is a mature, commercially attractive renewable power generation technology. Hydropower is also uniquely placed to provide not only low-cost electricity, but also cheap electricity storage and large-scale flexibility services to the grid. Between 2018 and 2019, the global weighted-average total installed cost of hydropower projects rose from USD 1435/kW to USD 1 704/kW. The global weighted-average LCOE of hydropower in 2019 was USD 0.047/kWh – 6% higher than in 2018 and 27% higher than in 2010. Despite the increase in global weighted- average LCOE since 2010, hydropower remains a competitive, low-cost source of electricity, with its global weighted-average LCOE still comfortably below the cheapest fossil fuel-fired source of new electricity generation. Bioenergy for electricity generation offers a suite of options, spanning a wide range of feedstocks and technologies. Where low-cost feedstocks are available – such as by-products from agricultural or forestry processes onsite – they can provide highly competitive, dispatchable electricity. For bioenergy projects newly commissioned in 2019, the global weighted-average total installed cost was USD 2141/kW, an increase on the 2018 weighted-average of USD 1693/kW. Capacity factors for bioenergy plants are driven by the availability of low-cost feedstocks. Between 2010 and 2019, the global weighted-average capacity factor for bioenergy projects varied between a low of 64% in 2012 to a high of 86% in 2017. Due to the heterogeneity of bioenergy feedstock and technology costs – and the typically higher technology costs in OECD countries – annual global weighted-averages are strongly influenced by the technology mix and geographical location of commissioned plants. Between 2010 and 2019, the global weighted-average LCOE of newly commissioned bioenergy plants has therefore ranged between a low of USD 0.055/kWh in 2011 to a high of USD 0.082/kWh in 2014, ending at USD 0.066/kWh in 2019. Newly commissioned geothermal plants had a global weighted-average LCOE of USD 0.073/kWh in 2019, up only slightly from the previous year and still broadly in line with costs since 2013, From then until 2019, the global weighted-average LCOE ranged between USD 0.06/kWh and USD 0.07/kWh for this mature technology which provides firm renewable electricity in areas with active geothermal resources. New capacity additions for this technology remain modest. The year 2019 saw record new capacity additions, but they totalled just 680 megawatts. EXECUTIVE SUMMARY 17PDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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