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Over half of newly commissioned utility-scale renewable power generation capacity in 2019 produced electricity at lower costs than the cheapest new source of fossil fuel-fired power. Theinstalledcostsandcapacityfactorsofbioenergy for power, geothermal and hydropower are highly project-specific. As a result, there can be significant year-to-year variability in global weighted-average values when deployment is relatively thin and the share of different countries/regions in new deployment varies significantly year-to-year. Between 2010 and 2019, the global weighted- average LCOE of bioenergy for power projects fell from USD 0.076/kWh to USD 0.066/kWh – a figure at the lower end of the cost of electricity from new fossil fuel-fired projects. For hydropower, the global weighted-average LCOE for this period rose by 27%, from USD 0.037/kWh to USD 0.047/kWh. This was still lower than the cheapest new fossi fuel-fired electricity option, despite the fact that costs increased by 6% in 2019, year-on-year. For hydropower, the commissioning in 2019 of a number of delayed projects that had experienced some cost overruns was a contributing factor that may not be repeated in 2020. The global weighted-average LCOE of geothermal has been around USD 0.07/kWh since 2016. Costs not only continue to decline for solar and wind power, but these, along with the more mature technologies, are increasingly being built at very low absolute cost levels. Indeed, in many cases renewables are not just competing, but out-competing fossil fuels. The data shows that renewables – without financial support – are undercutting fossil fuels by a substantial margin in an increasing number of cases. In 2019, 41 GW of the onshore wind projects commissioned in 2019 (around 75% of the total) had electricity costs that were lower than the cheapest fossil fuel-fired option. For hydropower, 10.7 GW of the projects commissioned (around 89% of the total) had costs that were less than the lowest cost fossil fuel-fired power generation option.6 With the dramatic decline in the costs of solar PV, 2019 saw 28 GW (40% of utility-scale deployment) of utility-scale solar PV projects commissioned having lower costs than the cheapest fossil fuel-fired option. Overall, 56% of all newly commissioned utility-scale renewable power generation projects by capacity had an LCOE lower than the cheapest new source of fossil fuel-fired power. In 2020, in non-OECD countries, where demand for electricity is growing over the medium- and long- term, renewable power generation projects will, in their first full year of operations, reduce costs in the electricity sector by just over USD 1 billion, relative to adding the same amount of fossil fuel-fired generation. The majority (52%) of these savings are attributable to hydropower (USD 554 million/ year), due to the large capacity added at significant discounts to the cheapest fossil fuel-fired cost option, along with hydropower’s higher capacity factor. Onshore wind contributes USD 354 million/ year. This is because although four times as much onshore wind capacity as hydropower is being added at an LCOE lower than fossil fuels, the discount is, on average, smaller, while onshore wind also has a lower capacity factor. Solar PV accounts for USD 148 million/year of the savings. The cumulative savings of the above projects, over their economic lives, will reach around USD 28 billion. In addition to these direct cost savings, the substantial economic benefits of reduced carbon-dioxide emissions and local air pollutants also need to be factored in. LATEST COST TRENDS 6 Overall, since 2010, almost 250 GW of hydropower capacity has been added that has a lower cost than even the cheapest fossil fuel-fired option. 23PDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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