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Figure 1.6 Global weighted average total installed costs, capacity factors and LCOE for offshore wind power, 2010-2019 Source: IRENA Renewable Cost Database. At the same time, the continuing innovation in turbine technology, larger turbine ratings, and greater experience with project development, saw average capacity factors rise from 37% in 2010 to 44% in 2019. In 2019, in comparison with 2018, there was a slight decline (-1%) in the global weighted-average LCOE of offshore wind projects commissioned. This takes the decline in the LCOE of offshore wind between 2010 and 2019 to 29%, from USD 0.162/kWh to USD 0.115/kWh. In country-specific terms, there has been a wide variation in LCOE declines since 2010. In Europe, which has the largest deployment of offshore wind, projects commissioned between 2010 and 2019 recorded a 27% fall in LCOE, from USD 0.159/kWh to USD 0.117/kWh. The largest drop occurred in Belgium, where LCOE fell 40% between 2010 and 2019, from USD 0.198/ kWh to USD 0.119/kWh. In Germany and the United Kingdom, which were the biggest markets for commissioned projects in Europe, between 2010 and 2019 there were 33% and 26% drops respectively, with the LCOEs in both countries falling to around USD 0.12/kWh for projects commissioned in 2019. In Asia, the LCOE reduction between 2010 and 2019 reached 39% (from USD 0.180/kWh to USD 0.112/ kWh). This was driven by China, which has over 95% of offshore wind installations in Asia. Concentrating solar power In 2019, projects totalling around 600 MW were commissioned, worldwide, but, with only a handful of these occurring annually since 2015, cost trends have been volatile. In addition, while projects were completed in Israel, Kuwait, South Africa and China in 2019, cost trends for that year require even more explanation than usual. The reason for this that two much delayed Israeli projects, one parabolic trough and one tower, finally came online. These projects were tendered in 2012, since when technology costs and performance have changed significantly. Notably, one of the plants does not include any thermal energy storage, which is the norm in reducing LCOE to more competitive levels. To allow for these two plants’ impact, we have reported weighted- average values for CSP that both include and exclude them, with the latter providing a better view of CSP industry trends. LATEST COST TRENDS 7 000 60% 95th percentile 50% 0.30 0.25 0.20 0.15 Total installed cost Capacity factor Levelised cost of electricity 6 000 5 326 5 738 526 5 245 45.1% 42.2% 39.0% 0 45.4% 40.4% 39.8% 43.5% 5 000 4 000 300027 4650 4741 4683 4 280 4 245 3 800 40% 36.8% 37.9% 0.175 0.161 0.177 0.154 0.183 0.169 0.146 0.131 0.1 0 30% 5th percentile 20% 0.10 30.2% .115 2 000 1 000 10% 0.05 00% 0.00 31 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 USD/kW Capacity factor 2019 USD/kWhPDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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