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2 500 2 000 1 500 1 000 500 0 United States <5 MW United States 5-100 MW United States >100 MW BNEF WTPI BNEF WTPI <100m Ø BNEF WTPI >=100m Ø Chinese turbine prices Vestas average selling price Period 2007-2011 2010-2015 2008-2016 2009-2019 2009-2019 2010-2019 1998-2019 2008-2019 % Decrease 17% 44% 56% 65% 64% 59% 78% 55% RENEWABLE POWER GENERATION COSTS 2019 As supply chains grew and production capacity ramped up, wind turbine prices then peaked between 2007 and 2010, depending on the market, but have since fallen, by between 44% and 78% by the end of 2019, with the latest prices ranging between USD 560/kW and USD 830/kW (Figure 2.3). The experience in China was one of a dramatic price fall from 1998 - when the wind turbine price was around USD 2 480/kW - to the year 2002, then declining steadily to the point where the 2019 price was around an average of USD 530/kW. With greater competition among manufacturers, margins have come under increasing pressure, to the benefit of consumers. For instance, Vestas saw its turbine sales margins drop below 10% in 2019 (BNEF, 2020). This competition is being reinforced by the increased use of competitive procurement processes by a growing number of countries for the procurement of renewable energy. Increased competition has also led to acquisitions in the turbine and balance-of-plant sectors, and a trend of production moving to countries with lower manufacturing costs (Wood MacKenzie, 2020b). The decline in turbine prices globally has occurred despite the increase in rotor diameters, hub heights, and nameplate capacities. In addition, price differences between turbines with differing rotor diameters has narrowed. In 2019, this could be seen in the minimal percentage difference – 4% – between the prices of turbines with a rotor diameter above 100 m (USD 785/kW) and those with a rotor diameter of less than 100 m (USD 752/kW). Figure 2.3 Wind turbine price indices and price trends, 1997–2019 Source: Based on Wiser & Bollinger, 2019; BNEF, 2019a; Vestas Wind Systems, 2005–2020; and the IRENA Renewable Cost Database. 50 Feb-97 Feb-98 Feb-99 Feb-00 Feb-01 Feb-02 Feb-03 Feb-04 Feb-05 Feb-06 Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 2019 USD/kWPDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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