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100 80 60 40 20 0 2008 2010 Full-service renewal contracts Denmark Germany Ireland 2016 2018 2020 2012 2014 Initial full-service contracts Sweden United States Norway RENEWABLE POWER GENERATION COSTS 2019 Figure 2.7 shows O&M costs in selected countries, along with BNEF O&M price indexes. The latter are represented as either initial full-service contracts, or full-service contracts for already established wind farms – which are more expensive, as they factor in the ageing of turbines. The data shows an observable downward trend in O&M costs – which reflects the maturity and competitiveness of the market. Initial full-service contracts fell 66% between 2008 and 2019 while full-service renewal contracts declined by 50% between 2011 and 2019. At the country level, between 2016 and 2018, O&M costs for onshore wind have ranged from USD 33/kW per year (in Denmark) to USD 56 USD/kW per year (in Germany) – which is known for having higher than average onshore wind O&M costs. The difference between the contract prices and observed country O&M costs is explained by the additional, predominantly operational expenses, not covered by service contracts (e.g., insurance, land lease payments, local taxes, etc.). LEVELISED COST OF ELECTRICITY The LCOE of an onshore wind farm is determined by: the total installed costs; lifetime capacity factor; the O&M costs; the economic lifetime of the project; and the cost of capital. While all of these factors are important in determining the LCOE of a project, some components have a larger impact. For instance, the cost of the turbine (including the towers) makes up the most significant component of total installed costs in an onshore wind power project and with no fuel costs, the capacity factor and cost of capital also have a significant impact on LCOE. The O&M costs, made up of fixed and variable components, make up from 10 to 30% of the LCOE in 2019 in the IRENA Renewable Cost Database. Reductions in these costs are becoming increasingly important in driving down LCOEs, as turbine price reductions – which are now around USD 850/kW or less across most markets – are contributing less in absolute terms to cost reductions. Figure 2.7 Full-service (initial and renewal) O&M pricing indexes and weighted average O&M costs in Denmark, Germany, Ireland, Norway, Sweden, United States and Norway, 2008–2019 Source: BNEF, 2019b and IEA Wind, 2020. 56 2019 USD/kW/yearPDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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