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Figure 2.8 presents the evolution of the LCOE (global weighted average and project level) of onshore wind between 1983 and 2019. Over that period, the global weighted-average LCOE declined by 83%, from USD 0.308/kWh to USD 0.053/kWh. In 2010, the LCOE was USD 0.086/kWh, meaning a 39% decline over the decade to 2019. Consequently, onshore wind now increasingly competes with hydropower as the most competitive renewable technology, without financial support. Factors behind the decline the in the global weighted-average LCOE include: • Turbine technology improvements: With the increase in turbine sizes and swept areas, the process of optimising the rotor diameter and turbine ratings, i.e. the specific power, has led to increased energy yield and thus project viability for the asset owner, depending on site characteristics. In addition, optimising the site configuration to better exploit wind resources and reduce output losses due to turbulence has been on the rise with improved wind resource characterisation and project design software. Consequently, this has increased the energy yields, reduced O&M costs per unit of capacity, and driven down LCOEs (Lantz et al., 2020). • Economies of scale: Impacting costs of manufacturing, installation (with the reduction in the number of turbines required for a project due to the higher turbine ratings), and O&M costs. •O&M costs: The combination of digital technologies – that has allowed for improved data analytics – and autonomous inspections. This has been joined by improvements in the reliability and durability of new turbines, while larger turbines have reduced the number of turbines for a given capacity. Improved O&M practices have also contributed to lower O&M costs. In addition, more players are entering the O&M servicing sector for onshore wind, which is increasing competition and driving down costs (BNEF, 2019c and BNEF, 2020). Figure 2.8 LCOE of onshore wind projects and global weighted average, 1983–2019 ONSHORE WIND 0.35 0.30 0.25 0.20 0.15 0.10 0.05 0.00 Capacity (MW) ≤ 10 100 200 300 400 ≥ 500 Source: IRENA Renewable Cost Database. 57 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 2019 USD/kWhPDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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