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OFFSHORE WIND HIGHLIGHTS • The global weighted-average LCOE of offshore wind declined by 29% between 2010 and 2019, from USD 0.161 to USD 0.115/kWh, with a 9% reduction year-on-year in 2019. Auction and tender results suggest that from 2023, the cost of electricity will fall to between USD 0.05/kWh and USD 0.10/kWh and can be achieved even in relatively new markets. • Between 2010 and 2019, global weighted- average total installed costs fell 18%, from USD 4650 to USD 3800/kW. The global weighted-average total installed cost peaked at USD 5 740/kW in 2013, representing a 33% drop to its 2019 value. • Global cumulative installed capacity of offshore wind increased by over ninefold between 2010 and 2019, from 3.1 GW to 28.3 GW. This was largely driven by installations in Europe, which accounted for 78% of cumulative global deployment by the end of 2019. • Technology improvements, including larger turbines and longer blades, with higher hub heights, and access to better wind resources – as offshore wind farms moved farther offshore – have resulted in the global weighted-average capacity factor increasing from 37% in 2010 to 44% in 2019. • Total installed cost and LCOE reductions have been driven by both technology improvements and the growing maturity of the industry. A range of factors, including developer experience, greater product standardisation, manufacturing industrialisation, regional manufacturing and service hubs, and economies of scale have all contributed to cost declines. This has been facilitated by clear deployment and, in many cases, manufacturing policies that have supported this growth and the benefits of scale evident in the industry today. Figure 4.1 Global weighted average and range of total installed costs, capacity factors and LCOE for offshore wind, 2010-2019 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 Source: IRENA Renewable Cost Database. 75 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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