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0.35 0.30 0.25 0.20 0.15 0.10 0.05 0.00 Capacity (MW) China Europe Other 200 400 600 ≥ 800 RENEWABLE POWER GENERATION COSTS 2019 LEVELISED COST OF ELECTRICITY In recent years, increasing experience, advances in wind turbine technology, the establishment of optimised local and regional supply chains, increasing competition, and strong policy and regulatory support have resulted in a steady pipeline of projects, that have been increasingly competitive. Between 2010 and 2019, the global weighted- average LCOE of offshore wind fell 29%, from USD 0.161/kWh to USD 0.115/kWh (Figure 4.6). Year-on-year, in 2019, weighted-average LCOE fell 9% from its 2018 value of USD 0.127/kWh. From its peak in 2014, the global weighted-average LCOE of offshore wind fell by 37%. Denmark had the lowest weighted-average LCOE for projects commissioned in 2019, at USD 0.087/kWh (Table 4.3). The country was the first to pioneer offshore wind at a commercial- scale, with the commissioning of the the Vindeby wind project in 1991. Denmark’s low LCOE is driven by experience, projects that are located close to shore and in shallower waters than many of its neighbours and the fact that wind farm-to-shore transmission assets are not the responsibility of the project developer. Of the countries for which data is available since 2010 in Europe, Belgium saw the highest percentage reduction (40%) in country weighted-average LCOE values between 2010 and 2019. But it also had the highest starting point. As Figure 4.6 shows, the recent auction and PPA results for projects expected to be commissioned in 2023 represent a step change in competitiveness, with prices falling into the USD 0.050 to USD 0.10/kWh range. The decline to a weighted- average price of USD 0.082/kWh in 2023 for the data available in the IRENA Auction and PPA database implies an additional 29% reduction over the 2019 global weighted-average LCOE. This shows that larger LCOE reductions are expected in the 2020s. Care should be taken in interpreting the Auction and PPA results, as discussed in Chapter 1, however, they provide a clear indication of where project LCOEs are moving. Figure 4.6 Offshore wind project and global weighted average LCOEs and auction/PPA prices, 2000-2023 Source: IRENA Renewable Cost Database. 84 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2019 USD/kWhPDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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