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GEOTHERMAL HIGHLIGHTS: • The deployment of geothermal power plants remains modest, with the 682 MW added in 2019 – a new record. The global weighted-average LCOE of the projects commissioned in 2019 was USD 0.073/kWh, broadly in line with values seen over the last four years. • Annual new capacity additions for geothermal were 225 MW in 2010, 89 MW in 2011, 400 MW in 2012 and 237 MW in 2013. As a result, just a handful of projects often determined the weighted-average costs in these years. However, since 2014 new additions have been at least 440 MW per year and trends have been more stable. • Between 2014 and 2019, total installed costs increased from USD 3 570/kW to USD 3 916/kW. In 2019, the total installed costs of the majority of newly commissioned plants spanned the range USD 2 000 to USD 5 000/kW. • In 2019, the global weighted-average capacity factor for newly commissioned plants was 79%. • For the years 2007-2021, the data from the IRENA Renewable Cost Database suggests that over the next couple of years, the global weighted-average LCOE could fall to just over USD 0.05/kWh in 2021. However, this will depend on whether projects meet their commissioning goals. Figure 6.1 Global weighted average total installed costs, capacity factors and LCOE for geothermal, 2010-2019 9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 100% 80% 60% 89.0% 84.9% 85.4% 0.15 0.10 0.05 0.049 0.00 Total installed cost 5 254 Capacity factor Levelised cost of electricity 87.0% 83.3% 82.4% 84.1% 81.0% 79.4% 3 829 4 171 3728 3671 3916 40% 0.085 0.066 0.064 0.070 0.0740.0720.073 0.060 3 570 3 496 2 588 20% 0% Source: IRENA Renewable Cost Database. 103 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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