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TOTAL INSTALLED COSTS As a capital-intensive technology with drilling requirements, cost trends in geothermal power plant development are highly influenced by the commodity and oil markets. These have a direct impact on drilling costs and thus the costs of engineering, procurement and construction (EPC). Geothermal power plant installed costs are highly site sensitive. In this respect, they have more in common with hydropower projects than the more standardised, solar PV and onshore wind facilities. Geothermal plants depend largely on the reservoir quality, the type of power plant and number of wells. The nature and extent of the reservoir, the thermal properties of the reservoir and at what depths it lies will all have an impact on project costs. The quality of the geothermal resource and its geographical distribution will determine the power plant type, ranging from flash, direct steam, binary, enhanced or a hybrid approach to provide the steam that will drive a turbine and create electricity. Typically, costs for binary plants tend to be higher than those for direct steam and flash plants, as extracting the electricity from lower temperature resources is more capital intensive. The total installed costs of geothermal power plants consist of the project development costs, the costs of exploration and resource assessment (including seismic surveys and test wells), and the drilling costs for the production and injection wells. Total installed costs also include field infrastructure, geothermal fluid collection and disposal systems, along with other surface installations. These are in addition to the cost of the power plant and grid connection costs. In line with rising commodity prices and drilling costs, between 2000 and 2009, the total installed costs for geothermal plants increased by between 60% and 70% (IPCC, 2011). Project development costs followed general increases in civil engineering and EPC costs during that period, with cost increases in drilling associated with surging oil and gas markets. Costs appear to have stabilised in recent years, however. In 2009, the total installed costs of conventional condensing “flash” geothermal power generation projects were between around USD 2 020/kW and USD 4030/kW. Binary power plants were more expensive and installed costs for typical projects were between USD 2 390 and USD 5 840/kW that same year (IPCC, 2011). Figure 6.2 presents the geothermal power total installed costs by project, technology and capacity, from 2007 to 2021. Based on the data available in the IRENA Renewable Cost Database, installed costs from 2010 onwards generally fell within the range of around USD 2 000/kW to USD 7 000/kW, although there were a number of project outliers.29 Up to 2014, installation costs showed an increasing trend, with this stopping in 2015, when installed costs stabilised. In 2019, the global weighted average of installed cost was USD 3 916/kW, down from the USD 4171/kW recorded in 2018 but up from the USD 2588/kW reported in 2010. In the more exceptional case of projects where capacity is being added to an existing geothermal power project, the IRENA Renewable Cost Database suggests the cost of a geothermal power plant can be as low as USD 560/kW. Geothermal power plants provide firm, 'always on' power, with capacity factors typically ranging between 60% to more than 90% depending on site conditions and plant design. 29 These outliers are typically either small projects in remote areas, or are not representative of typical costs for a variety of other reasons. GEOTHERMAL 105PDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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