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126 RENEWABLE POWER GENERATION COSTS 2019 OPERATION AND MAINTENANCE COSTS All-in O&M costs that include insurance and other asset management costs for CSP plants are substantial compared to solar PV and onshore wind. The typical range of O&M costs for CSP plants in operation today, with some exceptions, is in the range USD 0.02/kWh to USD 0.04/kWh. This is likely a good approximation for the range of O&M in relevant markets, globally today, even if based on an analysis relying on a mix of bottom-up engineering estimates and best-available reported project data (Fichtner, 2010; IRENA, 2018; Li et al., 2015; Turchi,2017; Turchi et al, 2010; Zhou, Xu and Wang, 2019). However, IRENA analysis for a range of markets (Table 8.1) suggests for projects which achieved financial close in 2019, more competitive O&M costs are possible in some markets. Although the O&M costs in absolute terms are high compared to solar PV and many onshore wind farms per kWh, the higher LCOEs of CSP plants today mean that the overall share of O&M is not as high as might be expected. Analysis conducted by IRENA in collaboration with DLR, found that in 2019, O&M costs averaged about 18% of the LCOE for projects in G20 countries. Historically, the largest individual O&M costs for CSP plants were the expenditures for receiver and mirror replacements. As the market has evolved, new designs and improved technology have helped reduce failure rates for receivers and mirror breakage, driving down these costs. Insurance costs also remain an important contributor to O&M costs. Though partly dependant on how secure the project location may be, these typically range between 0.5% and 1% of the initial capital outlay (a figure that is lower than the total installed cost). O&M costs vary from location to location, however, given differences in irradiation, plant design, technology, labour costs and individual market component pricing, linked to local costs differences. Upcoming analysis for G20 countries provides estimates for a wider range of markets than the data reported historically. This has the advantage of indicating possibilities in deploying CSP in previously undeveloped markets. The results indicate that in those markets presented, the overall range of insurance-included O&M costs is likely to be within the USD 0.011/kWh to USD 0.032/kWh range. Most markets evaluated in the analysis seem to be able to achieve costs closer to the lower bound of that range, however, in a sign of improved competitiveness in total running costs (Table 8.1). LEVELISED COST OF ELECTRICITY Lower total installed costs and higher capacity factors are driving the decline in the cost of electricity from CSP. The LCOE of CSP between 2010 and 2012 stayed relatively stable, at a global weighted average of between USD 0.346/kWh and USD 0.353/kWh (Figure 8.1). With the additional deployment of about 800 MW in Spain and a few projects in the United States and other markets, in 2012, the LCOE increased over that of 2010 and the range widened (Figure 8.5). From 2013 onwards, however, a downward trend in the LCOE of projects become clearly visible. Data from IRENA’s Renewable Cost Database shows weighed-average LCOE estimates by project during 2013-2015 about one third lower than observed in the 2010-2012 period. After 2012, the CSP market also shifted away from Spain to newer markets with higher solar resources. Rather than technology learning effects alone, it is more likely, then, that that these higher DNIs offer a more predominant explanation of the lower LCOEs during that second period (Lilliestam et al., 2017). Yet, while a shift towards project locations with higher DNIs was a major contributor to the increased capacity factors (and therefore lower LCOE values) seen after 2012, the increasing capacity factor trend is also related to a move towards plant configurations with higher storage capacities and the ability to be more freely dispatched over the day. In 2016 and 2017, only a handful of plants were completed, with around 100 MW added in each year. The results for these two years are therefore volatile and driven by the specific plant costs. The increase in LCOE in 2016 was driven by the higher costs of the early projects in South Africa and Morocco commissioned in that year. In 2017, the global weighted-average LCOE returned to levels more consistent with those experienced in the 2013 to 2015 period.PDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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