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136 RENEWABLE POWER GENERATION COSTS 2019 ANNEX I COST METRIC METHODOLOGY Cost can be measured in different ways, with different cost metrics bringing their own insights. The costs that can be examined include equipment costs (e.g., photovoltaic modules or wind turbines), financing costs, total installed costs, fixed and variable operating and maintenance costs (O&M), fuel costs (if any), and the levelised cost of electricity (LCOE). The analysis of costs can be very detailed, but for comparison purposes and transparency, the approach used here is a simplified one that focusses on the core cost metrics for which good data are readily available. This allows greater scrutiny of the underlying data and assumptions, improves transparency and confidence in the analysis, while facilitating the comparison of costs by country or region for the same technologies, enabling the identification of the key drivers in any cost differences. The five key indicators that have been selected are: • equipment cost (factory gate, free onboard [FOB], and delivered at site) • total installed project cost, including fixed financing costs • capacity factor by project • the LCOE. The analysis in this paper focuses on estimating the costs of renewables from the perspective of private investors, whether they are a state-owned electricity generation utility, an independent power producer (IPP), or an individual or community looking to invest in small-scale renewables. The analysis excludes the impact of government incentives or subsidies, system balancing costs associated with variable renewables and any system-wide cost-savings from the merit order effect. Furthermore, the analysis does not take into account any CO2 pricing or the benefits of renewables in reducing other externalities (e.g., reduced local air pollution or contamination of the natural environment). Similarly, the benefits of renewables being insulated from volatile fossil fuel prices have not been quantified. These issues are important but are covered by other programmes of work at IRENA. Clear definitions of the technology categories are provided, where this is relevant, to ensure that cost comparisons are robust and provide useful insights (e.g., small hydropower vs. large hydropower). Similarly, functionality has to be distinguished from other qualities of the renewable power generation technologies being investigated (e.g., concentrating solar power [CSP] with and without thermal energy storage). This is important to ensure that system boundaries for costs are clearly set and that the available data are directly comparable. Other issues can also be important, such as cost allocation rules for combined heat and power plants, and grid connection costs. The data used for the comparisons in this paper come from a variety of sources, such as IRENA Renewable Costing Alliance members, business journals, industry associations, consultancies, governments, auctions and tenders. Every effort has been made to ensure that these data are directly comparable and are for the same system boundaries. Where this is not the case, the data have been corrected to a common basis using the best available data or assumptions. These data have been compiled into a single repository – the IRENA Renewable Cost Database – that includes a mix of confidential and public domain data. An important point is that, although this report examines costs, strictly speaking, the data points available are actually prices – which are sometimes not even true market average prices, but price indicators (e.g., surveyed estimates of average module selling prices in different markets).PDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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