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is not expanding as fast as demand, while in times accuracy of the approach can be misleading. analysing the cost of renewable power generation technologies challenging for some technologies in given markets at certain times. Where costs are significantly above or below where they might be expected to be in their long-term trend, every effort has been made to identify the causes. Although every effort has been made to identify LCOE = !!! 1 + ππ ! efficiency/performance of the technology. The approach used in the analysis presented here is based on a discounted cash flow (DCF) analysis. This method of calculating the cost of renewable energy technologies is based on discounting financial flows (annual, quarterly or monthly) to a common basis, taking into consideration the time value of money. Given the capital-intensive nature of most renewable The difference between costs and prices is and regions. This has the advantage, however, of power generation technologies and the fact that fuel costs are low, or often zero, the d e t e r m i n e d b y t h e a m o u n t a b o wv e e , i g o h t r e b d e a l v o e w r a , g t e h c e o s t o f p c r a o p d i t u a c l i ( n W g A C a C ) t r u a s n e s d p t a o r e e n v a t l u a a n t d e t e h a e s p y r - o t j o e - c u t n β d o e f r t e s t n a a n l d s o r e f e r r e d t o normal profit that would be seenasinthae dcioscmopunetirtaivte β hasaancarliytsicias.l iImnpadctdoitniotnh,emLCoOreE. detailed LCOE analyses market. result in a significantly higher overhead in terms There are many potential trade-offs to be considered when developing an LCOE modelling of the granularity of assumptions required. This The rapid growth of renewablesapmpraorakceht.sThferoamppraoach taken here is relatively simplistic, given the fact that the model needs can give the impression of greater accuracy, but s m a l l b a s e m e a n s t h a t t h e m a r k t oe t b e f o a r p r p e l i n e e d w t o a b a l e w i d e r a n g e o f t e c h n o l o g i e s i n d i f f e r e n t c o u n t r i e s a n d r e g i o n s . T h i s h a s t h e power generation technologies is sometimes with assumptions, and if assumptions are not when the model cannot be robustly populated advantage, however, of producing a transparent and easy-to-understand analysis. In addition, more detailed LCOE analyses result in a significantly higher overhead in terms of the not well balanced. As a result, prices can rise granularity of assumptiondsiffrerqeunirteiadt.eTdhibsacsaendgoivne rtheeal-imwopreldssidoantao,f tghreantetrheaccuracy, but significantly above costs in the short term if supply when the model cannot be robustly populated with assumptions, and if assumptions are not differentiated based on real-world data, then the accuracy of the approach can be misleading. of excess supply, losses can occur, and prices The formula used for calculating the LCOE of may be below production costTs.heTfhoirsmcualanumseadkfeor calcruelanteinwgatbheleLeCnOeErogfyretenecwhnaobleogeniesrgisy:technologies is: πΌπΌ+ππ+πΉπΉ !!!! ! πΈπΈ! ANNNEX !!! ! 1+ππ the reasons why costs differ bWehtewre:en markets Where: LCOE=the average lifetime levelised cost of L!COE = the average lifetime levelised cost of electricity generation detailed data required for this type of analysis I = investment expenditures in the year t for individual technologies, the absence of the electricity generation πΌπΌ = investment expenditures in the year t conducted a number of analyses focusing on the year t t often precludes a definitive answer. IRENA Mt = operations and maintenance expenditures in individual technologies and markets in an effort to Ft = fuel expenditures in the year t fill this gap (IRENA, 2016a and 2016b). The LCOE of renewable energy technologies varies by technology, country and project, based on the renewable energy resource, capital and operating costs, and the efficiency/performance of the technology. The approach used in the analysis presented here is based on a discounted cash flow (DCF) analysis. This method of calculating the cost of renewable energy technologies is based on discounting financial flows (annual, quarterly or monthly) to a common basis, taking into consideration the time value of money. Given the capital-intensive nature of most renewable power generation technologies and the fact that fuel costs are low, or often zero, the weighted average cost of capital (WACC) used to evaluate the project β often also referred to as the discount rate β has a critical impact on the LCOE. There are many potential trade-offs to be considered when developing an LCOE modelling approach. The approach taken here is relatively simplistic, given the fact that the model needs to be applied to a wide range of technologies in different countries Et = electricity generation in the year t r = discount rate n = life of the system. All costs presented in this report are denominated in real, 2019 US dollars; that is to say, after inflation has been taken into account, unless otherwise stated. The LCOE is the price of electricity required for a project where revenues would equal costs, including making a return on the capital invested equal to the discount rate. An electricity price above this would yield a greater return on capital, while a price below it would yield a lower return on capital, or even a loss. As already mentioned, although different cost measures are useful in different situations, the LCOE of renewable energy technologies is a widely used first order measure by which power generation technologies can be compared. More detailed DCF approaches β taking into account taxation, subsidies and other incentives β are used by renewable energy project developers to assess the profitability of real-world projects but are beyond the scope of this report. 137PDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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