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Technology Economic life (years) Weighted average cost of capital (real) OECD and China Rest of the world Wind power 25 7.5% 10% Solar PV 25 CSP 25 Hydropower 30 Biomass for power 20 Geothermal 25 RENEWABLE POWER GENERATION COSTS 2019 The calculation of LCOE values in this report is based on projectspecific total installed costs and capacity factors, as well as the O&M costs. Though the terms “O&M” and “OPEX” (operational expenses) are often used interchangeably. The LCOE calculations in this report are based on “allin OPEX”, a metric that accounts for all operational expenses of the project including some that are often excluded from quoted O&M price indices, such as insurance and asset management costs. Operational expense data for renewable energy projects are often available with diverse scope and boundary conditions. These data can be difficult to interpret and harmonise depending on how transparent and clear the source is around the boundary conditions for the O&M costs quoted. However, every effort has been made to ensure comparability before using it to compute LCOE calculations. The standardised assumptions used for calculating the LCOE include the WACC, economic life and cost of bioenergy feedstocks. The analysis in this report assumes a WACC for a project of 7.5% (real) in Organisation for Economic Co-operation and Development (OECD) countries and China, where borrowing costs are relatively low and stable regulatory and economic policies tend to reduce the perceived risk of renewable energy projects. Table A1.1 Standardised assumptions for LCOE calculations A WACC of 10% is assumed for the rest of the world. These assumptions are average values, but the reality is that the cost of debt and the required return on equity, as well as the ratio of debt-to-equity, varies between individual projects and countries, depending on a wide range of factors. This can have a significant impact on the average cost of capital and the LCOE of renewable power projects. It also highlights an important policy issue: in an era of low equipment costs for renewables, ensuring that policy and regulatory settings minimise perceived risks for renewable power generation projects can be a very efficient way to reduce the LCOE, by lowering the WACC. The increasing importance of Power Purchase Agreements (PPAs), auctions and tenders in the competitive procurement landscape of renewable energy has led to important differences among their designs between markets. Data available from these sources often reflect these differences. Where they are important, they have been corrected for a fair comparison between markets before their inclusion in IRENA’s Auction and PPA Database and its analysis in this report. Examples of this include: harmonising indexed vs. non-indexed auction or PPA data, correcting for tax-credits influenced cost data (e.g., US Investment or Production Tax Credit schemes), and excluding outliers. In these and other similar corrections, care has been taken to maintain the integrity of the data, while enabling the possibility of a more robust comparison that presents ‘like-for-like’ data. 138PDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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