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1. INTRODUCTION Renewable energy technologies can help countries meet their policy goals for secure, reliable and affordable energy, electricity access for all, reduced price volatility and the promotion of social and economic development. This paper summarises the results of five papers on the cost and performance of renewable power generation technologies (biomass for power generation, concentrating solar power, hydropower, solar photovoltaics and wind) produced by IRENA in 2012 and adds new data to the analysis.7 The goal of this paper is to assist government decision‐making and ensure that governments and other decision makers have access to up‐to‐date and reliable information on the costs and performance of renewable energy technologies. In the past, deployment of renewables was hampered by a number of barriers, including their high up‐front costs. Today’s renewable power generation technologies are increasingly cost‐competitive and are now the most economic option for off‐grid electrification in most areas and, in locations with good resources, they are the best option for centralised grid supply and extension. Renewable power generation technologies now account for around half of all new power generation capacity additions worldwide. In 2011 additions included 41 GW of new wind power capacity, 30 GW of solar photovoltaic (PV), 25 GW of hydropower, 6 GW of biomass, 0.5 GW of concentrated solar power (CSP) and 0.1 GW of geothermal power.8 The rapid deployment of these renewable technologies has a significant impact on costs, because of the high learning rates for renewables, particularly for wind and solar. For instance, for every doubling of the installed capacity of solar PV, module costs will decrease by as much as 22%.9 As a consequence crystalline silicon (c‐Si) PV module prices have fallen by more than 65% over the last two years and since September 2012 Chinese c‐Si 7 Hereafter referred to as “IRENA’s power generation cost reports”. 8 IRENA costing papers (www.irena.org/publications) and REN21’s “Renewables 2012 Global Status Report”. 9 For more information on learning rates for solar PV, see the IRENA costing report. module prices have averaged around USD 0.75/watt (W). The increasing size of global renewable markets and the diversity of suppliers has produced more competitive markets for renewable technologies. The following sections of this paper outline the principle findings of the five costing papers on solar PV, CSP, wind power, hydropower and biomass that IRENA released in 2012 and highlight their key insights for policy‐makers. 10 It is important to note that cost can be measured in a number of different ways and each way of accounting for the cost of power generation brings its own insights. The analysis summarised in this paper represents a static analysis of costs. The optimal role of each renewable technology in a country’s energy mix requires a dynamic modelling of electricity system costs to take into account the many complexities of operating an electricity grid.11 This paper compares the cost and performance of renewable energies, and the data across technologies, countries and regions. It also compares the results for the levelised cost of electricity (LCOE) from renewables, given a number of key assumptions. This up‐to‐date analysis of the costs of generating electricity from renewable power generation technologies will allow a transparent comparison of renewables with other generating technologies.12 1.1 RATIONALE FOR IRENA’S COST ANALYSIS The real costs of a project are one of the foundations that an investment decision stands on and are critical to understanding the competitiveness of renewable energy. Without access to reliable information on the relative costs and benefits of renewable energy technologies it is difficult, if not impossible, for governments to arrive at an accurate assessment of which renewable energy 10 See www.irena.org/publications to download these free reports. 11 This type of analysis is part of IRENA’s work on scenarios and strategies. See www.irena.org for more details. 12 IRENA, through its other work programmes, is also looking at the costs and benefits, as well as the macroeconomic impacts, of renewable power generation technologies. See www.irena.org for further details. 12 Renewable Power Generation Costs in 2012: An OverviewPDF Image | International Renewable Energy Agency
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