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2.2 RENEWABLE POWER GENERATION COSTS BY REGION Figure 2.3 compares the weighted average LCOE and range of renewable power generation technologies by country/ region. It is clear that there are significant differences in the cost ranges for different technologies in different regions. This is driven by the very site‐specific nature of renewable resources and project costs. A regional and country‐level analysis of costs is therefore critical to understanding costs and their implications for policy makers. There is a general hierarchy of costs,17 with established renewable technologies such as hydropower, biomass and geothermal, all being able to provide electricity at low costs at the best sites. The large‐scale deployment of wind since 2000 has seen its costs come down into a range that is very competitive with fossil fuels at the best sites in many regions. Solar PV is more expensive, but costs have been falling rapidly in the last two years as over‐capacity in module manufacturing has led to cutthroat competition and driven prices down below the learning curve, at least temporarily. China has some of the most competitive renewable costs in the world. Large‐ and small‐scale hydropower projects are the most competitive, followed by biomass, wind power, and solar PV. However, with China’s abundant coal reserves and very low installed costs for fossil fuel‐fired plant, the renewable energy industry still needs support to compete with incumbent technologies. Small‐ and large‐scale hydro in China have a weighted average LCOE of USD 0.03 and USD 0.035/kWh respectively, while the range for biomass is between USD 0.05 and USD 0.06/kWh. Wind is also very competitive by global standards, with weighted average costs of around USD 0.075/kWh. Solar PV, with weighted average costs of around USD 0.19/kWh, is also quite competitive by global standards, and recent projects have been at the lower end of the range in Figure 2.3. 0.6 0.5 0.4 0.3 0.2 0.1 0.0 OECD Europe OECD North America Africa Eastern Europe and Central Asia Other Asia China India Latin America FIGURE 2.3: TYPICAL LCOE RANGES AND WEIGHTED AVERAGES FOR RENEWABLE POWER GENERATION TECHNOLOGIES BY REGION, 2012 Note: Figures assume a 10% cost of capital and biomass costs of between USD 1.3 and USD 2.5/GJ in non-OECD countries and between USD 1.3 and USD 9/GJ in OECD countries. In this chart and in all charts with individual project data, the horizontal black bars are the capacity weighted average value. Where no weighted average is shown this is because there are insufficient individual project data, usually due to only “indicative” costs being available by country. SOURCE: IRENA RENEWABLE COST DATABASE; NREL, 2012A; AND SEIA/GTM, 2012. 17 However, given the very site-specific nature of renewables and the wide range of resource endowment by country, there is no one “true” LCOE figure that would imply a fixed hierarchy of costs. Renewable Power Generation Costs in 2012: An Overview 21 Onshore wind Offshore wind CSP Solar PV Biomass Hydro small Hydro large Geothermal Onshore wind CSP Solar PV Biomass Hydro small Hydro large Geothermal Onshore wind CSP Large solar PV Biomass Hydro small Hydro large Geothermal Onshore wind CSP Large solar PV Biomass Hydro small Hydro large Geothermal Onshore wind CSP Large solar PV Biomass Hydro small Hydro large Geothermal Onshore wind CSP Large solar PV Biomass Hydro small Hydro large Geothermal Onshore wind CSP Large solar PV Biomass Hydro small Hydro large Geothermal Onshore wind CSP Large solar PV Biomass Hydro small Hydro large Geothermal 2011 USD/kWhPDF Image | International Renewable Energy Agency
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