Browsing by Keyword "LCOE"
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Item Impact of weighted average cost of capital, capital expenditure, and other parameters on future utility-scale PV levelised cost of electricity(2020-06-01) Vartiainen, Eero; Masson, Gaëtan; Breyer, Christian; Moser, David; Román Medina, Eduardo; SISTEMAS FOTOVOLTAICOSSolar photovoltaics (PV) is already the cheapest form of electricity generation in many countries and market segments. Market prices of PV modules and systems have developed so fast that it is difficult to find reliable up to date public data on real PV capital (CAPEX) and operational expenditures (OPEX) on which to base the levelised cost of electricity (LCOE) calculations. This paper projects the future utility-scale PV LCOE until 2050 in several European countries. It uses the most recent and best available public input data for the PV LCOE calculations and future projections. Utility-scale PV LCOE in 2019 in Europe with 7% nominal weighted average cost of capital (WACC) ranges from 24 €/MWh in Malaga to 42 €/MWh in Helsinki. This is remarkable since the average electricity day-ahead market price in Finland was 47 €/MWh and in Spain 57 €/MWh in 2018. This means that PV is already cheaper than average spot market electricity all over Europe. By 2030, PV LCOE will range from 14 €/MWh in Malaga to 24 €/MWh in Helsinki with 7% nominal WACC. This range will be 9 to 15 €/MWh by 2050, making PV clearly the cheapest form of electricity generation everywhere. Sensitivity analysis shows that apart from location, WACC is the most important input parameter in the calculation of PV LCOE. Increasing nominal WACC from 2 to 10% will double the LCOE. Changes in PV CAPEX and OPEX, learning rates, or market volume growth scenarios have a relatively smaller impact on future PV LCOE.Item Nautilus: Design considerations for a 5mw wind turbine semisubmersible platform(2014) Aguirre-Suso, G.; Pérez-Morán, G.; Sánchez-Lara, M.; Lopez-Mendia, J.; Fernández, J.; Laidler, A.; Guijón, M.; Martín, M.; Tecnalia Research & Innovation; RENOVABLES OFFSHOREThe development of offshore wind technology at large distance to shore is most of the time associated to the economic feasibility. One of the targets during the whole design process of a floating wind turbine is the cost reduction in order to be competitive with technologies which are in an advanced stage. The companies involved in NAUTILUS, an industrial and technological consortium made up of Astilleros de Murueta, Tamoin, Velatia, Vicinay Marine Innovación and Tecnalia Research & Innovation, are designing a four column semisubmersible structure for a 5MW wind turbine with the focus on the economic feasibility from the first stages of the design. Minimize the cost of the generated energy has been the criterion that has oriented the decisions for optimization of each platform design parameters. This study presents the results of a global assessment model developed for a floating wind farm and specific for the conceptual design of NAUTILUS. The approach is based on several tools developed to support the calculations and process the information related to hydrostatic stability, structural design, mooring system data, hydrodynamic and aerodynamic behaviour. These results are then integrated into an economic model that accounts for different incomes and expenses along the project life of a floating wind farm. Capital (CAPEX) and operational (OPEX) expenditure costs calculation are described taking into account most relevant cost drivers. This tool provides an estimated value of the levelized cost of energy (LCOE) and is completely parametric in function of the floater dimensions and mass distribution, its mooring system, the wind turbine characteristics, the type of electrical infrastructure, as well as the environmental and site conditions. The study starts with the definition of the main cost drivers, having into account all constrains imposed by the functional requirements established at the first stages of the project and described later. To finish the study, a sensitivity analysis is made to analyse the influence of certain parameters in the cost of the power generated and to have a guideline to obtain the optimal wind farm disposition. It is shown how the election of the installed power, the distance to shore and the water depth are fundamental to approach a feasible design and how only certain wind resources are suitable to wind energy deployment. The results also point to the need of large arrays to assure profitability.