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The Future Cost of Wind Power: Capital costs, the levelized cost of

electricity (LCOE), economics, costs

and future outlook for wind power

generation

Category : Wind Power

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Introduction to Report

Launch Date: January 22, 2015

Number of Pages: 42

Geography Coverage: Global

Available Format: PDF

Price For Single User License: USD 1,495

Price For Site User License: USD 2,990

Price For Global User License: USD 4,485

Delivery Time: Within 24 Hours (During Working Days)

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About the Report

Wind power is capital intensive with most of the investment required upfront. The largest capital cost component is the turbine itself which can account for between 40% and 80% of the total capital cost of an onshore wind installation.

Costs offshore are higher because of the more expensive operating environment and the greater difficulty establishing a foundation so the proportion of capital cost taken by the turbine is generally lower than onshore. Turbine cost fell from 1980 until 2002 when prices started to rise again, peaking in 2009 before falling further.

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Key Findings:

India ($1,080/kW - $1,250/kW) and China ($1,360/kW – 1,370/kW) show the lowest capital costs and the USA ($1,830/kW) and Brazil ($1,670/kW) the highest..

By 2014 the LCOE for a plan entering service in 2019 had fallen to $204/MWh.

The lowest costs recorded in the table are in India, where the LCOE ranges from $47/MWh - $113/MWh, and China where the cost is estimated to be $49/MWh - $93/MWh.

The range of levelized costs found for onshore wind was $75/MWh to $150/MWh.

Offshore wind had a range of $130/MWh – 285/MWh and large solar PV $165/MWh to $400/MWh.

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Key Highlights:

Technological advances and greater overall efficiency are continuing to bring costs down.

This is feeding into capital cost trends which are following turbine prices by falling.

There are regional variations in capital costs, with costs lower in India and China than in Europe or the USA but regional differences are narrowing as the market becomes more global.

With capital cost the dominant component of the cost of energy, the levelized cost of electricity from wind plants is falling too and onshore wind is beginning to compete with other technologies, particularly new coal.

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Key Highlights Continues…

There is a growing consensus that onshore wind will reach parity in many parts of the world by the end of the decade, if not before.

The cost of wind power has continued to fall compared to many other technologies over the past five years and is now approaching the level at which it can compete with conventional technologies.

Power from natural gas and coal remains cheaper (without carbon capture and storage) but the steady growth in renewable penetration from both wind and wind power is leading to coal and gas-fired plants operating for less of the time, a factor which adversely affects their economics.

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Who this report is for….

Power utility strategists, energy analysts, research managers, power sector manufacturers, wind power developers, investors in renewables systems and infrastructure, renewable energy developers, energy/power planning managers, energy/power development managers, governmental organisations, system operators, companies investing in renewable power infrastructure and generation, investment banks, infrastructure developers and investors, intergovernmental lenders, energy security analysts.

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Report Coverage:

1. Executive summary2. The economics of wind power3. Future market and economic prospects for wind

power generation

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