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Renewable Power Generation Costs in 2019

Die aktuellste Studie der IRENA zeigt auf, dass über die Hälfte des aus EE-Anlagen generierten Stroms, zu geringeren Kosten generiert werden kann, als bspw. Strom aus den neuesten Kohlekraftwerken. © IRENA 2020, IRENA (2020), Renewable Power Generation Costs in 2019, International Renewable Energy Agency, Abu Dhabi. www.irena.org

RENEWABLE POWER

RENEWABLE POWER GENERATION COSTS 2019 ABBREVIATIONS ACP Alternative Compliance Payment IPP independent power producer BoS Balance of System IRENA International Renewable Energy Agency CAD Canadian dollar IRP integrated resource plan CARICOM Caribbean Community kW kilowatt CCS carbon capture and storage kWh kilowatt-hour CEER Council of European Energy Regulators LSE load-serving entities CfD Contract for Difference MDG Millennium Development Goal CO 2 carbon dioxide CPI Consumer Price Index CSP concentrated solar power EC European Council ECOWAS Economic Community of West African States MEMEE MENA Mtoe MW MWh Ministry of Energy, Mines, Water and Environment (Morocco) Middle East and North Africa million tonnes of oil equivalent megawatt megawatt-hour EJ exajoule NDRC National Development and Reform EU European Union Commission EUR euro NREL National Renewable Energy Laboratory (US) FIT feed-in tariff O&M Operation and Maintenance GBP British pound OECD OECD Organisation of Economic GDP gross domestic product Co-operation and Development GSR Global Status Report OEM Original Equipment Manufacturer GW gigawatt PPA Power Purchase Agreement GWh gigawatt-hour SDG Sustainable Development Goal GWth gigawatt-thermal TWh Terawatt-hour ILR Inverter Load Ratio VRE Variable Renewable Energy ILUC indirect land-use change WACC Weighted Average Cost of Capital INR Indian rupee 10

orld, highlights the latest trends for each of the main renewable power technologies. HIGHLIGHTS lution, that align short-term economic needs with medium- and long-term sustainable development goals. Renewable power installations coul HIGHLIGHTS • Renewable power generation costs have fallen sharply over the past decade, driven by steadily improving technologies, economies of scale, competitive supply chains and growing developer experience. • Costs for electricity from utility-scale solar photovoltaics (PV) fell 82% between 2010 and 2019. • New solar and wind projects are undercutting the cheapest and least sustainable of existing coal-fired power plants. Auction results show these favourable cost trends continuing in 2020 and beyond. • Replacing the 500 gigawatts of existing coal capacity with the highest operating costs with new solar PV and onshore wind would: » cut annual system costs by up to USD 23 billion per year; » reduce annual CO 2 emissions by around 1.8 gigatonnes, or 5% of last year’s global total; » yield a stimulus worth USD 940 billion, or around 1% of global GDP. • This comprehensive cost study, drawing on cost and auction price data from projects around the world, highlights the latest trends for each of the main renewable power technologies. • Continuing cost declines confirm that competitive renewables are a low-cost climate and decarbonisation solution, that align short-term economic needs with medium- and long-term sustainable development goals. • Renewable power installations could form a key component of economic stimulus packages in the wake of the COVID-19 pandemic. 11

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