Costs of deploying renewable electricity generators continue to fall as new government statistics show dramatic cost reductions for solar and wind out to 2040. The Electricity Generation Costs document details forecasts for the levelised cost of energy (LCOE) across a number of electricity generation technologies. The most recent iteration – published yesterday (24 August 2020) – shows that the government expects large-scale solar PV to be developed at a LCOE of £44/MWh in 2025 in its central cost scenario, a significant drop when compared to its 2016 forecast, which placed solar at £68/MWh. Likewise, onshore wind has seen reductions from the 2016 forecast – £65/MWh – and now comes in at £46/MWh in 2025. Offshore wind, meanwhile, has seen the biggest drop, going from £106/MWh in the 2016 forecast to £57/MWh. CCGT, on the other hand, is expected to cost £85/MWh, significantly higher than the renewable technologies.
Current 25th Aug 2020 read more »
Renewables costs are continuing to fall – and they are doing so at a startling pace. That is the headline conclusion from the government’s latest update to its energy cost projections.
Business Green 25th Aug 2020 read more »