The year 2020 has been one of a kind, that is undeniable. Yet, not only has the pandemic caused us to rethink, but also to act on issues like lockdowns, travel restrictions, climate change and government policies. Many governments around the world have set ambitious climate targets, not only to meet the requirements under the Paris agreement, but also to exceed them.
No single energy source is carbon-free. Despite that, no metric that offers insights into comparative costs across multiple energy types includes carbon emission costs.
In order to account for these emission costs, the Electrifying team has derived a factor that can be added to existing metrics such as levelized costs of energy (LCOE), levelized avoided costs of electricity (LACE), and value adjusted levelized costs of energy (VALCOE), among others.
Solar and wind power generation doubled their share over the last five years in terms of global energy supply. This is an astonishing growth rate of 14.87% per annum on average. But what has contributed to that rapid increase? Coronavirus, it turns out, has played a role.
Recent blogs have looked closely at various renewable energy sources’ levelized cost of energy (LCOE). This measure has been, and will likely remain, an essential metric when it comes to comparing energy-related projects. A key advantage is that LCOE is expressed in currency per megawatt-hour or kilowatt-hour, and is flexible through its use of each assets’ development and operational parameters.
Do you remember headlines predicting the imminent end of fossil fuels?
Years later, the end of fossil fuels is still being predicted. We are half way through 2020 and there is still no end in sight for fossil fuels. Without question, fossil fuels are finite, but why are accurate forecasts so hard to come by? And what does this mean for renewable energy?