TY - JOUR
T1 - A comprehensive review of variable renewable energy levelized cost of electricity
AU - Shen, Wei
AU - Chen, Xi
AU - Qiu, Jing
AU - Hayward, Jennifier A
AU - Sayeef, Saad
AU - Osman, Peter
AU - Meng, Ke
AU - Dong, Zhao Yang
PY - 2020/11
Y1 - 2020/11
N2 - Levelized cost of electricity (LCOE) is widely used to compare the cost of different electricity generation technologies. However, with the increasing penetration of variable renewable energy (VRE), it is inappropriate to use traditional equations to calculate the LCOE for non-dispatchable VRE due to its intermittent nature. Therefore, this paper reviews LCOE for renewable generation considering aspects such as improving traditional methods for evaluating and reducing the LCOE of VRE. The existing methods for improving the accuracy of the traditional LCOE have been divided into four aspects: investment-related cost, operating-related cost, expressions for plant performance and the uncertainty and risk-related costs. The review summarizes the existing studies from academic articles and technical reports and proposes suggestions for future research studies. © 2020 Elsevier Ltd. All rights reserved.
AB - Levelized cost of electricity (LCOE) is widely used to compare the cost of different electricity generation technologies. However, with the increasing penetration of variable renewable energy (VRE), it is inappropriate to use traditional equations to calculate the LCOE for non-dispatchable VRE due to its intermittent nature. Therefore, this paper reviews LCOE for renewable generation considering aspects such as improving traditional methods for evaluating and reducing the LCOE of VRE. The existing methods for improving the accuracy of the traditional LCOE have been divided into four aspects: investment-related cost, operating-related cost, expressions for plant performance and the uncertainty and risk-related costs. The review summarizes the existing studies from academic articles and technical reports and proposes suggestions for future research studies. © 2020 Elsevier Ltd. All rights reserved.
KW - LCOE evaluation
KW - LCOE overview
KW - LCOE reduction method
KW - Levelized cost of electricity (LCOE)
KW - Review
KW - Variable renewable energy (VRE)
UR - http://www.scopus.com/inward/record.url?scp=85089892065&partnerID=8YFLogxK
UR - https://www.scopus.com/record/pubmetrics.uri?eid=2-s2.0-85089892065&origin=recordpage
U2 - 10.1016/j.rser.2020.110301
DO - 10.1016/j.rser.2020.110301
M3 - RGC 21 - Publication in refereed journal
SN - 1364-0321
VL - 133
JO - Renewable and Sustainable Energy Reviews
JF - Renewable and Sustainable Energy Reviews
M1 - 110301
ER -
