Come join Lazard’s Power, Energy & Infrastructure Team and Roland Berger’s U.S. Regulated and Infrastructure team as we host a webinar focused on Lazard's 2023 LCOE+ report.
Over the course of 60 minutes, we will identify recent trends in renewable energy and storage prices; discuss our methodology for the cost of firming renewables and highlight emerging zero carbon baseload technologies.
This event will feature a 30-minute presentation from the Lazard and Roland Berger teams and will be followed by 30 minutes of discussion, Q&A.
Please see below for a high level summary of this year’s report:
This year's LCOE+ from Lazard includes new methodologies reflecting the momentum of the energy transition, such as evaluating the "firming cost" of renewable resources, analyzing renewable generation costs at the component level, and reporting on the state of early-stage technologies such as carbon capture and long-duration storage.
While the primary long-term trend is clearly the declining cost of renewables, their average LCOE increased for the first time of the history of the report this year - by 32% for wind and 67% for utility scale solar.
Overall, renewables remain cost competitive with existing fossil fuel generation on an energy basis, particularly in a rising and volatile gas price environment.
Standalone energy storage costs increased 30% from 2021, reflecting strained supply chains, rising commodity prices, and shifting supplier pricing power. The cost to charge installed storage also increased, along with average power prices in all major US markets.
Long duration energy storage is expected to be competitive with lithium-ion 8-hour systems by the end of the decade. With IRA incentives, long-duration electrochemical storage could reach a levelized cost of USD 144/MWh compared to USD 180/MWh for lithium systems.
The potential of electrolytic hydrogen for decarbonization continues to be evident, with several utilities and developers piloting co-fired clean hydrogen with natural gas for power generation. IRA subsidies are expected to lower clean hydrogen costs to that of hydrogen produced from fossil fuels.
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