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Beyond LCOE: Value of technologies in different generation and grid scenarios
15th December 2020 @ 8:00 am - 5:00 pm
Since its introduction, the levelised cost of electricity (LCOE) has become ubiquitous in the evaluation and comparison of power generation technologies. While it is a readily accessible metric, it focuses exclusively on the cost of electricity produced from an asset and neglects to address the provision of ancillary services that are vital for the reliable operation of an electricity grid.
This simplification was entirely appropriate for the electricity system of the 20th century, dominated at it was by fossil fuels and nuclear technologies, but it falls well short as a metric to compare technologies in a system to provide net-zero emissions by the mid-21st century. In this study, the various concepts that have been proposed as alternatives to LCOE have been evaluated and the potential for a concept that balances completeness and ease of use explored.