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European renewable energy generator Statkraft, in collaboration with Norwegian supplier Ocean Sun, has started commercial operations at the first unit of its floating solar project in Albania. The project is placed at the Banja reservoir in Albania, where Statkraft is operating its 72-MW Banja hydropower plant.
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Between 2021 and 2022, the global weighted average levelized cost of electricity (LCOE) of ten newly commissioned geothermal projects fell by 22% to USD 0.056 kWh. This statistic was reported by the International Renewable Energy Agency (IRENA) in their newly published document, “Renewable Power Generation Costs in 2022.”
Decreased Renewables Cost: Levelized Cost of Electricity (LCOE) to project sponsors is expected to decrease by 40-60%, which will likely result in cost reductions for commercial electricity users. Notes: PTC stands for Production Tax Credit. ITC stands for investment tax credit. Sources: Deloitte Analysis, H.R.5376
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Strong growth in corporate demand for renewable energy backed by European certificates of origin outpaced supply in 2019, data shows. That marks a 61TWh rise in demand for renewable electricity last year compared to 2018, far outpacing the growth in supply of GOs, which is estimated to have grown by only 3.5 per cent in 2019.
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