Renewable energy has become an increasingly competitive way to meet new power generation needs. This comprehensive cost study from the International Renewable Energy Agency (IRENA) highlights the latest trends for each of the main renewable power technologies. Released ahead of high-profile United Nations energy and climate discussions, Renewable Power Generation Costs in 2018 draws on the latest cost and auction price data from projects around the world.
In 2018, just over 500 MW of new geothermal power generation capacity was added. Where good high-temperature resources exist, geothermal can be a very economical source of round-the clock power. In 2018, the global weighted-average Levelized Cost of Electricity (LCOE) of new geothermal plants commissioned was USD 0.072/ kWh, 1% lower than in 2017.
The market for geothermal remains modest, with between a minimum of 90 MW (in 2011) and a maximum of 650 MW (in 2015) of annual new capacity commissioned between 2010 and 2018. Given the small number of projects commissioned each year, the global weighted-average LCOE in any given year is heavily influenced by the site-specific characteristics of the project, as well as the country. The global weighted average LCOE of newly commissioned geothermal plants was USD 0.05/kWh in 2010, with this rising to USD 0.08/kWh in 2012, while between 2013 and 2018, the average was between USD 0.06/kWh and USD 0.07/kWh (See Figure above).
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