Insight
Europe levelised cost of electricity (LCOE) 2021: Analysis of power technology and generation cost trends and competitiveness
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Report summary
The levelised cost of electricity (LCOE) from renewables continues to decline across Europe. The evolution of the market, from basic feed-in tariffs to auction-based systems, sees competition yield continued cost reductions. Onshore wind currently offers the most attractive LCOE, but will be overtaken by solar PV (tracker equipped) in 2032. Growth of hybrid solutions is essential to support market and system function. Early adopters, adapting to system and market needs more quickly than others, will out-compete less sophisticated players. Effective carbon pricing is key to displacing fossil fuel new build and generation. This new annual power and renewables system costs and LCOE report for Europe provides technology-level analysis for Germany, France, United Kingdom, Italy, Spain, Belgium, Denmark, Finland, Norway, Netherlands, Portugal and Sweden.
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