The Cost of Generating Electricity

The study examined a number of different technologies listed below.• Coal plant •• Pulverised fuel (PF) steam plant;•• Circulating fluidized-bed combustion (CFBC) plant;•• Integrated gasification combined-cycle (IGCC) plant; • Gas plant •• Open-cycle gas turbine (OCGT) plant;•• Combined-cycle gas turbine (CCGT) plant; • Nuclear fission plant.• Biomass (poultry litter) •• Bubbling fluidized-bed combustion (BFBC) plant; • Wind turbines •• Onshore•• Offshore • Wave and MarineThe PB Power report arrived at the following results:-The cost of generating electricity, as defined within the scope of this study, is expressed interms of a unit cost (pence per kWh) delivered at the boundary of the power station site. Thiscost value, therefore, includes the capital cost1 of the generating plant and equipment; the costof fuel burned (if applicable); and the cost of operating and maintaining the plant in keepingwith UK best practices. Within the study, however, the ‘cost of generating electricity’ isdeemed to refer to that of providing a dependable (or ‘firm’) supply. For intermittent2 sourcesof generation, such as wind, an additional amount has been included for the provision ofadequate standby generation. The findings of this study are summarised in Figure 1, whichillustrates the present-day costs of generating electricity from different types of technologyappropriate to the UK. For base-load operation, i.e. those plants which are operated continuously, the cheapest wayto generate electricity in the future from new plant, i.e. ignoring rehabilitation of existing plant,is by constructing combined-cycle gas turbine (CCGT) plant designed to burn natural gas.Table 1 summarises the cost of generating electricity for the different ‘base-load’ plantsconsidered by this study.Table 1 Cost of generating electricity for base-load plant (pence per kWh)For peaking operation, i.e. generating for limited periods of high demand and providing standbycapacity, open-cycle gas turbines (OCGT) fired on natural gas are the most appropriate newplant candidates. OCGT is ideally suited for the role of peaking duty, which requires flexibility,reliability and can be started quickly should the need arise. We estimate that the cost of a gas-fired OCGT generation will be about 3.1 pence per kWh if operated continuously. However, theaverage cost will rise to about 6.2 pence per kWh if only operated for limited periods of timeconsistent with peaking duty, i.e. for only 15 per cent of the time, say.Renewables are generally more expensive than conventional generation technologies. This isdue in part to the immaturity of the technology and the more limited opportunity to takeadvantage of cost savings brought about by economies of scale usually associated with moretraditional fossil-fuel types of generation. In addition, fluctuations in the energy source itselfmay limit the output of generation available from these technologies and, thus, raise the unitcosts of the generator on two counts:• as capacity factor3 falls, unit costs of generation rise;• additional, fast response, standby generating plant may have to be provided to maintainsystem security as the energy source fluctuates. 3 Gas-fired CCGT2.2Nuclear fission plant2.3Coal-fired pulverised-fuel (PF) steam plant2.5Coal-fired circulating fluidized bed (CFB) steam plant2.6Coal-fired integrated gasification combined cycle (IGCC)3.2.

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