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The levelized cost of electricity (LCOE) is a metric that attempts to compare the costs of different methods of electricity generation consistently. Though LCOE is often presented as the minimum constant price at which electricity must be sold to break even over the lifetime of the project, such a cost analysis requires assumptions about the value of various non-financial costs (environmental ...
The basic constraints of the economic dispatch problem remain in place but the model is optimized to minimize pollutant emission in addition to minimizing fuel costs and total power loss. [1] Plot from the SMARD data portal showing electricity generation in Germany in mid-December 2017. The ordering of the 'layers' is based on merit.
Electricity generation is the process of generating electric power from sources of primary energy. For utilities in the electric power industry , it is the stage prior to its delivery ( transmission , distribution , etc.) to end users or its storage , using for example, the pumped-storage method.
It is used as fuel gas, also in thermal power stations. Nuclear reaction heat is used in thermal power stations. Biomass is used directly or converted to biofuel. Electricity generators are driven by steam or gas turbines in a thermal plant, or water turbines in a hydropower station, or wind turbines, usually in a wind farm.
Natural resource economics and the availability of economically viable resources required for generator operation is variable per generation technology. For variable renewable energy generators, wind resource assessment and solar potential assessment are examples of methods used to assess the availability of resources required for wind turbines ...
Grid parity also applies to wind power where it varies according to wind quality and existing distribution infrastructure. ExxonMobil predicted in 2011 that wind power real cost would approach parity with natural gas and coal without carbon sequestration and be cheaper than natural gas and coal with carbon sequestration by 2025. [25]
A load duration curve (LDC) is used in electric power generation to illustrate the relationship between generating capacity requirements and capacity utilization. A LDC is similar to a load curve but the demand data is ordered in descending order of magnitude, rather than chronologically. The LDC curve shows the capacity utilization ...
Periods of generation where only partial generation of planned capacity occurs may or may not be deducted from the availability factor. An example of partial generation is a power plant with four installed turbines planned to be concurrently operational, but one of those turbines subsequently requires unplanned maintenance.