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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 ...
A 1,000 MW coal-burning power plant could have an uncontrolled release of as much as 5.2 metric tons per year of uranium (containing 74 pounds (34 kg) of uranium-235) and 12.8 metric tons per year of thorium. [30] In comparison, a 1,000 MW nuclear plant will generate about 30 metric tons of high-level radioactive solid packed waste per year. [31]
In a simple cycle gas-turbine, also known as open-cycle gas-turbine (OCGT) generators, hot gas drives a gas turbine to generate electricity. This type of plant is relatively cheap to build and can start very quickly, but due to its lower efficiency is at most only run for a few hours a day as a peaking power plant. [8]
Nuclear, coal, oil, gas and some hydro plants can supply base load. If well construction costs for natural gas are below $10 per MWh, generating electricity from natural gas is cheaper than generating power by burning coal. [13] Nuclear power plants can produce a huge amount of power from a single unit.
Certain onshore wind farms can reach capacity factors of over 60%, for example the 44 MW Eolo plant in Nicaragua had a net generation of 232.132 GWh in 2015, equivalent to a capacity factor of 60.2%, [7] while United States annual capacity factors from 2013 through 2016 range from 32.2% to 34.7%.
The cost of a electricity production depends on costs during the expected lifetime of the generator and the amount of electricity the generator is expected to produce over its lifetime. The levelized cost of electricity (LCOE) is the average cost in currency per energy unit, for example, EUR per kilowatt-hour or AUD per megawatt-hour. [3]
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