Wind’s Value Far Higher Than The Cost

New Report Shows Technology Advancement and Value of Wind Energy; Berkeley Lab research finds that societal value of wind is far in excess of costs

August 30, 2022 (Lawrence Berkeley National Laboratory)

“…With levelized costs of just over $30 per megawatt-hour (MWh) for newly built projects, the cost of wind is well below its grid-system, health, and climate benefits…[With nearly $25 billion invested in 16.8 gigawatts (GW) of capacity, wind] energy output rose to account for more than 8% of the entire nation’s electricity supply, and is more than 20% in 10 states. At least 209 GW of wind are seeking access to the transmission system; 61 GW of this capacity are offshore wind and 13 GW are hybrid plants that pair wind with storage or solar…

click to enlarge

…The average capacity factor (a measure of project performance) among projects built over the last five years was above 40%, considerably higher than projects built earlier…Proposed projects indicate that total turbine height will continue to rise…Wind energy prices remain low, around $20/MWh in the interior ‘wind belt’ of the country…These prices, which are possible in part due to federal tax support, fall below the projected future fuel costs of gas-fired generation…Levelized costs vary across time and geography, but the national average stood at $33/MWh in 2020…

click to enlarge

The health and climate benefits of wind in 2020 were larger than its grid-system value, and the combination of all three far exceeds the current levelized cost of wind. Wind generation reduces power-sector emissions of carbon dioxide, nitrogen oxides, and sulfur dioxide. These reductions, in turn, provide public health and climate benefits that vary regionally, but together are economically valued at an average of $76/MWh-wind nationwide in 2020…” click here for more

click to enlarge

Tweet