Projected Costs of Generating Electricity - OECD Nuclear Energy ...

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photovoltaic device. Finally the sum can be compared with the costs of power generated by conventional power plants. The formula to calculate the back-up costs is given by: K BU = A K AK . L - = AK . ( 1 - L ) h v h w h v h w with, A K annuity of investment per kW of the back-up-power plant; h v maximum hourly load of the back-up-power plant; h w maximum hourly load of “renewable” power plant; L credit of capacity. 15 The first term represents the additional costs caused by the fixed costs of conventional back-up power plants. The second term represents the bonus as a consequence of the credit of capacity which can be saved in installed conventional power. This term has to be added to the costs of wind and solar power generation in order to compare it with the costs of power generated by conventional power plants. Bibliography Bundes-Immissionsschutzgesetz: Federal Emission Protection Law: Dreizehnte Verordnung zur Durchführung des Bundes Immissionsschutzgesetzes (2002), Verordnung über Großfeuerungs- und Lastturbinenanlagen, 13. BImSchV, Berlin, Germany. Enquete Kommission “Nachhaltige Energieversorgung unter Bedingungen der Globalisierung und der Liberalisierung” (2002), Abschlussbericht(http://www.bundestag.de/gremien/ener/schlussbericht/index.htm), Deutscher Bundestag, Berlin, Germany. International Energy Agency (2003), World Energy Outlook, OECD/IEA, Paris, France. Umweltbundesamt (UBA) (2002), “Ökosteuer - sparen oder zahlen?”, Berlin, Germany. VDEW Jahresbericht 2003 (2004), Verband der Elektrizitätswirtschaft, VDEW - e.V., Berlin/ Frankfurt am Main, Germany. Greece The demand for electric energy in Greece during the past few years has shown an annual growth rate greater than the average in Europe. This growth rate is likely to continue, as the per capita consumption of electricity in Greece is considerably lower than the European mean average, and domestic tariffs of the main electricity supplier “Public Power Corporation” – PPC S.A. – are the lowest in Europe. The growth of the economy will drive a matching growth of electricity demand. The electricity market The regulatory framework for the Greek electricity industry has changed significantly over the past four years as a result of measures designed to introduce competition in the national electricity market. The Liberalisation Law (2773/1999) implemented a new regulatory framework, based on the 1996 Electricity Directive. In addition, the Greek parliament adopted in July 2003 Law 3175/03 (with effect from 29 August 2003) that significantly amended several provisions of the Liberalisation Law, in order to make Greek electricity market more attractive to investors. 15. The credit of capacity is equal to the conventionalpower plant capacity saved in a mixed (conventional/renewable) system having the same supply reliability. 124
The most significant changes to the Liberalisation Law and the secondary legislation are summarised as follows: ● ● ● Establishment of a mandatory day-ahead market that is structured on market-based bids made on an hourly basis, reflecting at least the variable operating costs of each unit. The Hellenic transmission system operator (HTSO) may enter into agreements with generators in order to ensure security of supply and the provision of ancillary services and reserve power on a minimum cost and non-discriminatory basis. Regarding secondary legislation, there is a public consultation process in progress concerning the amendment of the Grid and Power Exchange Code. The interconnected transmission system is connected to the transmission systems of Albania, Bulgaria, the Former Yougoslav Republic of Macedonia (FYROM) and Italy. Greece has also started the construction of a 400 kV interconnection with Turkey. This project is scheduled to become operational at the end of 2006. Moreover, the Greek Ministry of Development has undertaken initiatives that are fully supported by the European Commission for the establishment of the Regional Electricity Market (REM) in South East Europe. In this respect, two Memoranda of Understanding (MoU) were signed in Athens in 2002 and 2003 by the Ministries of the concerned SE Europe countries through the so-called Athens Process, and the Treaty for the Energy Community in South East Europe (ECSEE) is under preparation. Electricity generation At the end of 2003, the installed electric power generation capacity in Greece amounted to 12 696 MW as shown in Table 1. Out of the total installed capacity, 88% is on the mainland whereas 12% is on the so-called “Non Interconnected Islands”, that is, on islands with autonomous systems not connected to the mainland grid. Additional generation capacity of about 50 MW was temporarily installed on the non-interconnected islands to provide additional electric power during the summer period of 2003 (June through September). On mainland Greece, thermal power plants using domestic coal (lignite), heavy fuel oil and natural gas constitute a total of 70% of the installed generation capacity, 27% is large hydroelectric and about 3% is based on renewable energy sources such as wind, small hydro and biomass. On the Non-Interconnected islands, 93% of the installed capacity is thermal (heavy and light fuel oil) and about 7% is based on renewable energy sources. It should be noted that over the last two years, the installed capacity of power plants burning natural gas as the main fuel has increased by 53%. Cost estimates In this study, the generation cost estimates are based on real data and prior experience for power plants commercially available and paper analysis for plants planned to be available in the short-term. PPC S.A. as well as private companies of the electricity sector provided this information. The power plants for which analysis was made and data were provided are: two natural gas plants (GRC-G1, G2), one power plant using heavy fuel oil low sulfur (1%) (GRC-OIL), two hydro plants (GRC-H1, H2) and five wind farms (GRC-W1, W2, W3, W4, W5). Gas plants GRC-G1 is a combined cycle plant of 377.7 MW (1 gas turbine & 1 steam turbine) with a thermal efficiency of 54%. This plant will be added at an existing power station. GRC-G2 is a combined cycle plant of 476.3 MW (2 gas turbines & 1 steam turbine) with a thermal efficiency of 52%. This plant, commissioned in 2002, is a totally new one. 125
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NUCLEAR ENERGY AGENCY INTERNATIONAL
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ORGANISATION FOR ECONOMIC CO-OPERAT
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Table of Contents Table of Contents
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Figures Figure 3.1 Specific overnig
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The introduction of liberalisation
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150 USD/MWh at a 5% discount rate a
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The technologies and plant types co
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locations and/or very favourable co
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conclusions of the study were used
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Chapter 2 Input Data and Cost Calcu
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equipped with emission control devi
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Table 2.2 - Exchange rates (as of 1
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Table 2.4 - Coal plant specificatio
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Table 2.7 - Wind and solar power pl
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Table 2.10 - Other plant specificat
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Figure 3.1 - Specific overnight con
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exchange rates, the coal prices var
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Construction time Gas-fired power p
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USD/MWh 70 60 Figure 3.5 - Levelise
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O&M costs The specific annual O&M c
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Cost ranges for coal, gas and nucle
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Ratio 1.9 Figure 3.12 - Cost ratios
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Table 3.11 - Overnight construction
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Table 3.14 - Projected generation c
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Except for the offshore plant in th
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At 10% discount rate, the levelised
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At 5% discount rate, hydroelectrici
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Table 4.6 - Projected generation co
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A CHP plant typically supplies heat
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Figure 5.2 - Levelised costs of ele
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lower unit capital and operating co
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Page 76 and 77: cost calculation for some 130 power
Page 78 and 79: It should be stressed that the plan
Page 80 and 81: Concluding remarks The lowest level
Page 82 and 83: Portugal Mr. António B. Gomes EDP
Page 84 and 85: Table A2.1 - Nuclear plant investme
Page 86 and 87: Overnight Capital Costs: Constructi
Page 88 and 89: Table A2.7 - Gas-fired (including C
Page 90 and 91: Table A2.10 - Wind plant investment
Page 96 and 97: Cost structure of supported green e
Page 98 and 99: The highest investment cost arises
Page 100 and 101: The expected development of the per
Page 102 and 103: ● ● Autoproducers. These firms
Page 104 and 105: Canada The electricity market situa
Page 106 and 107: Natural gas - combined cycle gas tu
Page 108 and 109: Denmark Basic data Denmark has abou
Page 110 and 111: In the future, both an increase in
Page 112 and 113: nuclear operator Teollisuuden Voima
Page 114 and 115: these power generation methods. Two
Page 116 and 117: Figure 5 - Competitiveness of vario
Page 118 and 119: 2004. It envisages the gradual incr
Page 120 and 121: Table 4 - Gross electricity supply
Page 122 and 123: ● ● ● ● ● ● ● ● ●
Page 124 and 125: Electricity generation costs The to
Page 128 and 129: Table 1 - Installed electric power
Page 130 and 131: Japan Consumers in Japan are suppli
Page 132 and 133: BPE will be established not as a bi
Page 134 and 135: Coal Coal fired power plants have b
Page 136 and 137: A new sewage treatment plant with a
Page 138 and 139: The interconnections between Portug
Page 140 and 141: In order to respond to these basic
Page 142 and 143: efficient energies and is reducing
Page 144 and 145: Liberalisation Basic restructuring
Page 146 and 147: External costs for electricity prod
Page 148 and 149: At the beginning of plant operation
Page 150 and 151: and high ash, moisture and sulphur
Page 152 and 153: The White Paper did not contain pro
Page 154 and 155: Table 7 shows the projected load fa
Page 156 and 157: other investment options available
Page 158 and 159: The impurities contained in coal ar
Page 160 and 161: “ultra-supercritical” condition
Page 162 and 163: unmineable coal seams. All three pr
Page 164 and 165: Light water reactors require enrich
Page 166 and 167: concerns. Consequently, the natural
Page 168 and 169: generators and power electronics el
Page 170 and 171: conventional fossil-fired plants. B
Page 172 and 173: ● ● very effective and is used
Page 175 and 176: Appendix 5 Cost Estimation Methodol
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into account in the real price of g
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● ● ● ● Factors under the c
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and small power plants. Although th
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The general approach remains useful
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Two US economic analyses of nuclear
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assume future prices follow a rando
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The effects of price risk on techno
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The option to delay is embedded in
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Appendix 7 Allocating the Costs and
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Further Fourier’s law for heat tr
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Figure A7.4 - The energy conversion
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This yields: β = 0.153 α. If α e
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It is emphasised that depending on
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1 st oil shock 2 nd oil shock Saudi
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Table A8.2 - Expected lower and upp
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Reliability in electricity systems
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is also highly dependent on the typ
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In the ILEX study 5 and in another
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an increasing share of wind is the
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able to work out the optimal operat
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Appendix 10 Impact of Carbon Emissi
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costs of generation. The introducti
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price at 3.5 €/GJ are the next fa
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Figure A10.5 - Steam coal price var
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The longer term impact on investmen
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Appendix 11 List of Main Abbreviati
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