Conventional Power Generation Technologies Research Articles

Advancements and Future Prospects in Ocean Wave Energy Harvesting Technology Based on Micro-Energy Technology.

Marine wave energy exhibits significant potential as a renewable resource due to its substantial energy storage capacity and high energy density. However, conventional wave power generation technologies often suffer from drawbacks such as high maintenance costs, cumbersome structures, and suboptimal conversion efficiencies, thereby limiting their potential. The wave power generation technologies based on micro-energy technology have emerged as promising new approaches in recent years, owing to their inherent advantages of cost-effectiveness, simplistic structure, and ease of manufacturing. This paper provides a comprehensive overview of the current research status in wave energy harvesting through micro-energy technologies, including detailed descriptions of piezoelectric nanogenerators, electromagnetic generators, triboelectric nanogenerators, dielectric elastomer generators, hydrovoltaic generators, and hybrid nanogenerators. Finally, we provide a comprehensive overview of the prevailing issues and challenges associated with these technologies, while also offering insights into the future development trajectory of wave energy harvesting technology.

High-Performance thermoelectric generator based on n-Type flexible composite and its application in Self-Powered temperature sensor

Thermoelectric generators (TEGs) present a promising alternative to conventional power generation technologies for powering low-power wearable electronics. However, there are few n-type organic materials with high thermoelectric and mechanical performance. In this study, a polymer (PEI-PFA) via low temperature polycondensation between polyethyleneimine (PEI) and paraformaldehyde (PFA) is synthesized, and this is the first reported polymer which can be not only used as a novel n-type dopant of single-walled carbon nanotubes (SWCNTs) due to the PEI moieties, but also endow the composites with good flexibility due to the synthesized hemiaminal dynamic covalent networks. Subsequent addition of sodium hydroxide (NaOH) can further enhance the electron conductivity. The resulting SWCNT/PEI-PFA/NaOH composite film exhibits an excellent electrical conductivity of 1641.22 S cm−1, a power factor of 115.77 μW m−1 K−2, a tensile strength of 36.4 MPa, and flexibility up to 21 % strain. In addition, a self-powered sensor is assembled, which can efficiently monitor temperature changes and strain deformations. Moreover, a thermoelectric device containing five p-n junctions based on the pristine SWCNTs and SWCNT/PEI-PFA/NaOH composite is prepared, and a high output power of 5.33 μW at the temperature difference of 75.2 K is achieved. This work presents a promising approach to developing flexible n-type thermoelectric materials for self-powered wearable electronics.

Combining integrated solar combined cycle with wind-PV plants to provide stable power: Operation strategy and dynamic performance study

Building a multi-energy complementary power generation system is a viable way to encourage the use of renewable energy and decarbonize power generation. However, the intermittent nature of renewable power generation, such as photovoltaic and wind power, has prompted concerns regarding power grid stability. To balance such fluctuations, energy storage systems or other flexible power generation technologies should be integrated. In this paper, the peak regulation ability of integrated solar combined-cycle has been enhanced via employing a gas/oil exchanger between the top and bottom cycle. When integrating high penetration intermittent renewable energy, an appropriate operational strategy towards high-quality steady power output regulation is proposed. Dynamic performance analysis of the system, coupled characteristic of heat and mass transfer between subsystems have been highlighted. The case study demonstrates that fluctuations of the multi-energy complementary system power output can be controlled below 0.3 MW without renewable energy curtailment, even though wind-PV power generation fluctuates from 0.3 MW to 26.1 MW with variations per second reaching −2.8/3.7 MW. Furthermore, the system's levelized cost of electricity is down to 0.0512 $/kWh, which is cost-competitive with conventional power generation technologies.

Identifying Economic and Clean Strategies to Provide Electricity in Remote Rural Areas: Main-Grid Extension vs. Distributed Electricity Generation

The policy decision of extending electric power transmission lines to connect a remote area to a primary grid vs. developing local electricity generation resources must be informed by studies considering both alternatives’ economic and environmental outcomes. Such analysis must also consider the uncertainty of several factors such as fuel prices, the cost and performance of renewable and conventional power generation technologies, and the value of environmental benefits. This paper presents a method for this analysis, making two main contributions to the literature. First, it shows how to characterize the two alternatives (i.e., main-grid extension vs. local power generation) in detail for precise quantification of their capital and operating costs while guaranteeing that they are both adequate to meet forecast demand and operating reserves. Second, it shows how to properly account for the economic and environmental implications of renewable energy intermittency and uncertainty through the optimization of capital investments and hourly operations. The method is illustrated by applying this analysis method to Saudi Arabia, where the government is struggling to outline a strategy to meet residential and commercial loads reliably and sustainably in the country’s remote, scattered, isolated areas. To meet this demand, the Saudi government is considering two main alternatives: (1) extending the primary power transmission grid; or (2) installing an optimal combination of off-grid distributed generation (DG) resources, including solar PV, wind, diesel, oil, heavy fuel oil, and Li-ion batteries, to generate the electricity locally. Results suggest that under most scenarios of capital costs, fuel prices, and costs of air pollution, developing a microgrid with a large share of wind and solar power is more cost-effective than extending a primary grid 150 km or more away. Extending a primary grid powered by gas-fired combined-cycle power plants is more economical only if the load is not very high, the distance is not more than 350 km, and oil prices are relatively high compared to natural gas.

Towards a sustainable energy future for Egypt: A systematic review of renewable energy sources, technologies, challenges, and recommendations

Egypt has a significant role in international energy transit, being one of the major economies in the African continent. However, its energy sector is still overwhelmed with the local energy demands. It has been predicted that Egypt's CO2 emissions could increase by around 125% from 2012 to 2035 if the nation's energy demand is met using conventional power generation technologies. Given that Egypt has signed the Kyoto protocol and recognised the role of international cooperation in facing climate change, the country should focus on meeting the growing energy demand using clean energy technologies. In the meantime, Egypt has been facing many challenges due to the water scarcity issues and environmental risks arising from the lack of efficient solid waste management strategies over the last few decades. It has been predicted that the country's crude oil reserves might be depleted within the next 15 years or so. To face these challenges effectively and enforce the Egyptian role in international energy transit, renewable energy (RE) technologies and their applications should be the main focus of the current/future Egyptian energy frameworks. This review summarises the current energy outlook of Egypt while analysing the country's potential to harness energy from sustainable sources. In general, it has been found that Egypt's renewable energy sector is yet to be exploited for sustainable energy production through its diverse and plentiful resources. Eventually, two scenarios have been proposed to consider in achieving the nation's 2035 energy target, which is to generate 42% of the country's energy need through renewable sources. This study should help Egypt and other countries to set the way forward in achieving the NET ZERO target that the whole world aims to fulfil over the next few decades.

Comparative analysis of thermal economy of two SOFC-GT-ST triple hybrid power systems with carbon capture and LNG cold energy utilization

This paper studies the coupling of fuel cell power generation technology and conventional thermal power generation technology, constructs the thermodynamic model of combined cycle power generation of fuel cell, gas turbine and steam turbine, and analyzes the thermodynamic performance of the system from the important links such as compressor pressure ratio, steam carbon ratio, fuel utilization, fuel cell operating temperature and gas recirculation. Since natural gas as fuel will emit a lot of greenhouse gases, two new low-carbon power generation systems including composite power system, carbon capture and liquified natural gas cold energy utilization are proposed. In this paper, the post-combustion carbon capture which is more practical and conducive to the safe operation of the system is used. The adsorbents used in the two carbon capture methods are MDEA and CaO respectively. In the MDEA carbon capture process, flash tower and split flow process are added to reduce energy consumption. In the calcium looping carbon capture process, CO2 reflux process is set to optimize the calcination temperature, and two-stage waste heat boilers are set to recover a large amount of waste heat of CO2 and clean flue gas respectively. After that, to further save energy consumption, a method of cascade utilization of liquified natural gas cold energy is proposed. It can not only increase power output, but also provide natural gas at normal temperature and pressure for the system and the outside. The calculation results show that the efficiency of the optimized combined cycle system of fuel cell, gas turbine and steam turbine reaches 70.32%. In terms of energy saving, the system efficiency of MDEA carbon capture process is 1.81% higher than that of calcium looping carbon capture process, and calcium looping carbon capture process has more advantages in economic cost. In addition, the cascade utilization of liquified natural gas cold energy provides additional 410.86 kW, 382.64 kW electric energy and more directly usable natural gas for the two systems. The research results of this paper can provide meaningful guidance for the design of low-carbon and high-efficiency power generation system based on fuel cell.

Improvements of Micro-CHP SOFC System Operation by Efficient Dynamic Simulation Methods

Solid Oxide Fuel Cell (SOFC) technology is of high interest for stationary decentralized generation of electricity and heat in combined heat and power systems (CHP) for the residential sector. Application scenarios for SOFC systems in an electricity-regulated mode play an important role, especially in places where an electrical grid connection is not available or rather unstable. The advantages of SOFC systems are the high fuel flexibility and the high efficiencies also under partial load operation compared to other decentralized power generation technologies. Due to the long, energy-consuming system heat-up and the limited partial load capability, SOFC systems do not reach the performance of conventional power generation technologies. Furthermore, stack thermal cycling is associated with power degradation and should be minimized. In this paper, the improvement of these drawbacks are investigated for hotbox-based SOFC systems in the 1 kWel-class for residential applications. Since experimental investigations of the high-temperature systems are limited, modeling tools are established, enabling the visualization of internal system characteristics and providing the opportunity to simulate system operation in critical regions. To achieve this, a methodology for dynamic SOFC system modeling in a process engineering manner is developed based on the modeling language Modelica. A suitable approach is particularly important for modeling and simulation of the strong thermal interaction between the hot system components within the hotbox. The parametrized and validated models are used for the investigation of different dynamic effects, such as the system heat-up and the operation in low partial load points. A second reduced thermal system model aims for annual simulations of the SOFC system together with a battery to investigate the number of thermal cycles and the advantage of a hot standby operation. As a result, it is found that an adequate control of the power input at the start-up device and the cathode air flow has a high improvement potential to increase the stack heating rate and accelerate the heat-up in an energy-saving way. The hotbox-internal thermal management is identified as a crucial issue to reach low partial load points. To avoid the risk of stack cooling, lower heat losses and/or additional heat sources are of importance. Furthermore, the robustness of the tail gas oxidizer is found to be crucial for a higher load flexibility during partial load and the end of life stack operation. The annual simulation results indicate that operating the battery hybrid system with a hot standby mode requires much lower battery capacity for a high grid independence and a complete avoidance of system shutdown and associated power degradation.

Analysis of the Process of Mineral Sequestration of CO2 with the Use of Fluidised Bed Combustion (FBC) Fly Ashes

There is a current focus on replacing the generally accepted conventional power generation technologies with more advanced ones that will better protect the natural environment. The need to limit CO2 emissions from power generation plants presents a problem that must be solved in many countries that use coal or lignite as basic fuels. One potential option is mineral sequestration performed using side products of fossil fuel combustion, such as fluidised bed combustion (FBC) fly ashes. Fluidised bed combustion (FBC) lignite fly ashes are characterised by a high storage capacity of 15.7%. Research conducted with the most commonly used method of direct mineral sequestration—CO2 trapping with fluidised bed combustion (FBC) ash in water suspension—has indicated a very high level of carbonation of CO2, reaching 11%. Calcite was the basic product of carbonation. The calcite content increased from 2% to 12% in the suspension subjected to treatment with CO2. Furthermore, CO2 reduced the pH and limited the leaching of impurities, such as Zn, Cu, Pb, Ni, As, Hg, Cd, Cr, Cl, and SO4. The fly ash suspensions subjected to CO2 treatment can be used in industry in the final stage of carbon capture and utilisation (CCU) technology, which will further contribute to the implementation of the circular economy.

Energy hub optimization framework based on open-source software & data - review of frameworks and a concept for districts & industrial parks

Multi-model energy systems are gaining importance in a world where different types of energy, such as electricity, natural gas, hydrogen, and hot water, are used to create more complex but also more economic energy systems to support deep decarbonization. While the research community is using open source for a long-time collaborative work on open-source tools is not yet the norm within the research community. To increase the open and sharing efforts between research organizations governments are driving publicly funded projects to share their outcomes. The proposed open-source framework is based on the principle of maximizing the reuse of existing data, software snippets and packages, and add individual code only as necessary. A screening of more than hundred software packages identified six suitable open-source frameworks to be partly incorporated into the new open-source framework. The best parts of each of these frameworks are combined in a way that utilizes limited human resources in an optimal way. To further improve the so created energy system framework additional features such as a scenery model to incorporate shadowing and elevation effects on conventional and renewable power generation technologies are included. Going forward, this approach allows to expand research into urban air assessment in which traffic and energy emissions can be assessed jointly.

ТРАДИЦИОННАЯ И НОВАЯ МАЛАЯ ЭНЕРГЕТИКА В СЕВЕРНЫХ РЕГИОНАХ РОССИИ.

For the North and Arctic regions of Russia the task of the small power generation development is important because there are large areas of expensive decentralized electricity supply (DES) and difficult living conditions. In studying the processes of the small energy development, it is important to detail regional features and economic conditions that determine competitiveness of promising types of energy sources. The article presents the analysis results of the DES of the Russia northern territories on the example of three regions: the Republic of Komi, the Arkhangelsk region, the Republic of Sakha (Yakutia). The analysis aim is to determine the existing prerequisites and barriers to active development of the small power generation in the North. On the basis of the detailed energy-economic indicators and the received generalizations, options for improving the efficiency of autonomous energy supply based on conventional and new small-sized power generation technologies are being considered. The analysis showed that the development of DES zones does not have the institutional incentives and sufficient resource base for qualitative technological modernization. Most of the investment and operating costs of DES in the northern regions are compensated through cross-and budget subsidizations. Traditional diesel generation remains high-cost and low-efficiency, its modernization is carried out at slow rate, the potential of electric and heat energy cogeneration is not used. Renewable energy technologies are not ready for large implementation in local energy systems of the North and Arctic 14of Russia. The renewables projects, implemented over the past five years, are mainly experimental and demonstration. The analysis of the indicators of the "northern" renewable energy projects does not confirm their economic efficiency. The reasons are not only in the high unit investment costs, but also in relatively low utilization rates of the installed capacity (capacity factors) of solar and wind power plants. There is no targeted state support for the development of the efficient small-sized power generation in northern regions.

Small-Scale Nuclear Energy

Ensuring an ongoing supply of power in a low carbon economy is one of the major national and international challenges that almost every country faces. Investments in alternative and renewable energy technologies have risen steadily over the last decade, particularly since the ratification of the 2030 Paris Agreement. Although reasonable progress has been made as a result of this, even the most developed renewable energy technologies, for example, solar, wind and hydro, cannot satisfy the rapidly growing energy demand of the world. Arguably a non-renewable energy source, nuclear energy may be one clean energy answer for the future. More specifically, small-scale nuclear energy holds considerable potential. Such potential exists in the form of light water small modular reactors (LW-SMRs). These SMRs have the capability to meet the energy independence and the energy security needs of many countries while reducing capital and operating expenditure and environmental and physical footprint. The modularity aspect of this technology allows for varied application, from large towns to rural regions that currently rely on individual generators. It also creates the opportunity of cogeneration with already existing conventional power generation technology to diversify power generation and increase grid stability. LW-SMRs are not a new idea; in fact, they have been used to power U.S. aircraft carriers and submarines for almost 60 years. This case study will address the advantages and disadvantages of the LW-SMR, using the market leader NuScale as an example. NuScale in Oregon, United States, is arguably the most experienced and influential LW-SMR nuclear energy company when it comes to the factory fabrication of LW-SMRs.

Direct ammonia fueled solid oxide fuel cells: A comprehensive review on challenges, opportunities and future outlooks

Nowadays, the most decisive challenges we are fronting are perfectly clean energy making for equitable and sustainable modern energy access, and battling the emerging alteration of the climate. This is because, carbon-rich fuels are the fundamental supply of utilized energy for strengthening human society, and it will be sustained in the near future. In connection with this, electrochemical technologies are an emerging and domineering tool for efficiently transforming the existing scarce fossil fuels and renewable energy sources into electric power with a trivial environmental impact. Compared with conventional power generation technologies, SOFC that operate at high temperature is emerging as a frontrunner to convert the fuels chemical energy into electric power and permits the deployment of varieties of fuels with negligible ecological destructions. According to this critical review, direct ammonia is obtained as a primary possible choice and price-effective green fuel for T-SOFCs. This is because T-SOFCs have higher volumetric power density, mechanically stable, and high thermal shocking resistance. Also, there is no sealing issue problem which is the chronic issues of the planar one. As a result, the toxicity of ammonia to use as a fuel is minimized if there may be a leakage during operation. It is portable and manageable that can be work everywhere when there is energy demand. Besides, manufacturing, onboard hydrogen deposition, and transportation infrastructure connected snags of hydrogen will be solved using ammonia. Ammonia is a low-priced carbon-neutral source of energy and has more stored volumetric energy compared with hydrogen. Yet, to utilize direct NH3 as a means of hydrogen carrier and an alternative green fuel in T-SOFCs practically determining the optimum operating temperatures, reactant flow rates, electrode porosities, pressure, the position of the anode, thickness and diameters of the tube are still requiring further improvement. Therefore, mathematical modeling ought to be developed to determine these parameters before planning for experimental work. Also, a performance comparison of AS, ES, and CS- T-SOFC powered with direct NH3 will be investigated and best-performed support will be carefully chosen for practical implementation and an experimental study will be conducted for verification based on optimum parameter values obtained from numerical modeling.

Prioritizing the existing power generation technologies in Bangladesh’s clean energy scheme using a hybrid multi-criteria decision making model

The dilemma of choosing between extending conventional power generation technologies (PGTs) or transiting to clean PGTs has been challenging in developing countries around the globe. For this reason, the present study proposed an innovative hybrid multi-criteria decision-making (MCDM) model using an aggregated weighting and ranking method to prioritize PGTs based on the case study of Bangladesh. Eight criteria covering technical, economic, environmental and social aspects were selected based on the agreement of experts. The comparative study identified the utility of the proposed MCDM model. The results of ranking the six existing PGTs revealed that gas PGT is the best; wind PGT is the worst; and among all clean PGTs, solar PGT is the best option for Bangladesh. The consistency and robustness of the results are verified by a validity test. Moreover, sensitivity analysis of the criteria further indicates that reducing the impacts of land use and generation cost in solar systems is the most effective approach and therefore is discussed to promote clean PGTs in Bangladesh. Hence, this proposed model has been identified as effective in enhancing the value of information and can be accepted as a useful tool to ease the dilemma of decision making in the development of clean energy in developing countries.

Development of sustainability indicators for the assessment of coal-based power generation pathways

This paper is to develop measurable indicators of coal-based power generation pathways to establish a benchmark for comparative sustainability assessment and optimization. Power generation from coal subdivided to thirty-six pathways with the development of two sets of sustainability indicators. The first set includes the complete life cycle, and the second set includes only the power generation stage. The complete life cycle covers coal mining, power generation, and cooling system unit operations. Comprehensive evaluation necessitates the development of five sustainability indicators to cover water demand (consumption and withdrawals), greenhouse gas emissions (GHG), land use, and levelized cost of electricity (LCOE). Compared to the conventional coal-based power generation technologies, new coal technology pathways have the lowest GHG emissions, use less water and land, but would have a different impact on the LCOE. The cooling system type is the factor with the most impact on the water demand indicators; coal combustion unit operation has the most impact on the GHG emissions indicator; dry cooling has the most impact on the LCOE indicator. The fuel production stage has the most impact on the land use indicator. The resources and GHG emissions-effective scenario conducted to cover the demand capacity range of 250–5000 MW. This scenario shows that due to the importation of coal from a different jurisdiction and based on the average values, the savings in water demand is 87%, the savings in land area is 95%, the mitigation of GHG emissions is 6%. In contrast, the corresponding average increase in LCOE is 14%.

Carbonate molten salt solar thermal pilot facility: Plant design, commissioning and operation up to 700 °C

Concentrated solar power (CSP) is not currently cost competitive with conventional power generation or other solar energy technologies, but it is attractive because it integrates commercially viable large-scale thermal energy storage (TES). To improve performance and reduce costs, supercritical carbon dioxide (s-CO2) power cycles have been proposed to increase the thermal-to-electric conversion to values above 50%. However, to achieve this target, the solar energy collected by the receiver and stored in the TES must be delivered to the power turbine at a temperature at or above 700 °C, while current advanced plants only provide thermal energy at 565 °C. For the first time, a high temperature (700 °C) molten salt experimental pilot plant for CSP was designed, built, and tested by Abengoa using carbonate salts as the heat transfer fluid. We demonstrate the feasibility of large-scale, industrially relevant operation between 400 and 700 °C, thus providing a solution to integrate higher efficiency s-CO2 power cycles. We address the key points in material compatibility, component design, instrumentation and system integration. Operational aspects such as preheating and filling procedures, start-up, maximum temperature reached, and the main challenges faced are described in detail. The heat losses in the loop and components are analyzed. We show that with appropriate electrical heat tracing elements, operation with carbonates is feasible and that the main subsystems that must be redesigned are the high temperature tanks and pumps. Lessons learned from the plant operation are summarized here to guide the design of future commercial scale high temperature molten salt plants.

Exergoeconomic analysis applied to supercritical CO2 power systems

Different sCO2 cycle concepts together with a newly proposed cycle configuration were simulated and a comparison was conducted to show the advantages and disadvantages of each cycle considered here. The cycles were compared using a wide range of the turbine inlet temperature, while alternating the used cooling system (air vs. wet cooling systems). The thermodynamic and cost inefficiencies within the simulated cycles were identified using exergoeconomic evaluation methods. The high exergy destruction costs in coolers indicate that the investment cost should be reduced by using different material than titanium due to its high cost. Also, the calculated product cost demonstrates a potential advantage of the proposed cycle. The analysis showed, in general, that sCO2-based cycles are promising for various applications, resulting in system efficiencies and costs that could compete with conventional power generation technologies soon. The sCO2 recompression concept and the novel sCO2 cycle showed the best results among all investigated sCO2 cycles.

Techno-Economic Comparison of Coal Plants in India with Conventional and Advanced Power Generation Technologies Integrated with Calcium Looping Based CO2 Capture

India is a country which primarily depends on coal to satisfy the bulk of its energy as well as electricity needs. However, the emissions from coal power plants, mainly CO2 and also other pollutants such as SOx, NOx, PM and Hg have several harmful effects on the environment and also on the health of the people. Currently, the Govt. of India has laid out certain emission standards to control the emissions of SOx, NOx, PM and Hg from coal fired power plants. However, as of today, there are no regulations for control of emissions of CO2. But, looking at the broader picture of India’s continued dependence on coal in the future, it is necessary to identify appropriate technologies for CO2 capture, given the large scale impacts, CO2 emissions have at the global level. For carbon mitigation from coal plants in India there have been research studies mainly on implementing advanced steam parameters, using post combustion technologies such as MEA, Membrane, using pre-combustion technologies such as IGCC along with CO2 capture using physical or chemical solvents, and oxy-combustion based direct CO2 capture. However, there are a host of other technology options available for carbon mitigation from coal power plants in India, which can be explored to compare their performance with the available options. This paper deals with the techno-economic comparison of an existing supercritical plant operating on the conventional pulverized coal combustion (PCC) technology with the advanced power generation technology of fluidized bed combustion (FBC), both of which are integrated with CO2 capture using a Calcium looping (CaL) based sorbent. The analysis is performed for the coal plants using an Indian coal. Also comparison with imported coal varieties (Indonesian and South African coal) is carried out. The techno-economic analysis would give a comparison of some parameters such as i) energy penalty, ii) Levelized cost of electricity (LCoE), and iii) CO2 avoidance cost for the above power plant configurations which are integrated with the calcium looping based CO2 capture system.

A Stochastic Inexact Robust Model for Regional Energy System Management and Emission Reduction Potential Analysis—A Case Study of Zibo City, China

In this study, in order to improve regional energy system adjustment, a multistage stochastic inexact robust programming (MSIRP) is proposed for electric-power generation planning and structure adjustment management under uncertainty. Scenario-based inexact multistage stochastic programming and stochastic robust optimization were integrated into general programming to reflect uncertainties that were expressed as interval values and probability distributions in the objective function and constraints. An MSIRP-based energy system optimization model is proposed for electric-power structure management of Zibo City in Shandong Province, China. Three power demand scenarios associated with electric-power structure adjustment, imported electricity, and emission reduction were designed to obtain multiple decision schemes for supporting regional sustainable energy system development. The power generation schemes, imported electricity, and emissions of CO2 and air pollutants were analyzed. The results indicated that the model can effectively not only provide a more stable energy supply strategies and electric-power structure adjustment schemes, but also improve the balanced development between conventional and new clear power generation technologies under uncertainty.

A comparative analysis of electricity generation costs from renewable, fossil fuel and nuclear sources in G20 countries for the period 2015-2030

Despite the positive momentum achieved by the renewable energy sector in recent years, there are substantial challenges that need the attention of the global community, and one of the more pressing issues is dealing with the deleterious external costs of power generation. One of the parameters to compare costs of energy across various technologies is levelised cost of energy (LCOE), but it has been conventional practice to neglect the external costs in estimating the LCOE of power generation technologies. Furthermore, as LCOE is a critical indicator for policy and decision makers, there is a need to juxtapose actual costs of renewable and conventional power generation technologies. This research paper attempts to internalise some of these external and GHG emission costs across various power generation and storage technologies in all the G20 countries, as they account for 85% of global power consumption. As future investment decisions are largely influenced by costs, estimates in this research prove renewables and storage to be far cheaper than fossil and nuclear sources by 2030, even without considering external costs. The myth that renewables are ‘way too expensive’ has been debunked repeatedly, and the cost decline of wind and solar photovoltaic (PV) technologies have outpaced most industry expectations. The results of this research not only substantiate this trend, but also statistically display that all the G20 countries have the opportunity to decrease their energy costs significantly, between now and 2030. Renewable energy technologies offer the lowest LCOE ranges across G20 countries in 2030. Utility-scale solar PV generally shows the lowest values ranging from 16 to 117 €/MWhel and onshore wind LCOE range is from 16 to 90 €/MWhel. Rooftop solar PV generally offers the next lowest LCOE ranging from 31 to 126 €/MWhel, followed by LCOE of offshore wind power ranging from 64 to 135 €/MWhel. Solar PV and battery systems are highly competitive on an LCOE basis at utility-scale ranging from 21 to 165 €/MWhel and at residential scale from 40 to 204 €/MWhel. The G20, as well as other countries, can continue to develop their economies in a sustainable manner, along with substantial co-benefits in adjacent policy fields such as higher national welfare, better health of citizens, lower respective health costs and improved energy security.

Bond financing for renewable energy in Asia

Addressing the financing gap for renewable energy (RE) projects in Asia is critical to ensure that the rapidly increasing energy needs could be met sustainably. This paper explores the cause of the financing gap in Asia and proposes the use of bond financing to address the financing gap. Specifically, three fixed income instruments, namely local currency denominated (LCY) corporate bonds, asset backed project bonds and financial green bonds, will be assessed. Whilst the potential for these three instruments to mobilize large flows of private sector financing is great, key supportive policies aimed at reducing the capital market bias for conventional power generation technologies and supportive RE policies are required. Another key aspect would be the necessary deepening of local and regional fixed income markets before such capital market instruments are able to play a big role.