Value chain · CLM-0268
In plain terms
In 2023, IRENA estimated that new onshore wind farms in Europe cost about 4.6 US cents per unit of electricity on average, and new offshore wind farms in Europe cost about 6.7 cents. For the UK specifically, IRENA gives a slightly lower offshore wind figure of about 5.9 cents per unit. These do not include storage or balancing cost.
The claim as recorded
IRENA's 2023 weighted-average LCOE for Europe was USD 0.046/kWh for onshore wind (range 0.030-0.071) and USD 0.067/kWh for offshore wind (range 0.052-0.108); for the United Kingdom specifically, the 2023 weighted-average offshore wind LCOE was USD 0.059/kWh (range 0.056-0.062).
Scope and limits
The UK figure is for offshore wind only; IRENA gives no separate numeric UK figure for onshore wind (only a qualitative statement that UK onshore wind LCOE is below USD 0.050/kWh). Regional figures reflect the mix of projects actually commissioned in that region/country in 2023, which may be a small sample size for a single country in a single year. Still unfirmed.
What it assumes
same capacity factor, WACC and asset-life basis as CLM-0267 for onshore/offshore wind, applied at regional/country level rather than global; unsubsidised; utility-scale.
Where it comes from
Table 2.3 (p.77): Europe onshore wind 2023 weighted average 0.046, range 0.030-0.071. Table 4.4 (p.125): Europe offshore wind 2023 weighted average 0.067, range 0.052-0.108; United Kingdom 2023 weighted average 0.059, range 0.056-0.062.
Basis: USD2023, REAL, UNFIRMED
Related records
- Answers question
- QST-021 not published in this release
Cite this
energyaperture.com/c/clm-0268
CLM-0268, Energy Aperture, as of 2023.
Connected records
Other published records linked to this one. A list, not a judgement.