SRC-153

Renewable Power Generation Costs in 2023, published September 2024.

Commissioned by IRENA. Who paid for a study is recorded because it bears on how its conclusions should be read, not because it makes them wrong.

Published claims resting on this source

• CLM-0268 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.
• CLM-0524 Every UK-specific or typical-country cost-of-capital figure found sits well below the 20% rate Frazer-Nash used, even at the top of DESNZ's published range for floating offshore wind; only a global dataset covering the riskiest countries in the world reaches as high as 20%, and only at its extreme end.

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