An important characteristic of renewable energy sources, in particular solar and wind power,
is the inherent variability in their pattern of electricity generation. These variations comprise
both intra-day and seasonal fluctuations. Yet, the intermittency of renewable energy is usu-
ally ignored in life-cycle cost calculations that seek to asses the competitiveness of renewable
energy in comparison to electric power derived from fossil fuels. We demonstrate that a
traditional life-cycle cost calculation must be appended by a correction factor which we term
the
Co-Variation
coefficient. It captures any synergies, or complementarities, between the
temporal pattern of how power is generated and how it is priced. We estimate the magnitude
of the Co-Variation coefficient for several specific settings in the Western U.S. Our estimates
indicate that solar photovoltaic (PV) power is between 10-15% less expensive than average
life-cycle cost analyses have suggested. In contrast, the intermittency pattern of wind power
exhibits complementarities with electricity pricing schedules, resulting in a cost assessment
that is about 5-10% above that suggested by traditional calculations.
Additional information:
Anderer Titel: Time of use pricing and the levelized cost of intermittent power generation
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