Review of Capital Costs for Generation Technologies

Technical Advisory SubcommitteeJanuary 31, 2017

Arne Olson, PartnerDoug Allen, Managing Consultant

Femi Sawyerr, Associate

2

In 2009, E3 provided WECC with recommendations for capital costs of new electric generation technologies to use in its 10-year study cycles• Prior to this effort, the relative costs of WECC’s study cases could

only be compared on a variable-cost basis• This effort allowed WECC to quantify relative scenario costs on a

basis reflecting their actual prospective costs to ratepayers by combining variable & fixed costs

E3 has updated these capital cost assumptions several times to capture major changes in technology costs (e.g. solar PV) and ensure continued accuracyMost recent update: 2014

Total Cost

History

Fuel and Variable Costs= + Fixed Cost

(E3 Capital Cost Tool)

3

Background

In preparation for its upcoming 20-year study plan, WECC has asked E3 to provide guidance on resource cost to use in that studyThese capital costs will serve as an input to the 20-year study’s LTPT, allowing for the development of robust scenarios through cost minimizationThis efforts builds on similar work done in early 2014

3

20-Y

ear

Stud

y

INPUTS MODELS STUDY RESULTS

Twenty-Year Capital Expansion Plan

Generation Portfolio

Transmission Topology

Gen Capital Costs

Tx Capital Costs

Long-Term Planning Tools(Capital Expansion Optimization)

SCDT

NXTOther Constraints

4

Study Approach

E3 uses a two-step process to develop capital cost assumptions for the 20-year studies:

1. Determine the cost to install a power plant today (2016)2. Forecast reductions (if applicable) in technology capital costs

over the next two decades

E3 uses capital cost estimates in conjunction with other assumptions in WECC studies to determine the annualized costs of new resources:

• Financing structure and cost• Tax credits• Depreciation (MACRS)• Fixed O&M costs

5

Data Sources and Assumptions

E3 develops capital cost assumptions based on a literature review of public cost estimates from a variety of sources:• Government-contracted engineering studies• Regional or industry studies• Utility integrated resource plans (IRPs)• Publicly reported actual costs

WECC stakeholders provided review and feedback during January – April 2017All costs in this update are expressed in 2016 dollars unless explicitly stated otherwiseE3’s cost recommendations represent the “all-in” cost of building a new plant, including the cost of borrowing during construction • “Overnight” capital cost estimates are scaled up to allow for comparison with

all-inclusive cost estimates

6

Wind and Solar Capital Cost Summary

Technology SubtypesWECC 2012 E3 2014 Update E3 2016 Update

(2016 $/kW) (2016 $/kW) (2016 $/kW)

Solar PV Residential Rooftop $5,820 $4,452 $2,900

($/kW-dc) Commercial Rooftop $4,942 $3,845 $2,600

Fixed Tilt (1-20 MW) $3,102 $2,631 $1,500

Tracking (1-20 MW) $3,541 $3,035 $1,600

Fixed Tilt (> 20 MW) $2,635 $2,226 $1,300

Tracking (> 20 MW) $3,075 $2,631 $1,400

Concentrated Solar Power

Parabolic Trough with 7.5 hrs Storage* - - $6,000

($/kW-ac) Solar Tower with 9 hrs Molten Salt Storage* - - $6,500

Wind Onshore $2,196 $2,125 $1,700-$2,000

($/kW-ac) Offshore $6,589 $6,375 $4,500

*Following feedback from the CSP Alliance on Solar Thermal costs, E3 has updated previous categories (Solar Thermal with/without storage) to reflect the latest technical developments

Updated

7

Other Generation Technology Capital Cost Summary

Technology SubtypesWECC 2012 E3 2014 Update E3 2016 Update

(2016 $/kW-ac) (2016 $/kW-ac) (2016 $/kW-ac)

Biomass $4,667 $4,351 $4,300

Biogas Landfill $3,020 $2,833 $2,800

Other $6,040 $5,666 $5,600

Geothermal Binary/Flash $6,369 $5,970 $5,000

Enhanced Geothermal $6,589 $10,118 $10,000

HydroSmall $3,843 $4,047 $4,000

Large $3,294 $3,238 $3,200

8

Storage Technology Capital Cost Summary ($/kW-ac)

Technology SubtypesWECC 2012 E3 2014 Update E3 2016 Update

(2016 $/kW-ac) (2016 $/kW-ac) (2016 $/kW-ac)

Battery Li-Ion n/a$5,059

$3,000 - $5,000

Flow n/a $3,000 - $6,000

Pumped Storage n/a $2,428 $2,500

Compressed Air Energy Storage n/a n/a $1,700

9

Technology SubtypesWECC 2012 E3 2014 Update E3 2016 Update

(2016 $/kW-ac) (2016 $/kW-ac) (2016 $/kW-ac)

CHPSmall $3,859 $3,845 $3,800

Large $1,669 $1,670 $1,650

CoalSteam $3,912 $3,744 $3,700

IGCC with CCS $9,388 $8,297 $8,200

Gas CTAeroderivative

$1,147$1,214 $1,200

Frame $835 $825

Gas CCGT

Basic – Wet-Cooled

$1,356

$1,138 $1,125

Basic – Dry-Cooled $1,214 $1,200

Advanced – Wet-Cooled $1,239 $1,225

Advanced – Dry-Cooled $1,315 $1,300

Nuclear $7,823 $8,094 $8,000

Recip Engine n/a $1,315 $1,300

Conventional Generation Technology Capital Cost Summary

10

Note on interpreting graphs

Graphs in the following presentation attempt to show all data points used to generate estimates• Includes data from past years which help identify trends

over time and within data sources• Studies published by the same entity are grouped by color• For sources with a single point estimate for capital costs,

estimates are denoted by □• Many sources provided estimated ranges, which are denoted

by Δ (high estimate) and Ο (low estimate)• E3 recommended estimates (past and current) are denoted

by ◊The detailed data behind these graphs can be provided upon request

PRESENT DAY COSTS - SOLAR PV

12

Solar capital costs have continued to decline sharply during recent years• Declines seen across all technologies, as much as 50%

relative to 2014 estimates• Tight range of estimates for Residential/Commercial solar,

wider for Utility-Scale solarCost advantage of larger systems has decreased in recent years• Smaller difference in the updated numbers between the

“Small” and “Large” system capital cost estimates

Solar Price Trends over Time

13

Data is presented according to type and size (where appropriate) of installation• Residential Rooftop• Commercial Rooftop• Utility-Scale Fixed Tilt• Utility-Scale Tracking

Data points collected from sources are shown over time to indicate the trend of cost evolutions in recent yearsE3 estimate takes into account current cost estimates as well as changes over time relative to 2014 estimate

Details on Cost Estimates

14

Residential Rooftop Solar Costs over Time

E3 Recommendation:$2,900/kW-dc

15

Commercial Rooftop Solar Costs over Time

E3 Recommendation:$2,600/kW-dc

16

Utility-Scale Fixed Tilt Solar Costs over Time

E3 Recommendation:$1,500/kW-dc (1-20 MW)$1,300/kW-dc (20+ MW)

17

Utility-Scale Tracking Solar Costs over Time

E3 Recommendation:$1,600/kW-dc (1-20 MW)$1,400/kW-dc (20+ MW)

18

Aligning Cost & Performance Assumptions for Solar PV

Solar PV capacities• Direct current (DC): sum of module nameplate rating• Alternating current (AC): inverter nameplate rating

Capital costs are typically reported relative to the system’s DC nameplate rating (in $/kW-dc), but can be expressed relative to the AC nameplate ratio by multiplying by the Inverter Loading Ratio

Capital Cost

($/kW-ac)

Capital Cost

($/kW-dc)

Inverter Loading Ratio

DC nameplateAC nameplate

Source: Utility-Scale Solar 2015: An Empirical Analysis of Cost, Performance and Pricing Trends in the United States (LBNL, 2016)

For more detail on the treatment of DC and AC capacity in WECC studies, see E3’s presentation to TAS (12-12-2013)

Chart shows industry average ILRs in recent years

19

Recommended Assumptions

Values in the LBNL study cited above indicate that the recommended inverter loading ratios for the fixed tilt solar resources should be updated from their 2014 values:• Fixed tilt, utility: 1.35• Tracking, utility: 1.30• Rooftop: 1.20

Solar PV Subtypes E3 2016 Update(2016 $/kW-dc)

Inverter Loading Ratio

E3 2016 Update(2016 $/kW-ac)

$/kW-dc X ILR = $/kW-ac

Residential Rooftop $2,900 1.20 $3,480 Commercial Rooftop $2,600 1.20 $3,120 Fixed Tilt (1-20 MW) $1,500 1.35 $2,025 Tracking (1-20 MW) $1,600 1.30 $2,080

Fixed Tilt (> 20 MW) $1,300 1.35 $1,755

Tracking (> 20 MW) $1,400 1.30 $1,820

20

Summary of Solar PV Recommendations

Capital costs expressed in $2016Comparison of DC and AC costs in E3 2016 update:

Solar PV SubtypesE3 2016 Update

2016 $/kW-dc

2016 $/kW-ac

Residential Rooftop $2,900 $3,480

Commercial Rooftop $2,600 $3,120

Fixed Tilt (1-20 MW) $1,500 $2,025

Tracking (1-20 MW) $1,600 $2,080

Fixed Tilt (> 20 MW) $1,300 $1,755

Tracking (> 20 MW) $1,400 $1,820

21

Comparison of Solar PV Recommendations to Past Recommendations

Solar costs have declined in recent yearsCost differences across the different types of solar have also declined

PRESENT DAY COSTS - WIND

23

Wind capital costs have remained relatively constant over the past few years• Slight downward trend, but not approaching the cost

decreases seen for solar• Data is often presented by region, but little indication of

systematic price differences across regionsData on Offshore Wind remains sparse• First offshore wind facility in the US came online this month• Previous E3 estimates were high relative to costs released

since that update

Wind Price Trends over Time

24

Data/estimates are presented for both onshore and offshore wind

Data points are presented over time to indicate the trend of cost evolutions in recent years

E3 estimate takes into account current cost estimates as well as changes over time relative to 2014 estimate

Details on Cost Estimates

25

Data from LBNL indicates that wind capital costs are likely to vary according to the region in which the project is located• Projects in the “Interior” zone (Rocky Mountains) are less expensive

to install than those in the “West” zone• E3 recommends reflecting this difference in capital cost estimates• Within region, E3 applies state-specific capital cost multipliers to

reflect variation across state lines

Cost Differences by Region

Source: 2015 Wind Technologies Market Report, LBNL

26

Onshore Wind Solar Costs over Time

E3 Recommendation:$1,700/kW-ac (Interior)$2,000/kW-ac (West)

27

Offshore Wind Costs over Time

E3 Recommendation:$4,500/kW-ac

28

Summary of Wind Capital Cost Recommendations

Capital costs expressed in $2016

Wind Subtypes

E3 2012 Update

E3 2014 Update

E3 2016 Update

2016 $/kW-ac 2016 $/kW-ac 2016 $/kW-ac

OnshoreInterior

$2,196 $2,125$2,000

Coastal $1,700

Offshore $6,589 $6,375 $4,500

Cost decrease in both categories relative to 2014 update (6-20% for onshore, 29% for offshore)

FUTURE COST PROJECTIONS

30

Cost Trajectory Methodology

In 2012, E3 developed methodologies to create plausible trajectories of future generation capital costs• Solar PV: application of learning curves to present-day costs

• 20% learning rate for modules; 10% (Utility-Scale) or 15% (Rooftop) for BOS

• IEA Medium-Term Outlook forecast of global installations• Wind: application of learning curves to present-day costs:

• 10% learning rate• IEA Medium-Term Outlook forecast of global installations

The general framework used to project future costs remain valid, but E3 has updated assumptions based on improved/new data and information and included projections for battery storage

31

Learning curves describe an observed empirical relationship between the cumulative experience in the production of a good and the cost to produce it• Increased experience leads to lower costs due to efficiency gains in the

production process• The functional form for the learning curve is empirically derived and does not

have a direct theoretical foundation

Learning Curve Theory

The learning rate represents the expected decrease in costs with a doubling of experienceGlobal installed capacity is used as a proxy for cumulative experience in the electric sector

2x

2x-20%-20%

Pric

e

Cumulative Experience

Example: 20% Learning Rate

FUTURE COST PROJECTIONS - SOLAR

33

Components of Solar PV Costs

For each segment of solar PV, E3 has broken capital costs out into three categories:1. Module costs: direct cost of photovoltaic modules2. Non-module hard costs: costs of inverter, racking, electrical equipment, etc.3. “Soft costs”: labor, permitting fees, etc.

Cost reductions in each category will result from different drivers and may not apply equally across all market segments

34

Module Cost Reductions

Historically, over the long-term, modules have stayed relatively close to a learning rate of 20%• See International Technology Roadmap for Photovoltaic 2015 Results,

available at http://www.itrpv.netCurrent module prices are below long-term learning curve• Potential for cost reductions due to module cost declines is expected to be

limited until trend returns to long-run average

35

Forecasting Future Module Prices

E3’s projection of module costs relies on the extrapolation of global PV forecast from the IEA’s Medium Term Renewable Energy OutlookModule prices are assumed to remain stable at today’s level until the long-term trend “catches up”Learning curve approach supports anecdotal evidence that suggests further reductions in module costs are limited

36

Non-Module Cost Reduction Potential

In 2014, E3 assumed that non-module cost components for rooftop PV would follow a learning rate of 15% while those for utility-scale PV would follow a 10% learning rate

• Reflected substantial effort to identify cost reduction potential in rooftop PV systems• Reported “costs” of rooftop systems are increasingly influenced by the retail rate structures that enable

their viability• Fair market value of PV exceeds actual system costs, allowing for more rapid cost declines with

increase experience / competition• Learning rates are applied based on global installed capacity

E3 believes these learning rates are still appropriate for use in 2016

29% reduction relative to 2016

20% reduction relative to 2016

37

Comparison to Prior Recommendations: Residential and Commercial

Residential and commercial rooftop solar PV costs have been revised downward from the 2014 E3 Update reflecting recent market cost declines

38

Comparison to Prior Recommendations: Utility Scale Fixed Tilt

39

Comparison to Prior Recommendations: Utility Scale Tracking

FUTURE COST PROJECTIONS - WIND

41

Forecasting Future Turbine Prices

Learning rates are based on meta-analysis of literature presented in Rubin (2015)2

• Estimated at 12% for both on and offshore turbines

E3’s projection of module costs relies on the extrapolation of global wind forecast from the Global Wind Energy Council

• Total installed capacity increases to ~800 GW in 2020, ~2,800 GW in 2040

• Offshore wind increases from <3% of global total in 2015 to ~25% of global total in 20401

1 – Share of offshore wind is taken from IEA projections2 – Rubin, E., I. Azevedo, P. Jaramillo, S. Yeh. “A review of learning rates for electricity supply technologies.” Energy Policy 86, pp. 198-218.

42

Turbine Price Evolution over Time

Due to relative maturity of onshore wind industry, offshore costs decline more rapidly over the next 15-20 years

Past 2030, growth in offshore wind slows to levels near that for onshore

24% below 2016 estimate

51% below 2016 estimate

PRESENT DAY COSTS - STORAGE

44

Characterizing Storage Options

The breadth of potential storage applications is wide, and the appropriate technology and its characteristics will vary considerably

Sources: Sandia (2013), Indiana State Utility Forecasting Group (2013)

45

System Characteristics

The table below compares some of the operating characteristics of the energy storage technologies examined here

Technology Typical Size (MW)

Round Trip Efficiency (%)

Economic Lifetime (yrs)

O&M Costs (2016 $/kW-yr)

Pumped Hydro Storage

100+ 80 20+ 15

Lithium Ion Battery

10 92 5-10 30

Flow Battery 10 70 10-20 100Compressed Air Energy Storage

100+ 70 20+ 15

46

Recommendations – Pumped Hydro Storage

Pumped hydro is a relatively mature technology that can scale-up to over 1 GW although costs are highly dependent on the specific siteRecent projects in PacifiCorp’s territory (JD Pool, Swan Lake, and Seminoe) estimated at $2,600 - $2,700/ kW

E3 Recommendation:$2,500/kW-ac

47

Lithium Ion Battery Costs by Storage Capacity

Costs presented according to storage lifeTighter range of costs than that seen for flow batteries• Likely due to wide range of potential materials that can be used in

flow batteries

E3 Recommendation:4-Hour: $3,000/kW-ac,

$750/kWh

8-Hour, $5,000/kW-ac, $625/kWh

48

Flow Battery Costs by Storage Capacity

Costs presented according to storage lifeWide range of costs based on materials usedLi-Ion batteries expected to have minor cost advantage

E3 Recommendation:4-Hour: $3,000/kW-ac,

$750/kWh

8-Hour, $6,000/kW-ac, $750/kWh

49

Battery cost projections

Dramatic changes since 2005These cost improvement trends are expected to continue into the 2020sBecause of widespread use in other sectors, however, cannot apply “learning curve” methodology used elsewhere

• Instead, cost projections are based on expected overall % declines before the technology reaches “maturity”

Source: Nykvist et al. (2015), http://www.nature.com/nclimate/journal/v5/n4/full/nclimate2564.html

50

Forecasting Future Battery Prices

Price reduction rates are based on data presented by Lazard (2016)1

• Li-Ion: A 6% reduction rate was used; average of the high and low values predicted by Lazard

• Flow: A 5.5% reduction rate was used; average of the high and low values predicted by Lazard

Technology reaches maturity by 2028, after which reductions are minimal

1 – Lazard, Levelized Cost of Storage v2.0, 2016

Updated

51

Compressed Air Energy Storage (CAES) Costs over Time

Relatively few data points availableAll estimates in the $1,200/kW - $2,000/kW range

E3 Recommendation:$1,700/kW-ac

Updated

PRESENT DAY COSTS – OTHER TECHNOLOGIES

Concentrated Solar Power Capital Costs

In past years, E3 has generated two cost estimates for solar thermal plants • With and without storage

Based on comments from the CSP Alliance, capital cost estimates are now presented for two types of solar thermal plant• Parabolic Trough, 7.5 hours of energy storage• Power Tower, 9 hours of energy storage

Due to change in technologies, cost estimates for solar thermal were based on latest information on technology (trough/tower) and incremental cost of storage• International Renewable Energy Agency (IRENA) provided the only estimates for

technologies proposed by CSA• New cost estimates focus on technology and incremental storage costs rather than

vintage

Updated

Concentrated Solar Power – Parabolic Trough

E3 Recommendation:7.5 hours: $6,000/kW-ac

IRENA estimates (cited by CSP Alliance) shown in light

green

Updated

Concentrated Solar Power – Solar Tower

IRENA estimates (cited by CSP Alliance) shown in light

green

E3 Recommendation:9 hours: $6,500/kW-ac

Updated

Future Cost Projections - CSP

Price reduction rates are based on data presented by IRENA (2016)1

• Parabolic Trough: A 33% reduction rate between the 2015 value and the projected 2025 value

• Solar Tower: A 37% reduction rate between the 2015 value and the projected 2025 value

No additional price reductions assumed beyond those estimated by IRENA

1 – IRENA, The Power to Change: Solar and Wind Reduction Potential to 2025, 2016

Updated

Biomass Capital Costs

No clear trend in Biomass capital cost estimates• EIA estimates increased

12%, Lazard slightly down

Mature technology, costs are unlikely to decrease substantially

E3 Recommendation:$4,300/kW-ac

Geothermal CostsData indicates a modest decline in capital costs for Binary/Flash GeothermalRange of estimates has also narrowed

E3 Recommendation:$5,000/kW-ac

59

Enhanced Geothermal Costs

Little to no updated information on costs / viability of Enhanced Geothermal Systems since 2014 updateLimited deployment of EGS systems means that available cost data is based on experimental deployments

E3 Recommendation:$9,000/kW-ac

60

Hydropower Costs

A review of the available literature shows no evidence that Hydropower costs have changed since the 2014 updateEIA inputs for 2016 AEO did not update hydro costsNWPCC considers hydro to be a “secondary” resource in the 7th Power Plan• Cost information not given

No change in estimates

PRESENT DAY COSTS – CONVENTIONAL TECHNOLOGIES

62

Conventional Technology Costs

E3 conducted a high-level review of conventional technology costs to determine if there was evidence in significant changes in last two yearsGeneric cost estimates (Lazard, EIA, etc.) have experienced little to no changeIRP cost estimates have seen small changes• Lack consistent direction, indicating likely a result of project-

specific factors

Recommendation: Use nominal numbers from 2014 update, assume cost improvements offset inflation

63

Technology SubtypesWECC 2012 E3 2014 Update E3 2016 Update

(2016 $/kW-ac) (2016 $/kW-ac) (2016 $/kW-ac)

CHPSmall $3,859 $3,845 $3,800

Large $1,669 $1,670 $1,650

CoalSteam $3,912 $3,744 $3,700

IGCC with CCS $9,388 $8,297 $8,200

Gas CTAeroderivative

$1,147$1,214 $1,200

Frame $835 $825

Gas CCGT

Basic – Wet-Cooled

$1,356

$1,138 $1,125

Basic – Dry-Cooled $1,214 $1,200

Advanced – Wet-Cooled $1,239 $1,225

Advanced – Dry-Cooled $1,315 $1,300

Nuclear $7,823 $8,094 $8,000

Recip Engine n/a $1,315 $1,300

Conventional Generation Technology Capital Cost Summary

PRESENT DAY COSTS – FIXED O&M

65

Fixed O&M Recommendations

Technology Subtypes Fixed O&M ($/kW-yr.)

Solar PV Residential Rooftop $33

Commercial Rooftop $20

Fixed Tilt (1-20 MW) $25

Tracking (1-20 MW) $30

Fixed Tilt (> 20 MW) $20

Tracking (> 20 MW) $25

Solar Thermal Trough with 7.5-hr storage $65

Solar Tower with 9-hr storage $65

Wind Onshore $40

Offshore $100

Updated

66

Fixed O&M Recommendations

Technology Subtypes Fixed O&M ($/kW-yr.)

Biomass $120

BiogasLandfill $100

Other $120

GeothermalBinary/Flash $120

Enhanced Geothermal $400

HydroSmall $20

Large $20

BatteryLi-Ion $30

Flow $100

Pumped Storage $15

Compressed Air Energy Storage

$25

Updated

67

Fixed O&M Recommendations

Technology Subtypes Fixed O&M ($/kW-yr.)

CHPSmall $10

Large $10

CoalSteam $35

IGCC with CCS $65

Gas CTAeroderivative $15

Frame $9

Gas CCGT

Basic – Wet-Cooled $10

Basic – Dry-Cooled $10

Advanced – Wet-Cooled $10

Advanced – Dry-Cooled $10

Nuclear $85

Recip Engine $18

Updated

LEVELIZED COST ESTIMATES – 2016 AND 2036

69

Levelized Cost of Energy by Resource – 2016 and 2036

Expiration of tax incentives are largely offset by capital

cost improvements for Solar PV technologies

Forecasted capital cost reductions for wind (especially

offshore) make up for expiration of the PTC

Updated

70

Levelized Cost of Energy by Resource – 2016 and 2036

Expiration of tax incentives causes increases in LCOE

for mature renewable resources

Forecasted capital cost reductions for solar thermal

technologies offset loss of ITC

Updated

71

Levelized Cost of Energy by Resource – 2016 and 2036

Conventional technologies have constant LCOEs in

2016$

Updated

72

Updated

Levelized Fixed Costs by Resource – 2016 and 2036

Expiration of tax incentives are largely offset by capital

cost improvements for Solar PV technologies

Forecasted capital cost reductions for wind result in

lower LFCs

73

Updated

Levelized Fixed Costs by Resource – 2016 and 2036

Expiration of tax incentives causes increases in LFC for

mature renewable resources

Forecasted capital cost reductions for solar thermal

technologies offset loss of ITC

74

Updated

Levelized Fixed Costs by Resource – 2016 and 2036

Conventional technologies have constant LFCs in

2016$

75

Updated

Levelized Fixed Costs by Resource – 2016 and 2036

Cost improvements lower LFCs for battery storage

options

LFCs for more conventional storage options remain

constant in 2016$

Thank You!Energy and Environmental Economics, Inc. (E3)101 Montgomery Street, Suite 1600San Francisco, CA 94104Tel 415-391-5100Web http://www.ethree.com

BIBLIOGRAPHY

78

Sources

Arizona Public Service• 2014 Integrated Resource Plan. Apr 2014

• Link

Avista• 2015 Electric Integrated Resource Plan. Aug 2015

• Link

California Energy Commission• Estimated Cost of New Renewable and Fossil Generation in

California. Mar 2015• Link

79

Sources (cont’d)

California Solar Initiative (CSI)• CSI data. Nov 2016

• Link

Greentech Media• U.S. PV System Pricing H2 2016: System Price Breakdowns

and Forecasts. Nov 2016• Link

Idaho Power Company• 2015 Integrated Resource Plan. Jun 2015

• Link

80

Sources (cont’d)

International Renewable Energy Agency (IRENA)• Renewable Power Generation Costs in 2014. Jan 2015

• Link• The Power to Change: Solar and Wind Reduction Potential to

2025, Jun 2016• Link

Lazard• Levelized Cost of Energy Analysis – Version 9.0. Nov 2015

• Link• Levelized Cost of Energy Analysis – Version 10.0. Dec 2016

• Link

81

Sources (cont’d)

Lazard (cont’d)• Levelized Cost of Storage Analysis – Version 1.0. Nov 2015

• Link• Levelized Cost of Storage Analysis – Version 2.0. Dec 2016

• Link

Lawrence Berkeley National Laboratory (LBNL)• Tracking the Sun VIII: The Installed Price of Residential and

Non-Residential Photovoltaic Systems in the United States. Aug 2015

• Link

82

Sources (cont’d)

Lawrence Berkeley National Laboratory (LBNL) (cont’d)• Tracking the Sun IX: The Installed Price of Residential and

Non-Residential Photovoltaic Systems in the United States. Aug 2016

• Link• Utility Scale Solar 2015. Aug 2016

• Link• 2015 Wind Technologies Market Report. Aug 2016

• Link

83

Sources (cont’d)

National Renewable Energy Laboratory (NREL)• Distribution Generation Renewable Energy Estimate of

Costs. Feb 2016• Link

Pacificorp• 2015 Integrated Resource Plan. Mar 2015

• Link

Pacificorp and Black & Veatch• 2017 Integrated Resource Plan. Aug 2016

• Link

84

Sources (cont’d)

Portland General Electric• 2016 Integrated Resource Plan. Nov 2016

• Link