Yuan, X. orcid.org/0000-0002-7331-1059, Chen, L., Sheng, X. et al. (6 more authors) (Cover date: June 02, 2021) Life Cycle Cost of Electricity Production: A Comparative Study of Coal-Fired, Biomass, and Wind Power in China. Energies, 14 (12). 3463. ISSN 1996-1073
Abstract
Economic cost is decisive for the development of different power generation. Life cycle cost (LCC) is a useful tool in calculating the cost at all life stages of electricity generation. This study improves the levelized cost of electricity (LCOE) model as the LCC calculation methods from three aspects, including considering the quantification of external cost, expanding the compositions of internal cost, and discounting power generation. The improved LCOE model is applied to three representative kinds of power generation, namely, coal-fired, biomass, and wind power in China, in the base year 2015. The external cost is quantified based on the ReCiPe model and an economic value conversion factor system. Results show that the internal cost of coal-fired, biomass, and wind power are 0.049, 0.098, and 0.081 USD/kWh, separately. With the quantification of external cost, the LCCs of the three are 0.275, 0.249, and 0.081 USD/kWh, respectively. Sensitivity analysis is conducted on the discount rate and five cost factors, namely, the capital cost, raw material cost, operational and maintenance cost (O&M cost), other annual costs, and external costs. The results provide a quantitative reference for decision makings of electricity production and consumption.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2021 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https:// creativecommons.org/licenses/by/ 4.0/). |
Keywords: | electricity production; life cycle cost; external cost; sustainable energy |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Engineering & Physical Sciences (Leeds) > School of Mechanical Engineering (Leeds) > Institute of Engineering Thermofluids, Surfaces & Interfaces (iETSI) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 22 Aug 2023 16:04 |
Last Modified: | 22 Aug 2023 16:04 |
Published Version: | https://www.mdpi.com/1996-1073/14/12 |
Status: | Published |
Publisher: | MDPI |
Identification Number: | 10.3390/en14123463 |
Related URLs: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:202542 |