Report ~ Lazard’s Levelized Cost Of Energy Analysis ~ Version 11.0:

Lazard | November 2017:

Lazard’s Levelized Cost of Energy (“LCOE”) analysis addresses the following topics:

1. Comparative “levelized cost of energy” analysis for various technologies on a $/MWh basis, including sensitivities, as relevant,for U.S. federal tax subsidies, fuel costs, geography and cost of capital, among other factors.
2. Comparison of the implied cost of carbon abatement for various generation technologies.
3. Illustration of how the cost of various generation technologies compares against illustrative generation rates in a subset of the largest metropolitan areas of the U.S.
4. Illustration of utility-scale and rooftop solar versus peaking generation technologies globally.
5. Illustration of how the costs of utility-scale and rooftop solar and wind vary across the U.S., based on illustrative regional resources.
6. Illustration of the declines in the levelized cost of energy for various generation technologies over the past several years.
7. Comparison of assumed capital costs on a $/kW basis for various generation technologies.
8. Illustration of the impact of cost of capital on the levelized cost of energy for selected generation technologies.
9. Decomposition of the levelized cost of energy for various generation technologies by capital cost, fixed operations and maintenance expense, variable operations and maintenance expense, and fuel cost, as relevant.
10. Considerations regarding the usage characteristics and applicability of various generation technologies, taking into account factors such as location requirements/constraints, dispatch capability, land and water requirements and other contingencies.
11. Summary assumptions for the various generation technologies examined.
12. Summary of Lazard’s approach to comparing the levelized cost of energy for various conventional and Alternative Energy generation technologies.

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