Research and analysis

Electricity generation costs 2023

Report on levelised cost estimates for electricity generation technologies, detailing methodology, data and assumptions.

Documents

Annex A: Additional estimates and key assumptions (updated 16 November 2023)

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email alt.formats@energysecurity.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Annex B: Example levelized cost of electricity (LCOE) calculator

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email alt.formats@energysecurity.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Details

Update November 2023

Floating Offshore Wind and Tidal Stream Energy updated (Section 2 and Annex A) alongside the Review of power generation costs for floating offshore wind and tidal stream energy technologies research.

This report presents levelised costs for electricity generation technologies. A ‘levelised cost’ is the average cost of the lifetime of the plant per MWh of electricity generated. They reflect the cost of building, operating and decommissioning a generic plant for each technology.

The report details the methodology, data and assumptions used to generate the levelised cost estimates.

Updates to this page

Published 4 August 2023
Last updated 16 November 2023 + show all updates
  1. Floating Offshore Wind and Tidal Stream Energy updated (Section 2 and Annex A) alongside the Review of power generation costs for floating offshore wind and tidal stream energy technologies research.

  2. The August 2023 version of this report had a lower onshore wind load factor which we have now updated to reflect internal modelling used within the department. Updates: Section 2: Onshore wind, p12, tables 2 and 3; the load factor update reduces the onshore wind LCOE - Section 4 charts and tables, pp23-32; Annex A onshore wind columns now reflect the onshore wind load factor change; Section 2 text: Carbon prices (p18) updated to refer and link to published carbon appraisal prices.

  3. First published.

Sign up for emails or print this page