LAPSE:2023.32908
Published Article
LAPSE:2023.32908
Life Cycle Cost of Electricity Production: A Comparative Study of Coal-Fired, Biomass, and Wind Power in China
April 20, 2023
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.
Record ID
Keywords
electricity production, external cost, life cycle cost, Renewable and Sustainable Energy
Subject
Suggested Citation
Yuan X, Chen L, Sheng X, Liu M, Xu Y, Tang Y, Wang Q, Ma Q, Zuo J. Life Cycle Cost of Electricity Production: A Comparative Study of Coal-Fired, Biomass, and Wind Power in China. (2023). LAPSE:2023.32908
Author Affiliations
Yuan X: National Engineering Laboratory for Reducing Emissions from Coal Combustion, School of Energy and Power Engineering, Shandong University, Jinan 250061, China [ORCID]
Chen L: National Engineering Laboratory for Reducing Emissions from Coal Combustion, School of Energy and Power Engineering, Shandong University, Jinan 250061, China
Sheng X: National Engineering Laboratory for Reducing Emissions from Coal Combustion, School of Energy and Power Engineering, Shandong University, Jinan 250061, China
Liu M: National Engineering Laboratory for Reducing Emissions from Coal Combustion, School of Energy and Power Engineering, Shandong University, Jinan 250061, China
Xu Y: National Engineering Laboratory for Reducing Emissions from Coal Combustion, School of Energy and Power Engineering, Shandong University, Jinan 250061, China
Tang Y: National Engineering Laboratory for Reducing Emissions from Coal Combustion, School of Energy and Power Engineering, Shandong University, Jinan 250061, China
Wang Q: National Engineering Laboratory for Reducing Emissions from Coal Combustion, School of Energy and Power Engineering, Shandong University, Jinan 250061, China
Ma Q: National Engineering Laboratory for Reducing Emissions from Coal Combustion, School of Energy and Power Engineering, Shandong University, Jinan 250061, China
Zuo J: School of Architecture & Built Environment, The University of Adelaide, Adelaide, SA 5005, Australia
Chen L: National Engineering Laboratory for Reducing Emissions from Coal Combustion, School of Energy and Power Engineering, Shandong University, Jinan 250061, China
Sheng X: National Engineering Laboratory for Reducing Emissions from Coal Combustion, School of Energy and Power Engineering, Shandong University, Jinan 250061, China
Liu M: National Engineering Laboratory for Reducing Emissions from Coal Combustion, School of Energy and Power Engineering, Shandong University, Jinan 250061, China
Xu Y: National Engineering Laboratory for Reducing Emissions from Coal Combustion, School of Energy and Power Engineering, Shandong University, Jinan 250061, China
Tang Y: National Engineering Laboratory for Reducing Emissions from Coal Combustion, School of Energy and Power Engineering, Shandong University, Jinan 250061, China
Wang Q: National Engineering Laboratory for Reducing Emissions from Coal Combustion, School of Energy and Power Engineering, Shandong University, Jinan 250061, China
Ma Q: National Engineering Laboratory for Reducing Emissions from Coal Combustion, School of Energy and Power Engineering, Shandong University, Jinan 250061, China
Zuo J: School of Architecture & Built Environment, The University of Adelaide, Adelaide, SA 5005, Australia
Journal Name
Energies
Volume
14
Issue
12
First Page
3463
Year
2021
Publication Date
2021-06-11
Published Version
ISSN
1996-1073
Version Comments
Original Submission
Other Meta
PII: en14123463, Publication Type: Journal Article
Record Map
Published Article
LAPSE:2023.32908
This Record
External Link
doi:10.3390/en14123463
Publisher Version
Download
Meta
Record Statistics
Record Views
78
Version History
[v1] (Original Submission)
Apr 20, 2023
Verified by curator on
Apr 20, 2023
This Version Number
v1
Citations
Most Recent
This Version
URL Here
https://psecommunity.org/LAPSE:2023.32908
Original Submitter
Auto Uploader for LAPSE
Links to Related Works