Wind power grid electricity price and power generation cost

How many kWh does wind power generate a year?

According to data from the National Energy Administration (NEA) (NEA 2020a), the wind power generation in 2019 was 405.7 billion kWh which accounted for 5.5% of total power generation, and it was the first time for wind generation to exceed 400 billion kWh. In 2019, the average utilization hours of wind power nationwide were 2082 h.

How much does offshore wind cost in 2022?

For offshore wind, the cost of electricity of new projects increased by 2%, in comparison to 2021, rising from USD 0.079/kWh to USD 0.081/kWh in 2022.

Can wind power achieve parity grid?

Wind power can basically achieve the goal of parity grid only under the conditions that the utilization hours are guaranteed and the various costs are lowered effectively (Zhang 2018). Xiong et al. (2016) used engineering project financial evaluation models and scenario analysis methods to analyze and study the economics of wind power projects.

Does the levelized cost of electricity model apply to offshore wind power?

This paper reviews the relevant policies for offshore wind power, adopting the levelized cost of electricity (LCOE) model to conduct an economic evaluation of offshore wind power projects in six typical provinces in China.

What factors affect the cost of wind-level standardized power generation?

Utilization hours and unit cost are the most sensitive factors that affect the cost of wind-level standardized power generation, and financing costs have a significant impact on the cost of wind-level standardized power generation (Tu 2019).

How wind power development can help reduce the cost of electricity?

The whole industry chain of wind power development has huge potential in terms of process, standardization, informatization and automation, which can further reduce the cost of electricity in the whole life cycle of wind power and bring new development to the wind power industry (Tian 2020).