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| Name | Renewables vs. Fossil Fuels: The True Cost of Energy |
| Video Uploader | Video From Engineering with Rosie |
| Upload Date | This Video Uploaded At 23-12-2021 05:01:40 |
| Video Discription | You can compare different kinds of energy generation using a metric called the Levelised Cost of Energy, LCOE. This includes the cost of equipment, transport, installation and grid connection; the cost of finance which can vary depending on the type of projects (it's getting harder to finance coal projects for example); fuel costs for fossil fuel generators; operations and maintenance including land lease costs. If the generator is located somewhere with a price on carbon that would be included too. But even without a carbon tax, solar and wind are cheaper than gas and coal generation since 2015. In this video we talk through all of the components that make up the cost of energy from various sources, and we talk about other values beyond just the cost. What happens when the sun goes down and we still want to use electricity? What will the future look like with more wind and solar in the grid? And further beyond when we have a lot more batteries and other energy storage available? Thanks to John Poljak, founder of Keynumbers.com for doing all the calculations and Keynumber visualisations for this video. You can play around with the assumptions, add a carbon price, change the fuel cost etc by heading to www.keynumbers.com and then search for "rosie" to get all the models used here (which all end in "(Lazard)"). Add them to the whiteboard to get all of them on one page. Bookmarks: 00:00 Intro 01:40 Cost of 500MW nameplate capacity 02:27 Difference between power and energy 02:55 Capacity factor 05:09 Financing costs 06:07 Fuel costs 06:24 Heat rate 07:11 Efficiency comparison coal, gas, wind , solar 07:32 Fuel costs and the European gas crisis 08:35 Operations and maintenance 09:27 Solar is the cheapest energy source in 2021 10:40 Marginal cost of fossil fuels vs new build wind and solar 11:31 Moving beyond cost of energy to value 12:18 Value adjusted LCOE - VALCOE 14:30 Future energy value 15:51 Other values besides $$ 16:36 Getting real about energy tech tradeoffs 17:02 Thanks John Poljak! Sources: Lazard's LCOE v.15 is here: https://www.lazard.com/perspective/levelized-cost-of-energy-levelized-cost-of-storage-and-levelized-cost-of-hydrogen/ For more on VALCOE including for other sources not included in the figure I showed here (nuclear, coal, offshore wind) check out these links: https://www.iea.org/reports/world-energy-outlook-2021 https://www.irena.org/costs/irena-renewable-costing-alliance If you would like to help develop the Engineering with Rosie channel, you could consider joining the Patreon community, where there is a chat community (and Patreon-only Discord server) about topics covered in the videos and suggestions for future videos and production quality improvements. https://www.patreon.com/engineeringwithrosie Thanks for watching the video Renewables vs. Fossil Fuels: The True Cost of Energy |
| Category | Science & Technology |
| Tags | renewable energy | mechanical engineering | circular economy | clean energy transition | climate change | green economy | stem | women in stem | stem education | Rosemary Barnes | Engineering with Rosie | women in engineering | technology | environmental science | environmental engineering | engineering tutorials | sustainability | science news | engineering news | explainer video | engineering explained | new energy | LCOE | levelized cost of energy | Lazard v15 | fossil fuel | coal power plant | ccgt |
