THE EVALUATION OF INVESTMENT AND GENERATION COSTS FOR ELECTRICITY GENERATION FROM GEOTHERMAL ENERGY IN THE WORLD

There is a significant transition process in renewable energy investments all over the world. Renewable energy is becoming increasingly important as it supports declining costs and fighting climate change. In this study, investment and production costs for electricity generation from geothermal energy are evaluated worldwide. Total investment costs for electricity generation from geothermal energy worldwide vary between 30555209 US$/kW. The region with the lowest average investment cost (3055 US$/kW) in the world is the Asian continent, the region with the highest (5209 US$/kW) is the European continent Average investment cost per unit installed power per unit; for electricity production from geothermal energy at 3991.4 US$/kW. The cost of generating electricity from geothermal energy in the world is in the range of 0.050.10 US$/kWh. The region with the lowest average energy cost in the world (0.05 US$/kWh) is the South American region, and the highest (0.10 US$/kWh) region is the European and Central American continent. The average electricity production cost from geothermal energy is around 0.074 US$/kWh.

Keywords

geothermal energy, electricity generation, investment cost, generation cost