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According to a new report by Bloomberg New Energy Finance, the average annual natural gas price in the UK since 2012 has been between
5 and 10 pounds ($6-12) per million British heat.
However, demand has dwindled during the Covid-19 pandemic, causing prices to drop to £2.
63 in Q1
.
Lower natural gas prices mean that the average cost of electricity for a newly built combined cycle natural gas plant (CCGT) is down 27% year-over-year to 45 pounds per megawatt-hour (MWh) today, with an average capacity factor of 66%,
assuming generators burn NBP and operate.
A recent analysis suggests that natural gas could rebound to £5 by
2030.
This would bring the levelized cost of CCGT projects funded today and operated in the coming decades to approximately 60 GBP/MWh
.
Overall, fuel accounts for 70%
of the entire life cycle costs of a natural gas plant.
However, the pandemic caused gasoline prices to plummet by 46%
year-on-year.
BNEF's energy project evaluation model is used to calculate these levelized costs, allowing users to test fuel prices and assess their impact
on the total cost of generation from fossil fuel power plants.
The model is updated every two years to estimate the capital, operating and financing costs
of power projects.
According to a new report by Bloomberg New Energy Finance, the average annual natural gas price in the UK since 2012 has been between
5 and 10 pounds ($6-12) per million British heat.
However, demand has dwindled during the Covid-19 pandemic, causing prices to drop to £2.
63 in Q1
.
Lower natural gas prices mean that the average cost of electricity for a newly built combined cycle natural gas plant (CCGT) is down 27% year-over-year to 45 pounds per megawatt-hour (MWh) today, with an average capacity factor of 66%,
assuming generators burn NBP and operate.
A recent analysis suggests that natural gas could rebound to £5 by
2030.
This would bring the levelized cost of CCGT projects funded today and operated in the coming decades to approximately 60 GBP/MWh
.
Overall, fuel accounts for 70%
of the entire life cycle costs of a natural gas plant.
However, the pandemic caused gasoline prices to plummet by 46%
year-on-year.
BNEF's energy project evaluation model is used to calculate these levelized costs, allowing users to test fuel prices and assess their impact
on the total cost of generation from fossil fuel power plants.
The model is updated every two years to estimate the capital, operating and financing costs
of power projects.
