© IRENA 2023 Unless otherwise stated, material in this publication may be freely used, shared, copied, reproduced, printed and/or stored, providedthat appropriate acknowledgement is given of IRENA as the source and copyright holder. Material in this publication that is attributed tothird parties may be subject to separate terms of use and restrictions, and appropriate permissions from these third parties may need tobe secured before any use of such material. Citation:IRENA (2023),Renewable power generation costs in 2022, International Renewable Energy Agency, Abu Dhabi. ISBN 978-92-9260-544-5 About IRENA TTheInternational Renewable Energy Agency(IRENA)is an intergovernmental organisationthat supports countries in their transition to a sustainable energy future and serves as theprincipal platform for international co-operation, a centre of excellence, and a repository ofpolicy, technology, resource and financial knowledge on renewable energy. IRENA promotes thewidespread adoption and sustainable use of all forms of renewable energy, including bioenergy,geothermal, hydropower, ocean, solar and wind energy, in the pursuit of sustainable development,energy access, energy security and low-carbon economic growth and prosperity.www.irena.org Acknowledgements This report was developed under the guidance of Roland Roesch (Director, IRENA Innovation and Technology Center) andMichael Taylor (IRENA). The report was authored by Michael Taylor, Sonia Al-Zoghoul and Pablo Ralon (IRENA), with assistance from Olga Sorokina(European Energy Link Group). The authors are grateful for the valuable contributions from Erick Ruiz Araya, Francis De Jaeger, Juan Pablo Jimenez Navarro,Binu Parthan and Ludovico Del Vecchio (IRENA) in the preparation of this study. This report benefited from the reviews and comments of numerous experts, including Ana Andrade (Direção Geral de Energiae Geologia [DGEG]), Alex Campbell and Rebecca Ellis (IHA), Manuel Quero (Sunntics), Alexander Hogeveen Rutter (ISA),Christoph Wolter (DEA), Yuetao Xi (CREEI) and Feng Zhao (GWEC). All opinions and errors remain those of the authors. Publications, editorial and communications support were provided by Francis Field, Stephanie Clarke, Nicole Bockstaller andDaria Gazzola.. The report was copy-edited by Jonathan Gorvett and Stefanie Durbin, and a technical review was provided by Paul Komor.The graphic design was provided by Ignacio de la Concepción Sanz. For further information or to provide feedback:publications@irena.orgThis report is available for download:www.irena.org/publications Disclaimer This publication and the material herein are provided “as is”. All reasonable precautions have been taken by IRENA to verify the reliability of the materialin this publication. However, neither IRENA nor any of its officials, agents, data or other third-party content providers provides a warranty of any kind,either expressed or implied, and they accept no responsibility or liability for any consequence of use of the publication or material herein. The informationcontained herein does not necessarily represent the views of all Members of IRENA. The mention of specific companies or certain projects or products doesnot imply that they are endorsed or recommended by IRENA in preference to others of a similar nature that are not mentioned. The designations employedand the presentation of material herein do not imply the expression of any opinion on the part of IRENA concerning the legal status of any region, country,territory, city or area or of its authorities, or concerning the delimitation of frontiers or boundaries. The growing competitivenessof renewable power continues toprovide the most compelling pathwayto the decarbonisation of the globalenergy system FOREWORD As the nations of the world prepare to convene in the United Arab Emiratesfor COP28, the International Renewable Energy Agency (IRENA) continuesto warn that the world is not on track to meet its shared commitments underthe Paris Agreement to avoid dangerous climate change. The pathway to a1.5°C future requires increased global ambition in renewables deployment,enabled by physical infrastructure, policy and regulations, and strengthenedinstitutional and workforce capabilities. Since shortly after its inception, IRENA has tracked trends in the costs andcompetitiveness of renewable power generation technologies, charting thefalling costs of the energy transition beyond most commentators expectations.This has opened up new avenues for decarbonisation via electrification todeliver a climate-safe future, as other options have failed to scale. Francesco La Camera Director-GeneralInternational RenewableEnergy Agency The competitiveness of renewable power today has positioned electrificationas a central pillar of the energy transition. This offers an opportunity toplace renewable energy at the centre of the solution while simultaneouslyenhancing energy security, reducing energy costs and enabling f




