Renewable levelized cost of energy available for export: An indicator for exploring global renewable energy trade potential

Renewable energy resources are widely available, yet they are unevenly distributed globally. In a renewable future, countries lacking high-quality renewable resources may choose to import energy from other countries. To assess the resource-dependent and techno-economic basis for global renewable ene...

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Bibliographic Details
Published inarXiv.org
Main Authors Kan, Xiaoming, Reichenberg, Lina, Hedenus, Fredrik, Daniels, David
Format Paper
LanguageEnglish
Published Ithaca Cornell University Library, arXiv.org 14.03.2024
Subjects
Assessments
Discount rates
Economic factors
Economics
Electric power demand
Land use
Political factors
Renewable resources
Self sufficiency
Social factors
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Summary:Renewable energy resources are widely available, yet they are unevenly distributed globally. In a renewable future, countries lacking high-quality renewable resources may choose to import energy from other countries. To assess the resource-dependent and techno-economic basis for global renewable energy trade and identify potential importers and exporters, this study introduces two new metrics: Renewable Levelized Cost of Energy available for Export (RLCOE_Ex) and Potential Energy Export Volume (PEEV). These metrics are computed based on regional resource potential, domestic energy demand and varying financial costs across countries, without the need for any energy system modeling. By applying these two metrics to 165 countries/regions, we identify countries with significant potential for exporting renewable energy (e.g., the US, China) and those that lack the domestic resources to satisfy demand (e.g., South Korea, Japan). The RLCOE_Ex and PEEV metrics are validated through a separate analysis, employing a comprehensive energy system model for each country/region.
ISSN:2331-8422