IEA mentions: “The use of competitive auctions has accelerated cost reductions for renewable technologies, such as solar PV, onshore wind and offshore wind, establishing price benchmarks that are recognised worldwide. However, these prices cannot be consistently followed, as each country and technology has different resource potentials, financing conditions and auction designs”.
In her article, the IEA further states: “overall trends show that recent bid prices for onshore wind and solar PV technologies for projects to be commissioned by 2023 range from USD 20 per megawatt hour (MWh) to USD 50/MWh. This corresponds to a 45-50% reduction in contract price for both technologies from 2017 to 2022/23; for offshore wind, the decline is almost two-thirds. It must be noted, however, that these auction prices are based on just a small portion of the total capacity to be commissioned under competitively determined remuneration schemes in the main-case forecast, so average prices may change with the announcement of new auctions. In addition, announced contract prices need to be verified as project delivery schedules and final costs may differ.”