平准化度电成本（2025年版）

L E V E L I Z E D C O S T O F E N E R G Y +W I T H S U P P O R T F R O MJ u n e 2 0 2 5C O N F I D E N T I A LTable of ContentsCopyright 2025 Lazard This analysis has been prepared by Lazard for general informational and illustrative purposes only, and it is not intended to be, and should not be construed as, financial or other advice. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of Lazard.EXECUTIVE SUMMARYENERGY GENERATIONLazard’s Levelized Cost of Energy Analysis—Version 18.0ENERGY STORAGELazard’s Levelized Cost of Storage Analysis—Version 10.0ENERGY SYSTEMCost of Firming IntermittencyAPPENDIXLCOE v18.0LCOS v10.0IIIIIIIVV35162531AAAAB617263241C O N F I D E N T I A LCopyright 2025 Lazard I Executive SummaryCopyright 2025 Lazard This analysis has been prepared by Lazard for general informational and illustrative purposes only, and it is not intended to be, and should not be construed as, financial or other advice. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of Lazard.Executive Summary—Selected Key Findings from Lazard’s 2025 LCOE+Lazard’s 2025 LCOE+ Report is organized around three key areas: Energy Generation, Energy Storage and the Energy SystemEnergy GenerationLevelized Cost of Energy Version 18.0• Renewables Remain Competitive: On an unsubsidized $/MWh basis, renewable energy remains the most cost-competitive form of generation. As such, renewable energy will continue to play a key role in the buildout of new power generation in the U.S. This is particularly true in the current high power demand environment, where renewables stand out as both the lowest-cost and quickest-to-deploy generation resource• Increasing Competitiveness of Existing Gas Generation: The gap between the LCOE of new wind and solar and the marginal cost of operating CCGTs has widened due to, among other things, persistent low gas prices, high energy demand and increasing renewable LCOEs• Significant Shifts Expected: Unless otherwise indicated, Lazard’s LCOE is an LTM analysis focused on “today” and is not a forecasting tool. As such, the outcomes included herein are representative of current development and construction timelines, which vary by technology. For example, while this year’s analysis shows only a slight increase in the LCOE of CCGTs, turbine shortages, rising costs and long lead times are expected to drive steep LCOE increases for gas technologies in the near term, as illustrated herein. Additionally, cost declines across Vogtle units 3 and 4 indicate nuclear is poised to benefit from scale and development efficienciesEnergy StorageLevelized Cost of Storage Version 10.0• Storage Cost Decline: This year’s analysis shows notable declines in the LCOS of utility scale and C&I battery energy storage systems. Key drivers of such results include both market dynamics (e.g