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This is the ninth issue of the Grid Parity Monitor and the second one to exclusively focus on the utility-scale segment (50 MWp PV plants with a single-axis tracking system). This report analyzes PV competitiveness in wholesale energy markets and provides an outline of the electricity regulation in eight different countries (Chile, Honduras, Italy, Mexico, Morocco, South Africa, Turkey and USA (Texas)).
Like the first edition of the GPM utility-scale, this GPM issue applies a methodology which differs from the one used in previous GPM reports, which were centered on residential and commercial customers operating under a net metering scheme. Thus, while for residential and commercial clients the LCOE is calculated to analyze so-called grid parity proximity, the analysis of the utility-scale issues focuses on generation parity. In doing so, the report determines a theoretical tariff which fulfils profitability requirements for investors. This required tariff is compared to local wholesale prices in order to determine if generation parity exists in the country.
The required tariff is calculated based on the economics of the PV plant under a project finance scheme, since this is currently the most common form of financing. Other financing possibilities that could significantly improve generation parity results have not been analyzed in this report1.
The results of the GPM analysis (summarized in the Figure below) show that Chile and Morocco are in a full generation parity situation, Honduras is close.
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