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It highlights renewables’ ongoing unsubsidized cost advantage, changing relative economics between new renewables and gas generation, and expectations for near-term gas cost increases driven by shortages and longer lead times. For storage, it reports LCOS declines from market and technology factors while noting tariff uncertainty and expanding adoption into backup and resilience markets. The energy-system section connects rising firming value to increasing renewable penetration and evolving ISO accreditation approaches.",{"@graph":69,"@context":127},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/lazards-levelized-cost-of-energy-june-2025-executive-summary/319818/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/lazards-levelized-cost-of-energy-june-2025-executive-summary/319818.png","ImageObject",300,407,{"name":92,"@type":93},"Aldword","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-11","2026-09-20",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",24,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119,123],{"name":110,"@type":111,"acceptedAnswer":112},"What does Lazard’s 2025 LCOE+ focus on?","Question",{"text":113,"@type":114},"It is organized around three areas: Energy Generation, Energy Storage, and the Energy System.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"Why do renewables remain competitive in the analysis?",{"text":118,"@type":114},"On an unsubsidized $/MWh basis, renewable energy is described as the most cost-competitive generation, and it is also portrayed as quick to deploy in the current power demand environment.",{"name":120,"@type":111,"acceptedAnswer":121},"What key drivers explain storage LCOS declines?",{"text":122,"@type":114},"The analysis attributes declines to market dynamics such as lower-than-expected EV demand and oversupply of cells, as well as technology improvements like increased cell capacity and energy density.",{"name":124,"@type":111,"acceptedAnswer":125},"How does renewable penetration affect firming costs in the energy system section?",{"text":126,"@type":114},"As penetration of low-cost intermittent generation increases, the value of firm capacity rises, reflecting a higher need to balance reliability and affordability.","https://schema.org",{"og:url":83,"og:type":129,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":131,"canonical":83},"index,follow",{"doc_id":133,"site_id":62},319818,1790252832,{"code":4,"msg":5,"data":136},{"doc_id":133,"user_id":137,"nickname":92,"user_avatar":138,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":139,"file_id":140,"file_url":141,"file_type":142,"file_size":143,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":144,"language":145,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":146,"faqs":147,"seo_title":148,"seo_description":67,"update_tm":149,"read_time":150,"preview_page_count":4},2336478940917,"https://ap-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","L E V E L I Z E D C O S T O F E N E R G Y +  \nJ u n e 2 0 2 5  \nW I T H S U P P O R T F R O M  \nTable of Contents  \nI EXECUTIVE SUMMARY 3  \nII ENERGY GENERATION 5  \nA Lazard’s Levelized Cost of Energy Analysis—Version 18.0 6  \nIII ENERGY STORAGE 16  \nA Lazard’s Levelized Cost of Storage Analysis—Version 10.0 17  \nIV ENERGY SYSTEM 25  \nA Cost of Firming Intermittency 26  \nV APPENDIX 31  \nA LCOE v18.0 32  \nB LCOS v10.0 41  \nCopyright 2025 Lazard  \nThis 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.  \nI  \nCON F I D E N TIA L   \nExecutive Summary  \nCopyright 2025 Lazard  \nExecutive Summary—Selected Key Findings from Lazard’s 2025 LCOE+  \nLazard’s 2025 LCOE+ Report is organized around three key areas: Energy Generation, Energy Storage and the Energy System  \n\n| Energy Generation | \u003Cbr>Levelized Cost of Energy Version 18.0\u003Cbr>•  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\u003Cbr>• 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\u003Cbr>• 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 aslight 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 efficiencies |\n| --- | --- |\n| Energy Storage | Levelized Cost of Storage Version 10.0\u003Cbr>• 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. , lower-than-expected EV demand and the resulting oversupply of cells) and technological advancements (e.g. , increased cell capacity and energy density)\u003Cbr>• Tariffs Increase Uncertainty: While current pricing is further benefiting from aggressive competition, widening LCOS spreads indicate increased volatility as uncertainty related to the ultimate tariff regime is shaping market dynamics in real time. For example, supply chain relocation to Southeast Asia and India is well underway, and market participants are executing on forward procurement strategies to mitigate future pricing risk\u003Cbr>•  Market Expansion Is Underway: The LCOS value snapshots show increased returns reflecting the confluence of lower costs and higher prices in several regions. Energy storage adoption is expanding beyond ISO/RTO-driven wholesale markets and into states where municipal procurement and data center growth is prevalent (e.g., Arizona, Colorado, Florida) . Lazard expects continued expansion as backup power and grid resilience become increasingly important in high-growth markets |\n| Energy System | \u003Cbr>Cost of Firming Intermittency\u003Cbr>• Firming Value Rises as Renewable Penetration Increases: The cost of firming helps grid operators evaluate resources based on a ","cbCaifvAUm8LCfo2","https://ap.wps.com/l/cbCaifvAUm8LCfo2","pdf",1823102,48,"English","# Executive Summary—Selected Key Findings from Lazard’s 2025 LCOE+\n## Energy Generation\n## Energy Storage\n## Energy System","[{\"question\":\"What does Lazard’s 2025 LCOE+ focus on?\",\"answer\":\"It is organized around three areas: Energy Generation, Energy Storage, and the Energy System.\"},{\"question\":\"Why do renewables remain competitive in the analysis?\",\"answer\":\"On an unsubsidized $/MWh basis, renewable energy is described as the most cost-competitive generation, and it is also portrayed as quick to deploy in the current power demand environment.\"},{\"question\":\"What key drivers explain storage LCOS declines?\",\"answer\":\"The analysis attributes declines to market dynamics such as lower-than-expected EV demand and oversupply of cells, as well as technology improvements like increased cell capacity and energy density.\"},{\"question\":\"How does renewable penetration affect firming costs in the energy system section?\",\"answer\":\"As penetration of low-cost intermittent generation increases, the value of firm capacity rises, reflecting a higher need to balance reliability and affordability.\"}]","Lazard’s Levelized Cost of Energy + June 2025 - Executive Summary | PDF",1789947251,121]