Canadian Solar Financial and Operational Summary Q1 2022
Solar PV the most environmentally and economically attractive source of
electricity, critical to any global decarbonization scenario
Solar + 4h battery storage is increasingly competitive;
meanwhile, the cost of carbon is set to increase
359
275
135
123
111
83
2009
Mean unsubsidized levelized cost of energy (LCOE)
and levelized cost of storage (LCOS), $/MWh
PV + 4 hour storage (FTM)
$85-158/MWh
158
173 Gas peaker
167 Nuclear
108 Coal
85
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
*CCGT Combined Cycle Gas Turbine
60 CCGT*
38 Wind
•
36
Solar
Strong energy security, climate change and
decarbonization commitments by major economies
REPowerEU: to reduce reliance on imported gas; 420 GW of additional
solar capacity by 2030, with high scenario potential for 1 TW; Germany to
increase solar tenders to 20 GW by 2028 from current 5 GW.
China: "1+N" policies to reach peak carbon by 2030, and carbon
neutrality by 2060. Non-fossil fuel energy to account for 20% / 25% of
primary energy consumption by 2025 / 2030 resp. Solar and wind total
installation to reach 1,200 GW and non-fossil fuel sources to account for
80% of primary energy consumption by 2060, implying annual solar
capacity additions of 80-100 GW. Energy storage commercialization
during the 14th Five Year Plan (system costs to reduce 30%).
U.S.: Build Back Better Climate Change provisions $555 billion, with
potential solar ITC extension/direct pay, stand-alone storage ITC, PTC
optionality etc.
Corporations are also demanding more clean energy to
decarbonize their operations
Many firms committing to 100% renewable energy, contributing to lower
energy costs and achieving corporate ESG goals.
Key clean energy corporate off-takers: Amazon, Total, TSMC, Verizon,
Meta, General Motors, Dow Chemical, Anglo American, General Mills and
more.
CanadianSolar
Source: Lazard 2021 LCOE and LCOS Reports, public announcements.
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