This paper offers a new approach for the estimation of levelized cost of energy (LCOE) by considering the shareholder internal rate of return (IRR) as an unexplored measure in this kind of analysis. The study relies on a comprehensive techno-economic evaluation based on interactions among a set of factors. This mathematical model is then empirically tested for a CSP power plant in Extremadura (Spain) due to their dominant market position and also for being the most developed renewable system at the present. A sensitivity analysis is also performed to establish the influence that market conditions have on the determination of LCOE for different scenarios under the maintenance of a given shareholder IRR for investors. This last assumption makes investment decisions indifferent among several projects in order to focus solely on the minimization of the LCOE. Results reveal that while the annual net electricity production contributes to the reduction of LCOE, total investments, equity percentage and operation and maintenance (O&M) costs help to increase their value by a high percentage. This study gives important scientific basis for investment decision making and also becomes a standpoint to design suitable public incentives that may enhance future technological developments in the CSP generation industry.

中文翻译：

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LCOE 的增强技术经济分析：公共激励与私人投资

本文通过将股东内部收益率 (IRR) 作为此类分析中未探索的衡量标准，为估算能源平准化成本 (LCOE) 提供了一种新方法。该研究依赖于基于一组因素之间相互作用的综合技术经济评估。由于埃斯特雷马杜拉（西班牙）的 CSP 发电厂的市场主导地位以及目前最发达的可再生能源系统，因此对该数学模型进行了实证测试。还进行了敏感性分析，以确定在为投资者维持给定股东 IRR 的情况下，市场条件对不同情况下 LCOE 的确定的影响。最后一个假设使得投资决策在几个项目之间变得无关紧要，以便只关注 LCOE 的最小化。结果显示，虽然年度净发电量有助于降低 LCOE，但总投资、股权比例和运营和维护 (O&M) 成本有助于大幅提高其价值。这项研究为投资决策提供了重要的科学依据，也成为设计合适的公共激励措施的一个观点，可以促进 CSP 发电行业未来的技术发展。