The usual way to compare costs of energy sources is by Levelized Cost of Electricity (LCOE), which averages total costs over the lifetime of a project (construction, fuel, maintenance, financing, etc.) into a per-megawatt-hour (MWh) figure.

The latest big global comparisons (IEA, Lazard, U.S. EIA, IRENA, 2023–2024 data) generally rank sources like this (approximate global averages; actual costs vary by country and financing):

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Cheapest → Most expensive (LCOE, $/MWh, 2023–24 ranges)

1. Utility-scale Solar PV — $25–50

   • Prices keep falling; lowest in sunny regions with cheap financing.

2. Onshore Wind — $30–60

   • One of the most cost-competitive sources; stable or falling.

3. Hydropower (large-scale) — $35–80

   • Very cheap once built, but highly site-dependent; huge upfront cost.

4. Nuclear (existing plants, lifetime extensions) — $40–70

   • Extending old plants is cheap; new builds are very expensive.

5. Geothermal — $45–90

   • Stable and dispatchable; depends on suitable geology.

6. Offshore Wind — $70–120

   • Costs are coming down, but still higher due to construction complexity.

7. New Nuclear (new builds) — $120–200+

   • High capital costs, delays, and financing risks make new projects expensive.

8. Fossil fuels

   • Natural Gas (combined cycle) — $45–100 (cheap where gas is abundant, but volatile with fuel prices).

   • Coal — $65–150 (often uncompetitive now, especially with carbon pricing).

   • Oil-fired generation — $150–250+ (used mainly for backup in islands/remote regions).

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Big picture

• Cheapest globally today: Solar PV and onshore wind.

• Most expensive: New nuclear, oil, and some coal.

• Most stable (not fuel-price sensitive): Renewables and nuclear.

• Most volatile: Gas and coal, since they depend on global commodity markets.

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Do you want me to make a ranked chart just for Canada or the UK (since policies, subsidies, and geography shift costs a lot), or keep it global?

ChatGPT said:

Here’s a ranked cost comparison of energy sources in the UK, using the latest reliable government data (expressed in £ per MWh, real 2021/2022 prices) — ranked from least to most expensive:

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UK Energy Sources: Ranked by Levelized Cost of Electricity (LCOE)

Rank	Energy Source	Estimated LCOE (£/MWh)	Notes
1⃣	Onshore Wind	~£38	Most cost-effective; strong economies of scale. electricity info+1Wikipedia
2⃣	Large-Scale Solar PV	~£41	Slightly higher than onshore wind but still very competitive. electricity info+1
3⃣	Offshore Wind	~£44	More expensive than onshore but still much cheaper than fossil fuels. electricity info+1Wikipedia
4⃣	Combined Cycle Gas Turbine (CCGT)	~£114	When forecast for 2025; still meaningfully more costly than renewables even without carbon capture. electricity info
5⃣	New Nuclear (e.g., Hinkley/Sizewell C)	~£109–£132*	Estimated cost around £109 (DESNZ new nuclear central estimate) to ~£132 strike price; Hinkley LCOE ranges dependent on financing assumptions. electricity infoWorld Nuclear NewsFinancial Times

*DESNZ figure (~£109) refers to new nuclear central estimate; Hinkley-based LCOE including financing at ~£132/MWh. electricity infoWorld Nuclear News

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Summary Ranking (Cheapest → Most Expensive)

1. Onshore Wind (~£38/MWh)

2. Large-Scale Solar PV (~£41/MWh)

3. Offshore Wind (~£44/MWh)

4. CCGT (Gas) (~£114/MWh)

5. New Nuclear (~£109–£132/MWh)

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Additional Context & Insights

• Solar PV is becoming increasingly competitive: One projection suggests that large-scale solar could drop dramatically to ~£17/MWh by 2035 under optimistic scenarios, potentially undercutting all other sources. PubMed Central

• Renewables vs Gas: The Imperial College Grantham Institute notes that as of 2023, the LCOE for solar and wind (around £41–48/MWh) is substantially lower than gas (~£124/MWh including carbon price), reinforcing that renewables are already cost-efficient. Imperial College London

• Local example of high cost: The older Greater Gabbard offshore wind project (built around 2011) had an LCOE of £137/MWh, highlighting how older projects and infrastructure differences can impact costs. Wikipedia

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Final Thoughts

• Renewables — especially onshore wind and solar — are currently the cheapest electricity sources in the UK.

• Offshore wind remains competitive, though more expensive due to infrastructure and installation complexity.

• Natural gas is significantly more expensive when considering carbon pricing.

• New nuclear falls between renewables and gas, and while higher in cost, is valued for its stable, low-carbon baseload generation.

Would you like me to break this down further—for instance:

• By expected future costs (e.g., projected 2025–2035 changes)?

• Cost comparisons including system-level factors (energy storage, grid integration)?

• A cost comparison for small modular reactors (SMRs)?

Let me know—happy to dig deeper!