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Affordability and Grid FlexibilityAffordability and grid flexibility are key drivers spurring the growth of the global hydropower market. Hydropower is becoming increasingly viable economically compared to other renewable sources owing to lower installation and generation costs. According to the International Hydropower Association, the levelized cost of energy from hydropower projects commissioned in recent years ranges from $0.03-0.10 per kWh, making it competitive against fossil fuel alternatives in many parts of the world. Hydropower plant setup requires massive infrastructure but has operational life cycle lasting 80 years on average with minimal running costs. Once constructed, hydropower generation delivers reliable baseload electricity at low and predictable prices over the long-term. Another important growth factor is the capability of hydropower resources to complement other intermittent renewable energy sources by acting as grid balancing solution. Hydropower facilities allow incorporating higher quantities of solar and wind power on electrical grids through load balancing abilities. Hydropower generation can be increased or decreased within minutes to adjust for fluctuations in power supplied from weather-dependent energy sources. This enhances overall grid stability and efficiency. For example, Eurostat data shows hydropower in European Union compensated for 61% of the variability in solar and wind-based renewable electricity generation during 2020-2021.
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