Analysis on Energy Cost of LCET-CN based on ERIA Energy Outlook Models 2024

Table of Contents

• 1. Basic Concept of Low-carbon Energy Transition – Carbon Neutrality 1
• Introduction 1
• 2. Modelling Assumptions 2
• Macroeconomy 2
• Figure 7.1. Population and GDP Prospects 2
• 3. Final Energy Consumption 3
• In the LCET–CN scenario, the final energy consumption will decline approximately 2.5 times faster than in the BAU scenario, falling to 140 million tonnes of oil equivalent (Mtoe) in 2050 (Figure 7.2). The demand is equivalent to 64% of the BAU level. 3
• 4. Power Generation 4
• 5. Primary Energy Supply 5
• 6. Saving of Fossil Fuel Consumption and CO2 Reduction 6
• 7. Hydrogen Demand across the Sector 8
• 8. Energy Cost Comparison between BAU and LCET–CN Scenarios 9
• 8.1. Fuel Costs 9
• 8.2. Power Generation Investment 10
• 8.3. CCS Cost 11
• 8.4. Overall Cost 11
• 9. Conclusions and Policy Recommendations 13
• References 15