How Much Might it Cost to Decarbonize the Power Sector? It Depends on the Metric

One of the most prominent questions about decarbonizing the power sector is how much it might cost to decarbonize. In this work we quantify the cost of decarbonization using five types of cost metrics: 1) the total system cost, 2) the bulk power electricity price, 3) the average retail rate, 4) household energy costs, and 5) carbon abatement costs. We show that the reported cost of decarbonization is highly dependent on the metric chosen and discuss how the choice of metric can aid in discussions about decarbonization costs. We also compare these costs to the emission and health benefits of decarbonization and find that the benefits can be many times greater than the costs.