Levelized Cost of Energy+ (LCOE+)

Lazard's 2025 LCOE+ report highlights that, despite headwinds and macroeconomic challenges, renewables remain the most cost-competitive form of new-build generation on an unsubsidized basis (i.e., without tax subsidies). As such, renewable energy will continue to play a key role in the buildout of new power generation in the U.S. This is particularly true in the current high power demand environment, where renewables stand out as both the lowest-cost and quickest-to-deploy generation resource. The report also emphasizes the need for diverse generation fleets to meet rising power demands, as well as the vital role system-wide planning and innovation will play in shaping a reliable and sustainable energy future.