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In order to reduce greenhouse gas emissions of the power sector, high sharesof renewable power sources need to be integrated into existing systems. Thiswill require vast amounts of investments. Cost of the capital needed for theseinvestments are unevenly distributed among European regions. They show a clearNorth-South and West-East divide, which has not exhibited significant signs ofnarrowing in recent years. Power system studies investigating a continent-wideEuropean power system, however, usually assume homogeneous cost of capital.  The objective of this paper is to investigate how regional differences incost of capital affect the result of these studies with respect to the optimalpower system design. Our analysis is based on power system optimization withinhomogeneous cost of capital in Europe. We find that assuming homogeneous costof capital leads to estimates on the levelized costs of electricity in a highlyrenewable European power system, which are too conservative. The optimal systemdesign is significantly affected compared to an inhomogeneous scenario. Inparticular, we show that inhomogeneous cost of capital favors overall windpower deployment in the case of Europe, while the investment in solar powerdecreases.

How regional differences in cost of capital influence the optimal design of power systems