Figure 1
![Median of investment costs for various electricity sources (USD′2019, millions).Source: Own elaboration based on [Projected Costs…, 2020, pp. 43–44].CCGT – Combined Cycle Gas Turbine; mln, million; PV - Photovoltaics.](https://sciendo-parsed.s3.eu-central-1.amazonaws.com/6471f9c6215d2f6c89db742f/j_ijme-2021-0020_fig_001.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=ASIA6AP2G7AKHYOMBSH6%2F20251214%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Date=20251214T212311Z&X-Amz-Expires=3600&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEHQaDGV1LWNlbnRyYWwtMSJIMEYCIQDK5%2B8eYyV5Vk5QP5UEmr22ttGpJCjKMqvCSEya7w%2BIPAIhANh1BGSm4JKH4EyvuL8EyZYlPBU6LIE3EDCO6KnOMWaKKr0FCD4QAhoMOTYzMTM0Mjg5OTQwIgwQo6iIWpGy7Xqlvz8qmgVFUJ1k3m%2FQQ%2F5c9Ujvn6uhdAI4Roe5ZYJEUUDhh0BZOjqdKjAi0GOJe8FTkhLIbKYL9Q%2FdbRIFQs6maP%2B7i1aabDDajKf0V%2Fm9rSeOjI3UXC0gAHeMG0YA1w6VSb43H%2B8B2HBVDilSBHof3PXOO%2F%2BmUWrmP%2BJchs4WcMKLcpAiBI3MQzL%2FOhjTTS%2BV4sp69UMrSjJmvTZ%2B0B34RL%2Bb4hvUB08DGDupsqq7tkaQd0NtaPsrI0pkghjngg7%2BoInOC%2F3txUc4M8DYfxny6pzYoQGMIiwSoY3Bpe3Qj6I9pE35RA8yTufhw%2FJqN6U9ktnXiDgXSRUXbsBwFGph%2BjUNm6u66JZmR6OwRUSMiioBiSsgSzqt3IGJ3OdpD7%2BY6J5GGW%2FGj3QSIoeCJ03JnEJzeNMXN%2Fb4ZRt5uz2Hmmkio0mGn%2F49BQSWBbi6sFrpbIYXTNTGI0%2BqxZ8uuAj0WATql%2FBl0IStQXMUcP3DI1eqTV8u2IB7if0%2FH5oFY%2B3s6EJ2vA5esCGxzSHzl4wUxLbf0kOSBxGzlqN2G7%2F2xWhxS7JSJ3KsyEE%2FwnXwdq7CWyejsksrGdRnGmu54asVLGfKY7UlivYhRQBmlar0U66uP52N07vPBqM%2Bucx1rWdtJggGfEVCtN608q6AtmKQnBUjTC80uzBgwklviOljKCzzGv7V9QEFu1Y6Si8dEuDfYVeuOGjKtZRb8HlEhIKYWEV4KXKG1xxGu%2Bb7HURg31KLL1sMb2owjLOZB6IL4AcuL35dc83tU5xu3VZOcpMXNCoEiwPZUPAcoVeHpSqZD0rgpiVKlBA9PWJ34SbcddLP8%2B48iCVAuQmYg3M8iFa30QYadaOrIOIdDV%2B%2BNn6Xo1y99cQbYsFV1H676pjBQo8wlLr8yQY6sAH3ecj%2FSUOs23qB3T6jb85ee3g3xlm2dcZB3JbK5zHfr5y7TU2B%2BlqFHBRWA1DmtkeoKFIE5FsppLSVToMxAZHLksziVBP9EQdCv4%2B3ft84yAk%2FnMRMkuGaAMebNDPMnBlRHZZm4TbqnN1QicGoWiS5nUUw9FHidPxKsXoGlUfLNG7UPfl%2BYUfASj7pck9tTlnkcoQdOnXYyfn8j0ibnifZdGRTRCHT2yU%2BBQBQMD857Q%3D%3D&X-Amz-Signature=efe1e0184b0e4123e75b6485f591a1e9d2cce87400861ab98ad5698336ee0206&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)
Figure 2
![Predevelopment costs for various electricity sources in the UK (GBP′2018/MWh).Source: Own elaboration based on Electricity generation costs [2020, p. 26].CCGT – Combined Cycle Gas Turbine; PV - Photovoltaics.](https://sciendo-parsed.s3.eu-central-1.amazonaws.com/6471f9c6215d2f6c89db742f/j_ijme-2021-0020_fig_002.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=ASIA6AP2G7AKHYOMBSH6%2F20251214%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Date=20251214T212311Z&X-Amz-Expires=3600&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEHQaDGV1LWNlbnRyYWwtMSJIMEYCIQDK5%2B8eYyV5Vk5QP5UEmr22ttGpJCjKMqvCSEya7w%2BIPAIhANh1BGSm4JKH4EyvuL8EyZYlPBU6LIE3EDCO6KnOMWaKKr0FCD4QAhoMOTYzMTM0Mjg5OTQwIgwQo6iIWpGy7Xqlvz8qmgVFUJ1k3m%2FQQ%2F5c9Ujvn6uhdAI4Roe5ZYJEUUDhh0BZOjqdKjAi0GOJe8FTkhLIbKYL9Q%2FdbRIFQs6maP%2B7i1aabDDajKf0V%2Fm9rSeOjI3UXC0gAHeMG0YA1w6VSb43H%2B8B2HBVDilSBHof3PXOO%2F%2BmUWrmP%2BJchs4WcMKLcpAiBI3MQzL%2FOhjTTS%2BV4sp69UMrSjJmvTZ%2B0B34RL%2Bb4hvUB08DGDupsqq7tkaQd0NtaPsrI0pkghjngg7%2BoInOC%2F3txUc4M8DYfxny6pzYoQGMIiwSoY3Bpe3Qj6I9pE35RA8yTufhw%2FJqN6U9ktnXiDgXSRUXbsBwFGph%2BjUNm6u66JZmR6OwRUSMiioBiSsgSzqt3IGJ3OdpD7%2BY6J5GGW%2FGj3QSIoeCJ03JnEJzeNMXN%2Fb4ZRt5uz2Hmmkio0mGn%2F49BQSWBbi6sFrpbIYXTNTGI0%2BqxZ8uuAj0WATql%2FBl0IStQXMUcP3DI1eqTV8u2IB7if0%2FH5oFY%2B3s6EJ2vA5esCGxzSHzl4wUxLbf0kOSBxGzlqN2G7%2F2xWhxS7JSJ3KsyEE%2FwnXwdq7CWyejsksrGdRnGmu54asVLGfKY7UlivYhRQBmlar0U66uP52N07vPBqM%2Bucx1rWdtJggGfEVCtN608q6AtmKQnBUjTC80uzBgwklviOljKCzzGv7V9QEFu1Y6Si8dEuDfYVeuOGjKtZRb8HlEhIKYWEV4KXKG1xxGu%2Bb7HURg31KLL1sMb2owjLOZB6IL4AcuL35dc83tU5xu3VZOcpMXNCoEiwPZUPAcoVeHpSqZD0rgpiVKlBA9PWJ34SbcddLP8%2B48iCVAuQmYg3M8iFa30QYadaOrIOIdDV%2B%2BNn6Xo1y99cQbYsFV1H676pjBQo8wlLr8yQY6sAH3ecj%2FSUOs23qB3T6jb85ee3g3xlm2dcZB3JbK5zHfr5y7TU2B%2BlqFHBRWA1DmtkeoKFIE5FsppLSVToMxAZHLksziVBP9EQdCv4%2B3ft84yAk%2FnMRMkuGaAMebNDPMnBlRHZZm4TbqnN1QicGoWiS5nUUw9FHidPxKsXoGlUfLNG7UPfl%2BYUfASj7pck9tTlnkcoQdOnXYyfn8j0ibnifZdGRTRCHT2yU%2BBQBQMD857Q%3D%3D&X-Amz-Signature=44a7c287bd45259dab41756a4363708d17fda83102d2b93ff05f80d5cf003496&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)
Figure 3
Figure 4
Advantages and disadvantages of business models – the EU investor's perspective
| Model | Advantages | Disadvantages |
|---|---|---|
| Electricity market | Compliance with EU state aid rules | No offtake |
| PPA | Offtake | No compliance with EU state aid rules |
| CfD, CEAC | Stable selling prices | No offtake |
| CfD (Czech version) | Offtake | Model waiting for EC acceptance |
| RAB | Stable selling prices | No compliance with EU state aid rules (probably) |
| PTC | Fixed state subsidy for every megawatt hour (MWh) of electricity generated | No offtake |
| ZEC | Relatively stable selling prices | No offtake |
| CES | A subsidy in market revenue | No offtake |
| CM | Covering of fixed production costs | No offtake (for energy) |
| Carbon tax/ETS | Increasing of costs for coal- and gas-based competitors | No offtake |
| Exeltium | Offtake | Price volatility in the long term, dependent on the wholesale market price index |
| Mankala | Offtake | High risk before and during construction |