Energy input cost ratio of industrial heat pumps relative to current market benchmarks in selected regions, 2024

Notes

Energy cost ratios quantify the comparative fuel expenditure incurred when generating 1 MWh of heat with two technologies (electric heating technologies/current market benchmarks), incorporating energy prices and efficiencies. End-user industrial energy prices are yearly average values considered on a regional basis. The corresponding ranges are USD 3-10 /GJ for coal, USD 4-25/GJ for natural gas and USD 20-60/GJ for electricity. Efficiencies are 84% for coal boilers, 87% for natural gas boilers, 98% for electric boilers and 350% for heat pumps.