This paper considers the complementary capacity planning of a wind-solar-thermal-storage hybrid power generation system under the coupling of electricity and carbon cost markets. It analyzes the LCOE from today, in the year 2024, up to the year 2045. The analysis focuses on rene-wable energy sources such as photovoltaic (PV). To accurately reflect the changing cost of new electric power generators in the Annual Energy Outlook 2025 (AEO2025), EIA commissioned Sargent & Lundy (S&L) to evaluate the overnight capital cost and performance characteristics for 19 electric generator types. The following report represents S&L's. After the conference, we conducted in-depth interviews and correspondence with about 40 experts connected to the manufacturing and sale of modules, inverters, energy storage systems, and balance-of-system components as well as the installation of PV and storage systems. The model employs a bi-level optimization method based on the. Calculates present value of the total cost of building and operating a power plant over an assumed lifetime. Wind LCOE Sensitivity: What Are the Big Drivers? Initial capital cost (ICC) and capacity factor are two critical drivers, but discount rate (financing costs) and annual operating expenses.