A footnote on Lazard’s flagship chart states the new-build coal (and geothermal) LCOE “reflects Lazard’s LCOE v14.0 results adjusted for inflation,” because Lazard says it lacks sufficient observable current-market coal construction data. Lazard’s own “Scope of Lazard’s LCOE Metric” appendix states the LCOE “excludes certain project- and geography-specific costs and system and grid-level costs that enable a functioning power grid.” Reliability Factors Used (Source: Lazard LCOE+ v19.0, Appendix B)Average Net CONE across MISO, CAISO, SPP, PJM, ERCOT, and NYISO: $7.32/kW-month ($87.86/kW-year), per Lazard’s Appendix B market-overview table. The reliability penalty Lazard’s own data assigns to intermittent generation is the cost that gets left off the chart everyone quotes. ● All reliability factors, Net CONE values, and capacity factor ranges cited in this paper are drawn directly from Lazard’s LCOE+ v19.0 report, Sections II and Appendix B.