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The recent tender in Portugal could raise eyebrows: with 0,01114 EUR/kWh, it has broken all barriers. But the most competitive PV installations in Europe cannot reach such a LCOE level. Combining all tools to reduce the cost of producing PV electricity could bring costs down to around 0,02 EUR/kWh, in the most promising case. But less is not achievable for the time being, even with the cheapest components, the cheapest cost of capital and state-of-the-art development and construction. The addition of storage increases even more the LCOE in this case. Then, which is the business model? It can be found in combination in company promotion and visibility, but also in the willingness to acquire a grid connection for the future and the possibility to see in some years additional sources of revenues or even a partial shift towards the wholesale market. Next to the real-time energy market, providing grid services but also arbitrage towards the evening peak might provide at some point in the future different sources of revenues. All in one, this looks more like speculation and marketing than sound investments and this offers a distorted perspective on the real competitiveness of PV in Europe!