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Battery Powers Latest Plunge in Costs Threatens Coal, Gas
Key Excerpts from Article on Website of Bloomberg
Posted: April 6th, 2019
https://about.bnef.com/blog/battery-powers-latest-plunge-cos...
Two technologies that were immature and expensive only a few years ago but are now at the center of the unfolding low-carbon energy transition have seen spectacular gains in cost-competitiveness in the last year. The latest analysis by research company BloombergNEF (BNEF) shows that the benchmark levelized cost of electricity, or LCOE, for lithium-ion batteries has fallen 35% to $187 per megawatt-hour since the first half of 2018. Meanwhile, the benchmark LCOE for offshore wind has tumbled by 24%. Onshore wind and photovoltaic solar have also gotten cheaper, their respective benchmark LCOE reaching $50 and $57 per megawatt-hour for projects starting construction in early 2019, down 10% and 18% on the equivalent figures of a year ago. Elena Giannakopoulou, head of energy economics at BNEF, commented: Looking back over this decade, there have been staggering improvements in the cost-competitiveness of these low-carbon options, thanks to technology innovation, economies of scale, stiff price competition and manufacturing experience. The most striking finding in this LCOE Update, for the first-half of 2019, is on the cost improvements in lithium-ion batteries. These are opening up new opportunities for them to balance a renewables-heavy generation mix. Batteries co-located with solar or wind projects are starting to compete, in many markets and without subsidy, with coal- and gas-fired generation for the provision of dispatchable power that can be delivered whenever the grid needs it.
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