<
https://reneweconomy.com.au/battery-costs-plunge-solar-and-wind-undercut-new-coal-and-gas-in-almost-every-market/>
"The plunging cost of battery storage will send the global benchmark price for
the firming technology below the $US100 per megawatt-hour (MWh) mark in 2025,
Bloomberg New Energy Finance has forecast, following a year of record lows in
the cost of generating clean power.
In its latest annual
Levelised Cost of Electricity report, BNEF says the
global benchmark cost for stand-alone battery storage projects fell by a third
in 2024 to $US104 per megawatt-hour (MWh), as a glut in supply due to slower
electric vehicle sales led to cheaper prices.
In Australia, the falling cost of batteries was also a feature of the CSIRO’s
latest
GenCost report, which found it had plunged more than 20 per cent in
the last 12 months.
The BNEF report shows the typical fixed-axis solar project cost dropped to
$US36/MWh in 2024 and onshore wind hit $US38/MWh, thanks in large part to the
contributions of low-cost solar and wind in China.
The BNEF report notes that China can, on average, produce a megawatt-hour of
electricity from major power-generating technologies 11-64% cheaper than other
markets.
In China, for example, power generated from onshore wind costs around 24% less
than the global benchmark of $38 per megawatt-hour, as turbine prices in China
continue to fall while being on the rise everywhere else since 2020.
Globally, BNEF says it expects benchmarks for wind and solar generation to fall
further in 2025, by 4% and 2% respectively, as they continue to undercut new
coal and gas plants on production cost “in almost every market” around the
world.
Overall, BNEF expects the cost of clean power technologies to fall by between
2-11% in 2025, breaking last year’s record, with only the introduction of trade
barriers likely to slow momentum."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
