Battery, offshore wind costs plummeting, report says

Date: Mar 27, 2019

The cost of lithium-ion batteries and offshore wind turbines are plummeting, leading to “spectacular gains in cost-competitiveness” with other sources of electricity, according to a new report from Bloomberg New Energy Finance.

The research firm says the cost of lithium-ion batteries has fallen 35 percent compared to the first six months of 2018, while offshore wind costs have decreased 24 percent over the same period.

“Batteries co-located with solar or wind projects are starting to compete, in many markets and without subsidy, with coal- and gas-fired generation,” the report reads. “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.”

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