Renewables and energy storage continue their march to dominance of the electricity sector as costs continue to fall.
The cost of solar and wind power continue to fall, making them even more competitive in generating electricity compared to fossil fuels.
Solar PV and onshore wind are now the cheapest sources of new-build generation for at least two-thirds of the global population, according to the latest analysis by BloombergNEF (BNEF). The research group says that the global benchmark levelized cost of electricity (LCOE) for onshore wind and utility-scale PV has fallen 9% and 4% respectively since the second half of 2019 – to $44/MWh and $50/MWh, respectively. The benchmark LCOE for battery storage now sits at $150/MWh, having halved in price from two years ago.