Comment on story from GOH Executive Director Brad Warren: “The future of healthy oceans and fisheries depends on rapidly reducing carbon emissions. That’s one reason why it matters that falling costs for solar + battery storage are starting to knock out coal in some markets, and may do so in China soon.”
By Soila Apparicio, Climate Home News, 3/7/2018
Falling battery costs will allow for renewable power to grow rapidly, analysts predict, replacing traditional baseload generation
In the US, the combo can outcompete gas generation by 2027, according to the same New Energy Outlook report, presented in London on Friday.
BNEF expects battery prices, which are already down by 79% per megawatt-hour since 2010, to continue falling fast. That will enable grids to integrate more variable renewables and ultimately end reliance on coal, gas, and nuclear to meet peak demand.
By 2050, the report predicts 71% of electricity worldwide will be generated by carbon-neutral sources, with 50% coming from renewables.
“The arrival of cheap battery storage will mean that it becomes increasingly possible to finesse the delivery of electricity from wind and solar, so that these technologies can help meet demand even when the wind isn’t blowing and the sun isn’t shining,” lead author Seb Henbest said at the launch.
Rechargeable, high-energy density lithium-ion batteries are the main focus of this analysis. There are several different types of lithium battery on the market with varying lifetimes. They are used to store excess energy from solar panels and wind turbines and release it when needed.
David Howey, an engineering science professor at Oxford University, told Climate Home News lithium-ion technology is going to be “with us for at least ten years, possibly even beyond.”
Read more here