Solar PV and onshore wind are now the cheapest sources of new-build generation for at least two-thirds of the global population. those two-thirds live in locations that comprise 71% of GDP and 85% of energy generation. battery storage is now the cheapest new-build technology for peaking purposes (up to two hours of discharge duration) in gas-importing regions, such as Europe, China and Japan.
The latest analysis by research company BloombergNEF (BNEF) shows that the global benchmark levelised cost of electricity, or LCOE, for onshore wind and utility-scale PV (for fixed-axis utility-scale PV systems), has fallen 9% and 4% since the second half of 2019, to 44 and 50 $/MWh, respectively. Meanwhile, the benchmark LCOE for battery storage has tumbled to 150 $/MWh, about half of what it was two years ago.