The spectacular falls in the cost of wind and solar energy continued in 2017, dropping another 18 per cent across the globe, according to the latest report from Bloomberg New Energy Finance.
The report also highlights the falling cost and growing uptake of battery storage, which together are mounting an unprecedented challenge to fossil fuel power, particularly as batteries start to encroach on the flexibility and peaking revenues enjoyed by those fossil fuel plants.
The new report from BNEF highlights Australia as one of the key countries to have led the cost reductions in both wind and solar. India is also cited for both wind and solar.
“Coal and gas are facing a mounting threat to their position in the world’s electricity generation mix, as a result of the spectacular reductions in cost not just for wind and solar technologies, but also for batteries,” the BNEF report says. . .