General Electric, Siemens, and Mitsubishi are all scaling back production of gas turbines – due to the greater economic viability of storage batteries for renewable energy.
The Tesla big battery in South Australia has already taken a 55 per cent share in the state’s frequency and ancillary services market, and lowered prices in that market by 90 per cent, new data has shown.
The stunning numbers on the economics of the country’s first utility-scale battery were presented at the Australian Energy Week conference in Melbourne on Thursday by McKinsey and Co partner Godart van Gendt.
Speaking as part of a panel on the leading technologies and strategies that will help manage the transition to renewables in Australia, van Gendt said the data was more evidence that battery storage would “play a very big role.”
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