Between 2016 and 2022, lithium-ion battery packs more than halved in price, down to $151 per
kilowatt hour [1]. 68 gas plant projects have been cancelled, or paused, as giant batteries that can ensure
stable power supply and protect against wind and solar variability become cheaper [2].
The economics of those gas-fired plants used primarily to compensate for the intermittance of
renewables are changing as back up battery power becomes competitive. Financing is harder to
get for new gas-fired plant because of uncertainty over revenues as they no longer need to run
continuously.
