GoKawiilWood Mackenzie: Battery storage now cheaper than open-cycle gas turbines worldwide
A new Wood Mackenzie report finds that four-hour battery storage systems cost less than open-cycle natural gas turbines in all 43 markets surveyed across every continent. The firm projects battery costs will keep falling while gas turbine electricity costs rise, partly due to AI data center developers buying up available turbines and driving procurement waits to two-to-four years, with closed-cycle models backlogged into the early 2030s. Separately, solar was found to be the cheapest new power source in every surveyed market, though tariffs and import restrictions are pressuring prices in North America.