BloombergNEF (BNEF) has found that utility-scale BESS uptake in Australia could increase eightfold to 18GW in 2035, up from 2.3GW in 2024.

BNEF analyst Isshu Kikuma discusses trends and market dynamics impacting the cost of energy storage in 2024 with ESN Premium.

A growing industry trend towards larger battery cell sizes and higher energy density containers is contributing significantly to falling battery energy storage system (BESS) costs. 

Global average lithium-ion battery prices have fallen 20% to US$115 per kWh this year, going below US$100 for electric vehicles (EVs), BloombergNEF said.

Some long-duration energy storage (LDES) technologies are already cost-competitive with lithium-ion (Li-ion) but will struggle to match the incumbent’s cost reduction potential.

According to IEA and BloombergNEF, battery storage was the most invested-in energy tech, with biggest-ever growth in deployments recorded.

The amount invested in energy storage soared globally during 2023, while battery manufacturing will require the biggest share of spending among clean energy technologies by 2030 to achieve net zero.

This Friday Briefing looks at some big new projects already announced this year and the new BloombergNEF Tier-1 BESS list.

After a difficult couple of years which saw the trend of falling lithium battery prices temporarily reverse, a 14% drop in lithium-ion (Li-ion) battery pack cost from 2022-2023 has been recorded by BloombergNEF.

Annual battery energy storage system (BESS) installations will grow by 10x between 2022 and 2030, according to research firm Rystad Energy.