Worried about the way crude oil has stampeded above and then back below $100 a barrel in a matter of hours this week? What if I told you that another crucial component of energy prices has just slumped permanently beneath the same level?
That’s what’s happening with lithium-ion battery packs. Grid electricity from four-hour batteries cost $78 per megawatt-hour at the end of last year, down from $107/MWh a year earlier, according to BloombergNEF. It’s fallen more than 50% since the eve of the world’s last major energy shock, when Russia invaded Ukraine in early 2022.
The smaller batteries that go in your car have also dropped ...