- Cheaper batteries disrupt gas power plans.
- Data from Global Energy Monitor reveals 68 halted/cancelled gas plants.
Giant batteries have become cheaper, disrupting gas power plans globally by offsetting renewable energy fluctuations. The shift means gas plants will play fewer roles in energy transition, challenging assumptions about long-term gas demand. Data from Global Energy Monitor reveals 68 halted/cancelled gas plant projects this year. Competitive Power Ventures scrapped a New Jersey project due to low prices and no subsidies.
Carlton Power dropped an £800 million gas plant plan in favour of a large battery, reflecting changing economics. Carlton’s CEO, Keith Clarke, highlights a shift from baseload gas plant usage to an estimated 11% to 15% operation in the next decade, impacting financing due to revenue uncertainties. This signals a smaller gas role in the energy transition, diverging from significant companies’ expectations.