Lower-cost wind, solar power to drive energy storage tech

New York

LARGE wind and solar farms can compete in the power market even with low natural gas prices and will drive the adoption of technology to store renewable energy, according to an analysis by financial advisers Lazard Ltd.

The cost to build a utility-scale solar photovoltaic plant has fallen by about 80 per cent since 2009 while wind projects have dropped by 60 per cent, the financial advisory and asset management company said in a report. Lower costs make large renewable power projects competitive with conventional generators without subsidies.