Plunging Battery Costs Accelerate Global Clean Energy Expansion

Battery storage costs have dropped more than 60% worldwide over the past two years, accelerating renewable energy adoption and strengthening grid reliability as energy demand rises.

“Batteries are becoming an increasingly economic solution in more and more markets around the world,” said Connor Teskey, Chief Executive Officer of Brookfield Renewable Partners.

The rapid decline in costs has transformed energy markets, enabling large-scale storage projects to support renewable energy expansion and reduce grid congestion. Battery capacity is expected to exceed 10 gigawatts across major development pipelines within three years, while long-term capacity contracts are replacing short-term trading models. Faster deployment, falling technology costs and rising electricity demand driven by electrification, industry growth and artificial intelligence are positioning battery storage as a key tool for reliable, low-carbon power systems globally.