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Battery Storage To Change World

AGL Energy chief executive Andy Vesey believes the price of battery storage of renewable energy will drop 60pc in the next five years, potentially changing the world of energy investment.

He told a JP Morgan and Financial Review event in Sydney that battery performance would improveĀ as investment pours into the chemistry and material science underpinning the technology.

Vesey predicted that adoption of battery storage, both grid-scale and in the home, would lead to major changes in investments in large-scale renewable energy including both wind power and solar.

He predicted wind farms would dominate large-scale renewable energy investment in the near and medium term, but large-scale solar would be dominant by 2050.